After adjusting the fund names, Pax World Funds
launched a new socially responsible exchange-traded fund today and will debut two more within a week.
The ESG Shares North America Sustainability Index ETF
began trading on the NYSE Arca exchange today. It tracks the FTSE KLD North America Sustainability Index, which is made up of American and Canadian companies with a high environmental, social and governance (ESG) history. The ESG Shares FTSE Environmental Technologies (ET50) Index ETF
and ESG Shares Europe Asia Pacific Sustainability Index ETF
will launch on May 21 and 25 respectively. They will track the corresponding FTSE KLD indices.
The Portsmouth, New Hampshire-based company filed for registration
of the funds in December 2008. At the time, the funds used the sShares KLD
brand instead of the ESG Shares
label, a Pax World employee told The MFWire
. The employee could not comment on when or why the name changed.
The North America Sustainability Index ETF has an expense ratio of 50 basis points, while the other two carry an expense of 55 basis points, according to a filing
. Pax's chief investment officer, Chris Brown
, is the portfolio manager for the three funds. The ETFs are distributed by ALPS
and State Street
serves as transfer agent and custodian.
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