The new ETFs will be:
- sShares FTSE KLD North America Sustainability Index ETF
- sShares FTSE KLD Europe Asia Pacific Sustainability ETF
- sShares FTSE Environmental Technologies (ET50) Index ETF
This is PAX’s first attempt at the ETF industry, as the company was founded in 1971 and offered socially responsible investing with mutual funds. This is a genre of investing that is new and small, with much of the focus on energy conservation, clean energy and socially sound practice. The idea is to take this niche market and transform it into a mainstream investing theme.
Meanwhile, Alps Holdings will launch an equal sector weight ETF, reports Hannah Glover for Ignites. The forthcoming fund is an ETF of ETFs, and is meant to meet advisor demand for sector-weighted products. It will aim to allocate 11.1% among each of the nine sectors in the Merrill Lynch Equal Sector Weight Index, according to the SEC filing.
The closest competitor to the forthcoming Alps product is the Rydex S&P Equal Weight (RSP), which launched in April 2003.
Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.