This table lists funds that are multi-cap or larger-cap, have relatively low investment minimums, and charge average fees. Most have launched since 2015, and they all utilize investment criteria centered on a WIL philosophy, typically combined with ESG screens. Many employ internal WIL tracking indexes. Solactive Equileap is the main provider of external WIL indexes, built from a universe of developed market stocks with market caps of over $2 billion. According to the latest Morningstar data on mutual funds and ETFs, less than 10% of all portfolio managers are women, a figure that has not budged in many years. In the gender lens sector, the available data shows that management teams are well ahead on this front, with over 60% female portfolio managers.
| Expense Ratio/Fees | Style* | # of Holdings | % Female Management | Investment Criteria | |
|---|---|---|---|---|---|
| Global Equity Funds | |||||
| Pax Ellevate Global Women’s Leadership Fund | 0.55% | Global Multi-Cap Core | 410 | 50% | Tracks the Impax Global Women’s Leadership Index, based on MSCI World universe. Impax Gender Analytics criteria to measure WIL. Must be signatory to WEP**. Developed markets. |
| UBS Global Gender EqualityUCITS ETF | 0.20% | Global All-Cap | 100 | unspecified | Seek to replicate the Solactive Equileap Global Gender Equality 100 Leaders Net Total Return Index; global leaders in gender equality, per Equileap screens. Developed markets. ESG exclusions. |
| RobecoSAM Global Gender Equality Impact Equities Fund | 1.81% | Global All-Cap | unspecified | 100% | Invests in companies that demonstrate high degree of gender diversity, as well as sustainability. Developed markets benchmark. |
| AXA World Funds Framlington Women Empowerment Fund | 1.82% | Global Large-Cap Growth | 51 | 100% | Universe include all global equities. At least 2/3 assets in companies that demonstrate WIL commitment, adherence to WEP. Includes emerging markets. |
| Lyxor Global Gender Equality UCITS ETF | 0.20% | Global Large-Cap Blend | 150 | 0% | Seeks to track the Solactive Equileap Global Gender Equality Net Total Return Index, an equally weighted benchmark of 150 global companies that score highly gender equality according to the 19 criteria defined by Equileap, an independent gender equality research organization. Exclusions: weapons, gambling and tobacco, Norwegian Ethics Council list. |
| Mackenzie Global Leadership Impact ETFF | 0.55% | Global All-Cap | 410 | 66% | Invests in companies that have representation of women on the board of directors and in senior management, a female CEO or CFO and are a signatory to the United Nations Women's Empowerment Principles. |
| Regional Equity Funds | |||||
| SPDR SSGA Gender Diversity Index ETF | 0.20% | U.S. Large-Cap | 178 | 100% | Tracks the SSGA Gender Diversity Index. WIL criteria, then sector ranked. |
| Barclays Women in Leadership ETN | 0.45% | U.S. Large-Cap | n/a | n/a | The Notes are linked to performance of the Barclays index; U.S.-based companies with a female CEO or at least 25% female board members. Market cap, liquidity and other selection criteria. |
| Glenmede Women in Leadership | 0.85% | U.S. Large-Cap Blend | 70 | 0% | Portfolio constructed to proprietary quant models: WIL metrics within universe of R1000 and SP500, valuation and fundamentals, risk screen, sector/industry outlook, rigorous sell discipline. |
| Impact Shares YWCA Women’s Empowerment ETF | 0.76% | U.S. Large-Cap | 201 | 0% | Seems to track Morningstar Equileap Women's Empowerment Index utilizing Equileap gender equality scores, including leadership, compensation, policies and company commitment. |
| RBC Vision Women’s Leadership MSCI Canadian Index ETF | 0.30% | Canada Equity | 124 | unspecified | Seeks to replicate the MSCI Canada IMI Women’s Leadership Select Index; Canadian companies with commitment to gender diversity. |
| Legal & General Future World Gender in Leadership UK Index Fund | 0.50% | U.K. Large-Cap Equity | 320 | ***n/a | ITracks the performance of the Solactive L&G Gender in Leadership UK Index. Exclusions include weapons, per UN Global Compact screen, pure coal mining, climate impact criteria. Index built on gender diversity at management, executive, board, and across workforce. |
| NEXT FUNDS MSCI Japan Empowering Women Select Index ETF | unspecified | Japan Large-Cap Blend | 219 | unspecified | Tracks performance of MSCI Japan Empowering Women Index, which aims to include Japanese companies across all market caps that lead their sector groups in diversity policies and in promoting women across workforce, while also maintaining financial quality. |
| Daiwa MSCI Japan Empowering Women Index | unspecified | Japan Large-Cap Blend | 219 | unspecified | Tracks performance of MSCI Japan Empowering Women Index, which aims to include Japanese companies across all market caps that lead their sector groups in diversity policies and in promoting women across workforce, while also maintaining financial quality. |
| BNY Mellon Japan Womenomics Fund | 1.00% | Japan Equity | 51 | 33% | At least 80% invested in Japanese companies that benefit from the At least 80% invested in publicly traded Japanese companies that benefit from the Womenomics initiative in Japan, which seeks to enhance economic growth and employment opportunities for women, gender pay equity, and women in leadership positions. |
| BMO Women in Leadership fund | 1.61% | N. America Equity (>50% Can.) | 40 | 0% | Invests in North American companies demonstrating gender diverse leadership. Proprietary WIL criteria. |
| BMO Women in Leadership Fund ETF | 0.39% | Tracks the BMO Women in Leadership Fund. | |||
| Evolve North American Gender Diversity Index ETF | 0.40% | N. America Large-Cap (85% U.S.) | 150 | unspecified | Seeks to replicate the Solactive Equileap NA Gender Equality Index CAD Hedged. U.S. and Canadian companies with demonstrated commitment to gender diversity. |
| Valeurs Feminines | 2.00% | European Large-Cap Blend | 32 | 50% | Two criteria for European large-caps: (1) Strong WIL levels, (2) Focus on women consumers. Also internal ESG screens. |
| AVA Gender Equality Tracker | European Equity | Tracks the Solactive Equileap Europe Gender Equality Index, which selects the top 75 European companies leading in the field of gender equality based on Equileap’s Gender Scoring methodology. The Index tracker is designed to give investors the ability to actively engage in gender equality and invest in companies that comply with specific ESG criteria. | |||
| *Lipper or Morningstar | |||||
| **Womens Empowerment Principles: a joint initiative of the UN Global Compact and UN Women | |||||
| ***The fund is managed by a group of 25 portfolio managers who oversee a suite of sustainable funds. | |||||
| All data as of September 30, 2019 unless noted. | |||||
| Sources: Fund fact sheets, Bloomberg, Financial Times | |||||
The above publicly-available content is for informational purposes only and does not constitute investment advice.