Impact Shares creates funds with charities, passes along fees
It’s an age-old investing question. Can you do good and do well at the same time?
Ethan Powell is on a mission to prove that you can.
The 43-year-old former hedge funder is using his non-profit finance firm, Impact Shares Corp., to create a new way of doing socially responsible investing. From his office in Frisco, Texas, he’s setting up funds that eschew popular one-size-fits-all ESG models -- which stands for environmental, social and governance -- for ones that not only are built hand-in-hand with specific charities, but also fork over the bulk of their fees to those organizations.
Impact Shares’ NAACP Minority Empowerment ETF started trading in July under the ticker NACP, and its YWCA Women’s Empowerment ETF, or WOMN, launched on Monday.
Values investing is hot, as the number of ESG funds has more than tripled over the last four years. Still, total assets are slightly less than $7 billion, a blip in the $3.7 trillion U.S. ETF market.
www.bloomberg.com
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