Faith Investor Services LLC and Capital Insight Partners LLC announced the launch of the FIS Biblically Responsible Risk Managed ETF (NYSE Arca: PRAY)the first-ever actively managed, biblically responsible, risk-managed exchange-traded fund.
The fund, which begins trading on the NYSE Arca on Tuesday under the ticker symbol PRAY, seeks to enable investors to align their investment portfolios with Christian values. PRAY is designed as a core equity portfolio that uses a risk-managed investment approach that seeks long-term capital and income growth with a measure of downside protection should markets decline.
Biblically responsible investing refers to a faith-based investment strategy that seeks to invest in companies whose values and actions align with those of Christianity. CIP acts as a sub-advisor, with a team of four portfolio managers who understand the goal of aligning investments with faith-based values.
PRAY is actively managed by CIP’s team of portfolio managers, both in seeking sound investments and in keeping with biblical values. PRAY offers exposure to all capitalization global equity markets.
“While biblical responsible investing has been around for decades, until now there has been no truly active strategy that offers built-in risk mitigation,” said FIS CEO Mike Skillman in the press release announcing the launch of the fund. “This is essential to give Christians a way to invest without having to compromise their faith or take unnecessary risks. Through PRAY, our investors can know that they are making a financial decision in line with their Christian morals, while potentially navigating turbulent market environments.”
Before an investment is added to the portfolio, CIP conducts ethical screening as well as quantitative and qualitative analysis to ensure that the company’s business practices do not conflict with Christian values. The active selection process omits companies that profit from abortion, as well as those that produce weapons of mass destruction, adult entertainment, gambling software, alcohol and tobacco products. CIP is led by Steve Nelson, a dedicated Christian and portfolio manager with 35 years of investment experience.
“Capital Insight Partners is honored to serve clients with a strong interest in faith-based investing,” Nelson added in the statement. “The launch of this risk-managed ETF takes our capabilities even further and introduces a new investment vehicle to the wider Christian community. We believe businesses that serve the common good are more likely to thrive and grow sustainably over the long term. CIP believes in the efficacy of biblically responsible investing, so we are grateful for the opportunity to work with a company like Faith Investor Services that adheres to the same ethical principles.
To help mitigate overall volatility, PRAY may adjust its exposure to short-term cash instruments depending on market conditions.
PRAY will be the second faith-based ETF offering from FIS. Their first, FIS Knights of Columbus Global Belief ETF (NYSE Arca: KOCG), launched in July 2021 and is sub-advised by Knights of Columbus Asset Advisors. KOCG is managed in accordance with investment guidelines established by the United States Conference of Catholic Bishops.
PRAY has a spend rate of 0.68%.
To learn more, visit www.faithinvestorservices.com.
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