Engine No. 1 is betting on stronger shareholder activism with the launch of an exchange-traded fund, according to CNBC.
The Engine No. 1 Transform 500 ETF is expected to trade under ticker VOTE and has already secured $100 million in commitments.
The Engine No. 1 ETF will invest in 500 of large American companies and track the Large Cap Select Index to push for sustainable investments.
The company will also work to improve investments made in stakeholders.
The ETF launch comes after Engine No. 1 won a campaign against Exxon to add the third member to the board to champion for sustainable investing.
Engine No. 1’s ETF fund will have an annual expense ratio of 0.05%, with digital investment adviser Betterment leading the fund’s responsible investments.