Pax World will begin trading its new “Pax MSCI EAFE ESG Index ETF” (NYSE:EAPS) Fridayday, January 28, 2011. The Fund seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the MSCI EAFE ESG Index, which is created and maintained by MSCI. The Index consists of equity securities of issuers in Europe Middle East and the Pacific regions that meet specific environmental, social and governance criteria developed by MSCI. The Fund’s investment objective may be changed by the board of trustees without a vote of shareholders.
Expense Ratio: 0.55%
Principal Investment Strategies
The Fund employs a “passive management” — or indexing — investment approach designed to track the performance of the MSCI EAFE ESG Index. Under normal circumstances, the Fund invests more than 80% of its total assets in component securities of the Index and in Depositary Receipts representing the component securities of the Index. The Fund uses a representative sampling strategy to achieve its investment objective, which means that it will not always hold the same securities in the same proportions as the Index. The Fund also may invest up to 20% of its total assets in certain futures, options and swap contracts, cash and cash equivalents, and stocks not included in its Index, but which Pax believes will help the Fund track the price and yield performance of its Index. Such securities and other financial instruments will be evaluated by Pax for satisfaction of Pax’s environmental, social and governance (ESG) criteria.
The Index is a free float-adjusted market capitalization weighted index designed to measure the performance of equity securities of issuers organized or operating in Europe, Australasia and the Far East that have high environmental, social and governance (ESG) ratings from MSCI, selected initially and adjusted annually by MSCI. The Index targets sector weights that reflect the relative sector weights of the MSCI Europe + Middle East ESG Index and the MSCI Pacific ESG Index.
For more information on this fund click: HERE