WALNUT, Calif .– (BUSINESS WIRE) – November 16, 2021–
California-based startup Sphere announced today that it has partnered with SEC-registered investment advisory firm Reflection Asset Management (RAM) to launch the Sphere 500 Fossil-Free Index Fund (SPFFX), a mutual fund designed to remove the barriers that have kept fossil-free options on 401 (k) retirement plans until now.
The fund is the first option of its kind based in the United States and is launched as more than 80% of Americans say they see climate change as a threat, according to Pew Research, and yet 99% of Americans have savings- 401 (k) retirement are not invested in climate funds, or funds that avoid owning fossil fuel companies. While climate change is a topic that people often feel powerless to tackle, SPFFX offers investors a tangible way to make an impact, without sacrificing quality of life or expected returns from retirement savings.
The fund is available on brokerage platforms, including Interactive Brokers, with Vanguard and Vestwell being integrated, and on 401 (k) platforms such as Matrix and Mid Atlantic Capital Group. Additional platforms are added. Financial firms Green Retirement and Carbon Collective plan to offer the fund to 401 (k) clients.
SPFFX has already found its way beyond its target market of 401 (k) s, with the investment launch of Eliot Horowitz, co-founder of the tech unicorn MongoDB, and Clay Rockefeller, great-great-grandchild -son of John D. Rockefeller, America’s first billionaire oil baron, whose descendants, through the Rockefeller Foundation, pledged to divest his $ 5 billion endowment from fossil fuel interests, a major indicator of the fossil fuel divestment movement.
“We couldn’t be more excited to partner with the RAM team to launch this fund,” said Sphere Founder and CEO Alex Wright-Gladstein. “By offering this product, RAM is demonstrating its commitment to making a difference on climate change by making a values-aligned investment product available not only to high net worth investors but also to ordinary people in their retirement plans. “
The Sphere 500 Fossil-Free Index Fund (SPFFX) tracks the Sphere 500 Fossil-Free Index (SPFFXI), which is made up of the 500 largest US companies by market capitalization, minus around 40 companies with major sectors of activity are fossil fuels. industry, as defined by the nonprofit As You Sow on its website fossilfreefunds.org.
The SPFFXI Index has been calculated by the independent third party index calculation agent BITA. The 40 or so excluded companies represent about five percent of the total market capitalization of the top 500 group.
Sphere is a registered public benefit corporation that is amplifying a social movement to raise 401 (k) money from fossil fuel companies. The company helps employees, employers and investors take a stand on climate change by providing financial products designed for 401 (k) plans and enables HR managers and their advisors to maintain their commitment to duty fiduciary without having to compromise on the climate. Learn more at www.oursphere.org. For more information, contact firstname.lastname@example.org.
About Reflection Asset Management
Reflection Asset Management is an SEC-registered investment advisor specializing in creating ESG strategies and registered funds that allow asset owners to align their values with their portfolios. Learn more at www.reflectionam.com. For more information, contact email@example.com.
Before investing in the Sphere 500 Fossil-Free Index Fund (“SPFFX”), consider the investment objectives, risks, fees and expenses of the index. To obtain a prospectus or summary prospectus that contains this and other information, please visit https://www.reflectionam.com/sphere, call 844-2-SPHERE, or speak to your financial advisor. Read the prospectus carefully before investing. The Sphere 500 Fossil Free Index tracks the S&P 500 and excludes the roughly 40 fossil fuel companies in the Top 500 list. The Sphere 500 Fossil Free Index will not invest in companies whose primary businesses include the production, distribution or refining of fossil fuels, holding fossil fuel reserves, utilities powered primarily by fossil fuels, and equipment producers for any of the above. . However, the fund may invest in companies which use fossil fuels in the course of their business or which have used fossil fuels in the past. The performance data quoted represents past performance and does not guarantee future results. The return on investments and the principal value of an investment fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index. Actual performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 844-2-SPHERE or visit the Fund’s website at https://www.reflectionam.com/sphere. The performance of the index is discussed for illustrative purposes only as a benchmark for the performance of each strategy and does not predict or describe the performance of that strategy. While index comparisons can be useful in providing a benchmark for the performance of a strategy, it should be noted that investments are not limited to the investments that make up the indices. Each of the strategy’s benchmarks is unmanaged and cannot be purchased directly by investors. Past performance is no guarantee of future results. No part of the content should be considered a solicitation to buy or offer to sell shares of the fund in any jurisdiction where the solicitation or offer would be deemed illegal under the securities laws of that jurisdiction. The Sphere 500 Fossil-Free index fund is distributed by Vigilant Distributors, LLC, a member of FINRA and SIPC. NON FDIC INSURED NON BANK GUARANTEED MAY LOSE IN VALUE
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CONTACT: Andrew Cook
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES ENVIRONMENT OTHER PROFESSIONAL SERVICES ALTERNATIVE ENERGY ENERGY FINANCE
Copyright Business Wire 2021.
PUB: 11/16/2021 9:00 a.m. / DISC: 11/16/2021 9:01 a.m.
Copyright Business Wire 2021.