摘要：\u003C\u002Fp\u003E\u003Cp\u003EThese ETFs have more complex selection criteria than other funds. That makes them more costly to produce. WOMN’s annual fees of 0.75% of assets under management, compared with 0.2% for SHE, State Street’s gender-diversity ETF, are partly because it has 19 selection criteria, some of which are hard to monitor, such as policies on parental leave. SHE uses just three, all relating to the number of women in leadership roles. The higher fees are also because the charities involved will receive whatever \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003E left over after \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E money managers’ costs. Impact Shares estimates that \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E YWCA will get up to 0.5% of money ra\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003Eed.\u003C\u002Fp\u003E\u003Cp\u003E与其他基金相比，这些交易型基金的选择标准更为复杂，也导致发行成本更高。"\u003Cimg src=\"http:\u002F\u002Fp1.pstatp.com\u002Flarge\u002Fpgc-image\u002FRXgjCLXEuIicxS\" img_width=\"600\" img_height=\"338\" alt=\"双语阅读｜价值观投资渐成气候\" inline=\"0\"\u003E\u003Cp\u003EIMPACT investing, or investing according to your values, seems a nice idea. But it \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003E hard to turn boutique products into mass-market ones without diluting their virtues. Impact Shares, a non-profit money manager, thinks it has a solution: exchange-traded funds (ETFs) developed with charities and non-profits. “Non-profits, with their long h\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003Etory of fighting for social causes, are much better equipped to determine good corporate citizenry than \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E asset managers who currently make those calls,” says Ethan Powell, its founder.\u003C\u002Fp\u003E\u003Cp\u003E影响力投资，或者价值观投资，这种观点似乎不错。

"\u003Cimg src=\"http:\u002F\u002Fp1.pstatp.com\u002Flarge\u002Fpgc-image\u002FRXgjCLXEuIicxS\" img_width=\"600\" img_height=\"338\" alt=\"双语阅读｜价值观投资渐成气候\" inline=\"0\"\u003E\u003Cp\u003EIMPACT investing, or investing according to your values, seems a nice idea. But it \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003E hard to turn boutique products into mass-market ones without diluting their virtues. Impact Shares, a non-profit money manager, thinks it has a solution: exchange-traded funds (ETFs) developed with charities and non-profits. “Non-profits, with their long h\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003Etory of fighting for social causes, are much better equipped to determine good corporate citizenry than \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E asset managers who currently make those calls,” says Ethan Powell, its founder.\u003C\u002Fp\u003E\u003Cp\u003E影响力投资，或者价值观投资，这种观点似乎不错。不过，将时尚精品转变为大众产品势必削减其品质。“影响力股份”是一家非盈利性资产管理机构，对此提出一个办法：由慈善机构及非盈利性发起的“交易型开放基金”。该机构创始人伊桑鲍威尔说：“非营利组织一直以来为社会公益事业奋斗，比当前那些有话语权的资产管理机构更有资格去判定优秀的企业品质。”\u003C\u002Fp\u003E\u003Cp\u003EImpact Shares hopes to ride two big trends: a shift over \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E past decade in investing from active (stock-picking) to passive (index-based), and investors’ growing desire to put their money where their values are. Each of the new ETFs houses a basket of around 200 stocks that score well on criteria set by a non-profit in \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E relevant field. \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003EThe\u003C\u002Fi\u003E first, which started trading in July, focuses on empowering minorities and was created with \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E National Association for \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E Advancement of Coloured People (NAACP), an American civil-rights group.\u003C\u002Fp\u003E\u003Cp\u003E影响力股份希望能够实现两大趋势：转变过去十年的（选股）主动投资为（基于指数）被动投资； 投资者价值观投资意愿逐渐增强。每个新的交易型基金大约200只股票； 这些股票在相关的非营利机构所的标准中有很高得分。第一股基金由美国民权组织全国有色人种促进协会（NAACP）创建，专注于为少数民族赋能，于7月开始入场交易。\u003C\u002Fp\u003E\u003Cp\u003EA second launched late last month, focusing on female empowerment and trading on \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E New York Stock Exchange under \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E ticker WOMN. It was developed with \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E YWCA, another non-profit. A third, which will invest in \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E world’s least developed countries, \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003E being created with \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E UN Capital Development Fund. More will follow.\u003C\u002Fp\u003E\u003Cp\u003E第二股基金在上个月底推出，专注于女性赋权，股票代码为WOMN，在纽约证券交易所交易。 它是与另一个非盈利组织基督教女青\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003E年会\u003C\u002Fi\u003E（YWCA）共同发起。 第三股基金将与联合国资本发展基金合作，向世界上最不发达国家投资。后续会有更多类似交易基金面市。\u003C\u002Fp\u003E\u003Cp\u003EThese ETFs have more complex selection criteria than other funds. That makes them more costly to produce. WOMN’s annual fees of 0.75% of assets under management, compared with 0.2% for SHE, State Street’s gender-diversity ETF, are partly because it has 19 selection criteria, some of which are hard to monitor, such as policies on parental leave. SHE uses just three, all relating to the number of women in leadership roles. The higher fees are also because the charities involved will receive whatever \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003E left over after \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E money managers’ costs. Impact Shares estimates that \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E YWCA will get up to 0.5% of money ra\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003Eed.\u003C\u002Fp\u003E\u003Cp\u003E与其他基金相比，这些交易型基金的选择标准更为复杂，也导致发行成本更高。WOMN每年的管理费用达到管理资产的0.75%，相比之下，道富银行发行的性别多样性交易基金SHE的相关费用仅达到0.2%。一个原因是WOMN有19个选股标准，其中一些标准很难测控，如产假政策。而SHE只有三个标准，都与担任领导职务的女性人数有关。另外，除去资产管理费用，剩下的资金都归相关的慈善机构所有，这也是高成本原因之一。影响力股份估计YWCA的管理费最高将占到所筹集资金的0.5%。\u003C\u002Fp\u003E\u003Cp\u003EInvestors may regard higher costs as a fair exchange for knowing that charities get some of their money and that the ETFs are aligned with their values. They may also hope that higher returns will offset at least some of the costs. Good corporate citizenry can sometimes predict performance.\u003C\u002Fp\u003E\u003Cp\u003E在了解到慈善机构分得资金以及交易型基金与他们的价值观相匹配时，可能会认为高管理费是合理的。他们也有可能希望获得高回报，以此来抵消一部分成本。优秀的企业品质有时能预测好的业绩。\u003C\u002Fp\u003E\u003Cp\u003EIn July \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E founder of Papa John’s, a pizza chain, stepped down after admitting to using a rac\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003Et slur. \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003EThe\u003C\u002Fi\u003E share price suffered. Impact Shares had already excluded \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E company from \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E index created with NAACP, since it had scored poorly on \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E non-profit’s measures. By contrast, after an employee of Starbucks called police to remove two black customers from one of its coffee shops in April, \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E firm’s CEO made a speedy public apology and arranged staff training. Shares quickly recovered. It had made \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E index with flying colours.\u003C\u002Fp\u003E\u003Cp\u003E7月，披萨连锁店棒约翰的创始人承认种族歧视的行为并因此辞职。该公司的股价因此受到影响。此前，由于该公司在非盈利测算法中的得分不高，影响力股份已将其从与全国有色人种促进协会共同创建的指数上撤除。 相比之下，在4月，由于一星巴克员工报警要求赶走店里的两名黑人顾客，该公司首席执行官迅速公开道歉并组织员工培训。星巴克的股票迅速反弹。这事件为该指数的表现出色。\u003C\u002Fp\u003E\u003Cp\u003EFor \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E non-profits, \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E benefits go beyond \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E extra cash. \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003EThe\u003C\u002Fi\u003E products ra\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003Eis\u003C\u002Fi\u003Ee awareness of \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003Ethe\u003C\u002Fi\u003E social problems they focus on and may prod corporate America to act, says Dorri McWhorter of the YWCA. Non-profits working with Impact Shares have been \u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-3\"\u003Eapp\u003C\u002Fi\u003Eroached by firms wanting to know how they can improve. The effect may be felt beyond public markets. Ms McWhorter says she has heard from a venture-capital fund keen to use the YWCA criteria to screen potential investments.\u003C\u002Fp\u003E\u003Cp\u003E对于非营利组织来说，收益不只是获得更多的资金。基督教女青\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003E年会\u003C\u002Fi\u003E的多瑞·克麦克沃特表示，这些指数产品增强人们对他们所\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-2\"\u003E关注\u003C\u002Fi\u003E的社会问题的认识，并且刺激美国企业采取行动做出改变。还有很多希望想要改进企业联系与影响力股份合作的非盈利性机构。这种效应可能超出公共市场的范围。麦克沃特表示还曾收到过一家风险投资基金的来信。这家投资机构热衷于用基督教女青\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-4\"\u003E年会\u003C\u002Fi\u003E标准来筛选潜在投资。\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E编译：杨小娟\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E编辑：\u003C\u002Fstrong\u003E\u003Cstrong\u003E翻吧君\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E来源：\u003C\u002Fstrong\u003E\u003Cstrong\u003E经济学人（2018.09.13）\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E阅读·经济学人\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E第三方金融机构并购风起\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E昆虫数量减少，生态危机如何？\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E意大利药店：竞争促使价格下降的反证实例\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E量子计算机即将破解互联网加密技术\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E企业的健康福利很难提升员工生产力\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E央行的作用与自动印钞机无异吗？\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E印度出手解救最大影子银行却留下后患\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E以牙还牙的\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003E贸易战\u003C\u002Fi\u003E升温不止\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E中国打造数字丝绸之路\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Cstrong\u003E挖掘加密货币正消耗大量电力\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cimg src=\"http:\u002F\u002Fp3.pstatp.com\u002Flarge\u002Fpgc-image\u002FR69MnxW3IsH9KU\" img_width=\"640\" img_height=\"12\" alt=\"双语阅读｜价值观投资渐成气候\" inline=\"0\"\u003E\u003Cp\u003E\u003Cstrong\u003E翻吧·与你一起学翻译\u003C\u002Fstrong\u003E\u003C\u002Fp\u003E\u003Cp\u003E\u003Ci class=\"chrome-extension-mutihighlight chrome-extension-mutihighlight-style-6\"\u003E微信\u003C\u002Fi\u003E号：translationtips\u003C\u002Fp\u003E\u003Cimg src=\"http:\u002F\u002Fp1.pstatp.com\u002Flarge\u002Fpgc-image\u002FR6GGNCl3FFJVdo\" img_width=\"200\" img_height=\"105\" alt=\"双语阅读｜价值观投资渐成气候\" inline=\"0\"\u003E"'.slice(6, -6), groupId: '6719348018589467148