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An ETF with heart


Bailey McCann writes that a new ETF from New York Life Investments is supporting social impact funds from the American Heart Association.

Investors are backing two social impact funds from the American Heart Association. The funds have announced a new investing milestone. USD32 million is being invested in projects designed to alleviate the social and economic barriers to health equity. The funds provide financial grants and low-interest loans for evidence-based, community-driven work in targeted communities nationwide. So far, the funds have invested in a total of 98 local social enterprises in 16 cities across the country. 

One of the investors backing the social impact funds is New York Life Investments through its IQ Healthy Hearts ETF (NYSE: HART). HART is a so-called “dual impact” ETF. HART is a thematic ETF focused on investments that improve health and well-being. A portion of the fund fees are invested in the American Heart Association’s social impact funds.

HART tracks the IQ Candriam Healthy Hearts Index, which provides exposure to companies that diagnose or treat cardiovascular disease; enable people to adopt healthier lifestyles, and offer access to health education through IT services.

HART, which launched last year, was the first in New York Life’s dual-impact lineup which now includes IQ Cleaner Transport ETF (CLNR); IQ Engender Equality ETF (EQUL), and IQ Clean Oceans ETF (OCEN). 

“What we want to do with this line-up is give investors the opportunity to invest in what we believe are compelling themes through funds that also have a direct social impact,” explains Wendy Wong, Managing Director and Head of Enterprise and Strategic Partnerships at New York Life Investments. 

Wong says New York Life works to measure the specific impact of each philanthropic partner associated with the lineup. “We think it’s important to be able to show that we are working with partners that are making real progress,” she says. Since working with the American Heart Association’s social funds, the funds have expanded the number of projects they are able to invest in. As HART gathers more assets, New York Life will be able to make larger contributions.

“These funds are new, but the early feedback is positive,” Wong says. “More investors want investment options that align with their values or with themes they think are important.” 

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