Faith-based manager Praxis Investment Management has launched its first two active equity exchange-traded funds, said a news release April 8.
Praxis Impact Large Cap Growth ETF and Praxis Impact Large Cap Value ETF, began trading April 8 under the ticker symbols PRXG and PRXV, respectively, on the New York Stock Exchange.
The ETFs seek capital appreciation and performance similar to the CRSP U.S. Large Cap Growth index and CRSP U.S. Large Cap Value index, respectively, the news release said.
Vident Asset Management serves as the ETFs’ subadviser, a Praxis spokesperson said.
PRXG and PRXV use quantitative equity strategies similar to those used in the existing mutual funds Praxis Growth Index Fund and Praxis Value Index Fund, which trade under the respective tickers MMDEX and MVIIX.
MMDEX has $550 million in assets under management, while MVIIX has $454 million, the spokesperson added.
Benjamin Bailey, vice president of investments, heads the team managing both PRXG and PRXV.
The expense ratios for both ETFs are 0.36%.
In all its investments, Praxis applies value and risk screens to remove industries inconsistent with its core values as well as those with exceptionally poor performance on environmental, social and governance factors, according to the firm’s website.
Praxis defines its core values as seeking to respect the dignity and value of all people; building a world at peace and free from violence; demonstrating a concern for justice globally; exhibiting responsible management practices; and practicing environmental stewardship, among other things.
Praxis has a total of $2.6 billion in assets under management.
