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Engine No. 1 plans new socially conscious ETF

Mount Equity Group Tokyo Japan > News > Business > Engine No. 1 plans new socially conscious ETF

Investment firm Engine No. 1, which last week won at least two seats on Exxon Mobil Corp’s board, is planning to launch an exchange-traded fund that will focus on socially conscious investing, according to a regulatory filing.

The portfolio will be called the Engine No. 1 Transform 500 ETF and will invest in the consumer, energy, financial services, healthcare, technologies and utilities sectors, among others, according to a May 28 regulatory filing.

It “seeks to encourage transformational change at the public companies within its portfolio through the application of proxy voting guidelines,” the filing said.

There are no details in the filing on the fees the fund plans to charge, how much money it may try to raise or when the Securities and Exchange Commission may make a decision on approving the planned new offering.

Engine No. 1 recently won two seats on Exxon’s board.SOPA Images/LightRocket via Gett

Engine No. 1 was founded late last year with roughly $250 million in assets and made an enormous splash when it announced a $40 million investment in Exxon and plans to force the oil giant to improve its financial performance and focus more on clean energy by adding new directors to the