Migdal Capital Markets on Sunday became the first investment house to launch an exchange traded fund (ETF) that tracks the Tel Aviv Stock Exchange’s TA-125 Fossil Free index.
The index, launched in December, is a green version of the veteran TA-125 index, with the same shares, bar those of corporations involved in any stage of the production and marketing of fossil fuels. It comprises 107 companies with a market cap of NIS 660 billion ($203 billion) and a float value of NIS 450 billion ($138.5 billion).
The list of “dirty” companies is determined by the Indices’ Committee of the Clean Money Forum within the Life and Environment not-for-profit organization. Life and Environment is an umbrella body for Israel’s environmental groups.
The Clean Money Forum joined the management of Migdal Capital Markets on Sunday to celebrate the ETF launch.
The hope is that large institutional investors will start to divert their…