Discussion on “Using Capital Markets to Create Social Equity” to Precede Event
Press Release – NEW YORK – February 26, 2019 – The National Association for the Advancement of Colored People (NAACP) will join Impact Shares, the first 501(c)(3) nonprofit exchange-traded fund (ETF) platform, in ringing the Closing Bell at the New York Stock Exchange (NYSE), on Tuesday, February 26, to highlight the launch of the NAACP Minority Empowerment ETF (NYSE Arca: NACP).
The ceremony marks signals a watershed moment and marks the first time in the nation’s premier civil rights organization 110 year history it will ring the NYSE bell. It also symbolizes a significant milestone for the NAACP and the evolution of the African American Community occurring 400 years after the first enslaved Africans arrived on the shores of Virginia.
“ETF’s represent the means by which communities can support those companies who invest in us and are concerned about our issues,” said NAACP President and CEO Derrick Johnson.
“NACP serves as a capital markets bridge, allowing investors to align their equity portfolios with companies that have a strong track record of supporting the NAACP’s mission of racial and ethnic equality,” said Ethan Powell, CEO of Impact Shares. “We are grateful for our continued partnership with the NAACP, and are excited to commemorate the organization’s 110-year legacy with this historic bell-ringing.”
Prior to the bell ringing ceremony, Impact Shares and the NAACP will host a panel discussion on “Using Capital Markets to Create Social Equity.” Moderated by Reggie Browne, Managing Director at Cantor Fitzgerald & Co., the discussion will address the growth of socially responsible investment strategies and the impact the private sector can have in influencing racial justice. Additional panel speakers include Jim Casselbery, CIO of the Sarowitz Family LLC, and former stock trader for Rosenblatt Securities LLC Lauren Simmons, who at 23 made history as the youngest and only full time female trader at NYSE. She was the second African American woman to hold this position.
“This represents a powerful moment in the history of the African American community,” said NAACP Economic Director Marvin Owens. “In our community, there has always been a connecting between our economic power and our social freedom – today we take a further step in connecting the two.
NACP began trading on July 19, 2018 and tracks the Morningstar Minority Empowerment Index, built in collaboration with Morningstar and Sustainalytics. The index is designed to provide exposure to U.S. companies with strong racial and ethnic diversity policies in place, empowering employees irrespective of their race or nationality.
About the NAACP
Founded in 1909, the NAACP is the nation’s oldest and largest nonpartisan civil rights organization. Its members throughout the United States and the world are the premier advocates for civil rights in their communities. You can read more about the NAACP’s work and our six “Game Changer” issue areas at www.naacp.org.
About Impact Shares
Impact Shares is an ETF issuer and investment manager that is creating a new and innovative platform for clients seeking maximum social impact with market returns. Impact Shares’ goal is to build a capital markets bridge between leading non-profits, investors and corporate America to direct capital and social engagement on societal priorities. Impact Shares is a tax-exempt non-profit organization under Section 501(c) (3) of the Internal Revenue Code. For more information about Impact Shares visit impactetfs.org.
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