The Heart Rating of Socially Responsible Funds

Since 1992, the Heart Rating has been the leading tool investors use to get a snapshot of socially responsible investment funds environmental, social, and governance performance.

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The Heart Rating launched in 1992 as the first fund rating system that compares the breadth and depth of the environmental, social and governance criteria (ESG) used by fund managers to select the holdings. The Rating looks at a fund’s research process, screening criteria, shareholder advocacy efforts with companies, and cash investments in communities, particularly communities of color. As a snapshot, the Rating distinguishes funds that take a comprehensive approach to ESG from those that address only a few issues.

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Overall Score	Shareholder Advocacy Score	Community Investing Score	ESG Screening Score	Fund Name	Overall Heart Rating	ESG Screening	Shareholder Advocacy	Community Investing	Bond Type	Equity Type	Allocation
154	10	12	123	1919 Socially Responsive Balance	4	4	2	2		Balanced
183	22	0	149	AB Sustainable US Thematic	4	4	4	0		Large Cap
187	20	0	155	AB Sustainable Int’l Thematic	4	4	5	0		International/Global
185	22	2	149	AB Sustainable Balanced Thematic	4	4	4	1		Balanced
181	8	10	150	Alliance Bernstein Sustainable Thematic Credit Portfolio	4	4	4	2	Intermediate Term
187	20	0	155	Alliance Bernstein Sustainable International Thematic	4	4	5	0		International/Global
183	22	0	149	Alliance Bernstein Sustainable Global Thematic	4	4	4	0		International/Global
183	22	0	149	Alliance Bernstein Sustainable US Thematic	4	4	4	0
185	22	2	149	AB Sustainable Balanced Portfolio	4	4	4	1		Balanced
173	8	90	64	RBC BlueBay Access Capital Community Investment	4	2	4	5	Intermediate Term
118	20	0	95	Alger Responsible Investing	3	3	4	0		Large Cap
157	20	30	95	Amana Developing World*	4	3	2	5		International/Global
157	20	30	95	Amana Growth*	4	3	2	5		Large Cap
157	20	30	95	Amana Income*	4	3	2	5		Large Cap
157	20	30	95	Amana Participation*	4	3	2	5
143	28	0	102	American Century MidCap Growth Impact ETF	3	3	4	0		Mid-Cap
97	3	2	82	American Beacon 24 Sustainable ShortTerm Bond	3	3	2	1	Short-Term
237	21	30	174	Appleseed Fund	5	5	4	5		International/Global
50	20	0	18	Ariel Appreciation	2	1	4	0		Mid-Cap
50	20	0	18	Ariel Focus	2	1	4	0		Mid-Cap
50	20	0	18	Ariel Fund	2	1	4	0		Small Cap
126	6	0	104	GreenFi Redwood	3	3	1	0		Large Cap
121	20	0	87	Avantis Responsible Emerging Markets ETF	3	3	5	0
121	20	0	87	Avantis Responsible International ETF	3	3	5	0		International/Global
139	23	2	95	Avantis Responsible US Equity ETF	3	3	4	1		Large Cap
33	0	0	21	Ave Maria Bond*	1	1	0	0	Intermediate Term
33	0	0	21	Ave Maria Value*	1	1	0	0		Large Cap
33	0	0	21	Ave Maria Growth*	1	1	0	0		Large Cap
33	0	0	21	Ave Maria Focused*	1	1	0	0		Mid-Cap
33	0	0	21	Ave Maria Rising Dividend*	1	1	0	0		Large Cap
33	0	0	21	Ave Maria World Equity*	1	1	0	0		International/Global
210	22	0	178	AXS Green Alpha ETF	5	5	4	0		Green Economy
26	10	5	6	Azzad Ethical Fund*	2	1	4	2		Mid-Cap
26	10	5	6	Azzad Wise Capital Fund*	2	1	4	2	International/Global
54.5	15		36	Baywood Socially Responsible Equity	4	4	5	0		Large Cap
66	26	0	28	BNY Mellon Active Mid Cap Fund	2	2	5	0		Mid-Cap
66	26	0	28	BNY Mellon Appreciation Fund	2	2	5	0		Large Cap
66	26	0	28	BNY Mellon Balanced Opportunity Fund	2	2	2	0		Balanced
66	26	0	28	BNY Mellon Diversified Emerging Markets Fund	2	2	5	0		International/Global
66	26	0	28	BNY Mellon Diversified International Fund	2	2	5	0		International/Global
66	26	0	28	BNY Mellon Emerging Markets Fund	2	2	5	0		International/Global
66	26	0	28	BNY Mellon Equity Income Fund	2	2	5	0		Large Cap
66	26	0	28	BNY Mellon Global Emerging Markets	2	2	5	0		International/Global
66	26	0	28	BNY Mellon Global Equity Income	2	2	5	0		International/Global
66	26	0	28	BNY Mellon International Equity Income	2	2	5	0		International/Global
66	26	0	28	BNY Mellon Large Cap Equity	2	2	5	0		Large Cap
66	26	0	28	BNY Mellon Large Cap Growth	2	2	5	0		Large Cap
66	26	0	28	BNY Mellon Mid Cap Growth	2	2	5	0		Mid-Cap
66	26	0	28	BNY Mellon Small Cap Equity	2	2	5	0		Small Cap
102	26	0	64	BNY Mellon US Sustainable Equity	2	2	5	0		Large Cap
191	28	12	139	Boston Common ESG Impact International	4	4	5	2		International/Global
191	28	12	139	Boston Common ESG Impact US Equity	4	4	5	2		Large Cap
125	17	0	99	Brown Advisory Sustainable Growth	3	3	4	0		Large Cap
138	15	0	113	Brown Advisory Sustainable Small Cap Core	3	3	3	0		Small Cap
138	15	0	113	Brown Advisory Sustainable International Leaders	3	3	3	0		International/Global
143	22	0	113	Brown Advisory Sustainable Value	3	3	3	0		Large Cap
201	12	30	137	Brown Advisory Tax-Exempt Sustainable Bond	5	4	3	5	Municipal
140	17	30	92	Brown Advisory Sustainable Bond	4	3	4	5	Intermediate Term
173	16	0	145	Calamos Antetokounmpo Sustainable Equities	4	4	3	0		Large Cap
171	30	13	113	Calvert Growth Allocation	3	3	5	3			Allocation
171	30	13	113	Calvert Balanced	3	3	5	3		Balanced
158	30	30	100	Calvert Bond	3	3	5	5	Intermediate Term
158	30	0	113	Calvert Midcap	3	3	5	0		Mid-Cap
171	30	13	113	Calvert Conservative Allocation	3	3	5	3		Balanced	Allocation
146	20	0	111	Calvert Developed Markets Ex-US Responsive Index	3	3	5	0		International/Global
146	20	0	111	Calvert Emerging Markets Equity	3	3	5	0		International/Global
158	30	0	113	Calvert Equity	3	3	5	0
175	30	0	130	Calvert Global Energy Solutions	3	3	5	0		Green Economy
163	30	0	118	Calvert Global Water	3	3	5	0		Green Economy
174	30	10	116	Calvert Green Bond	4	4	5	5	Green
158	30	12	100	Calvert High-Yield Bond	3	3	5	2	High Yield
158	30	12	100	Calvert Income	3	3	5	2	Intermediate Term
146	20	0	111	Calvert International Equity	3	3	5	0		International/Global
146	20	0	111	Calvert International Opportunities	3	3	5	0		International/Global
158	30	0	113	Calvert Large-Cap Core	3	3	5	0		Large Cap
158	10	30	100	Calvert Core Bond	3	3	5	2	Intermediate Term
158	10	30	100	Calvert Moderate Allocation	3	3	5	2		Balanced	Allocation
121	10	2	92	Calvert Short-Duration Income	3	3	5	2	Short-Term
158	30	0	113	Calvert Small-Cap	3	3	5	0		Small Cap
158	30	0	113	Calvert U.S. Large-Cap Core Responsible Index	3	3	5	0		Large Cap
158	30	0	113	Calvert U.S. Large-Cap Growth Responsible Index	3	3	5	0		Large Cap
158	30	0	113	Calvert U.S. Large-Cap Value Responsible Index	3	3	5	0		Large Cap
158	30	0	113	Calvert U.S. Mid-Cap Core Responsible Index	3	3	5	0		Mid-Cap
121	10	2	92	Calvert Ultra-Short Income	3	3	5	2	Short-Term
121	10	2	92	Calvert Flexible Bond	3	3	5	2	Intermediate Term
139	30	0	94	Calvert Global Equity	3	3	5	0		International/Global
121	10	2	92	Calvert Floating Rate Bond	3	3	5	2	Intermediate Term
146	12	20	101	Calvert Responsible Municipal Income	4	3	3	4	Municipal
154	10	12	114	Calvert Ultra-Short Investment Grade ETF	3	3	5	2	Short-Term
218	10	90	100	Calvert Mortgage Access Bond	5	3	5	5	Intermediate Term
212	24	10	166	Stance Sustainable Beta ETF	5	5	4	2		Large Cap
137	16	0	84	ClearBridge All Cap Growth ESG ETF	4	4	3	0		Large Cap
126	16	0	101	ClearBridge Dividend Strategy ESG ETF	3	3	3	0		Large Cap
133	16	0	105	ClearBridge Large Cap Growth ESG ETF	3	4	3	0		Large Cap
97	10	0	74	Columbia US ESG Equity Income ETF	2	2	2	0		Large Cap
156	12	30	102	CCM Community Impact Bond	3	3	2	5	Intermediate Term
213	2	90	68	CCM Affordable Housing MBS ETF	5	2	1	5	Intermediate Term
121	32	0	75	Dimensional Global Social Core Equity*	3	2	4	0
104	20	0	72	Dimensional International Sustainability Core Equity*	3	2	5	0
104	20	0	72	Dimensional Emerging Mkts Sustainability Core Equity*	3	2	5	0
122	32	0	76	Dimensional US Sustainability Core 1 ETF*	3	2	4	0
20.5	5	0	12.5	DFA US Social Core Equity2 Portfolio*	2	2	2	0		Large Cap
20.5	5	0	12.5	DFA US Sustainability Core1 Portfolio*	2	2	2	0		Large Cap
230	20	10	160	Domini Impact International Equity	5	5	5	2		International/Global
250	10	30	160	Domini Impact Bond	5	5	5	5	Intermediate Term
240	45	10	160	Domini Impact Equity	5	5	5	2
5	0	5	0	DWS GNMA	1	1	0	2	Intermediate Term
106	28	0	66	TCW Transform 500 ETF	3	2	5	0		Large Cap
175	14	26	124	Eventide Gilead*	4	4	3	5
104	22	0	67	Fidelity Clean Energy ETF	2	2	3	0		Green Economy
108	22	0	71	Fidelity Environment and Alternative Energy Fund	2	2	3	0		Green Economy
131	22	0	92	Fidelity Healthy Future Fund	3	3	3	0		Large Cap
104	22	0	67	Fidelity Climate Action Fund	2	2	3	0		International/Global
81	10	12	46	Fidelity Environmental Bond Fund	2	2	5	2	Green
88	22	0	69	Fidelity Women's Leadership Fund	2	2	3	0		Large Cap
106	22	0	51	Fidelity Water Sustainability Fund	2	2	3	0		Green Economy
133	18	0	97	FlexShares ESG & Climate US Large Cap Core Index	3	3	3	0		Large Cap
108	18	0	74	FlexShares STOXX US ESG Select Index	2	2	3	0		Large Cap
118	18	0	87	FlexShares ESG & Climate Developed Markets ex-US Core Index	3	3	5	0		International/Global
89	0	0	79	Global X Conscious Companies ETF	2	3	0	0		International/Global
116	28	0	80	Gabelli SRI Fund	3	3	5	0		International/Global
266	30	30	194	Green Century Balanced	5	5	5	5		Balanced
236	30	0	194	Green Century Equity	5	5	5	0
229	20	0	189	Green Century MSCI International Index	5	5	5	0		International/Global
141	16	0	115	Hennessy Sustainable ETF	3	4	3	0		Large Cap
147	35	2	91	Humankind US Stock ETF	3	3	4	2		Large Cap
193	29	30	122	Impax Core Bond	4	4	5	5	Intermediate Term
193	29	30	122	Impax Ellevate Global Women's Leadership	4	3	5	5		International/Global
193	29	30	122	Impax US Sustainable Economy	4	3	5	5		Large Cap
224	29	30	153	Impax Global Opportunities	5	5	5	5		International/Global
197	29	0	156	Impax Global Social Leaders	4	4	5	0		International/Global
224	29	30	153	Impax Large Cap	5	5	5	5		Large Cap
193	29	30	122	Impax World Balanced	4	3	5	5		Balanced
224	29	30	153	Impax World Global Environmental Markets	5	5	5	5		Green Economy
193	29	30	122	Impax High Yield Bond	4	3	5	5	High Yield
193	29	30	122	Impax World Small Cap	4	3	5	5		Small Cap
193	29	30	122	Impax International Sustainable Economy	4	3	5	5		International/Global
10	0	0	9	Integrity Growth & Income Fund	1	1	0	0		Large Cap
79	0	0	67	Invesco MSCI Green Building ETF	2	2	0	0		Green Economy
78	4	6	55	Invesco Floating Rate ESG Bond	2	2	2	1	Intermediate Term
121	12	0	96	Invesco MSCI Sustainable Future ETF	3	3	2	0		Large Cap
120	0	10	98	Invesco Solar ETF	3	3	0	2		Green Economy
81	0	20	52	John Hancock ESG Core Bond	2	2	0	4	Intermediate Term
152	30	0	110	John Hancock ESG Large Cap Core	3	3	4	0		Large Cap
74	12	0	46	KBI Global Investors Aquarius Fund	4	4	4	0		International/Global
16	5	0	7	LKCM Aquinas Catholic Equity*	2	1	2	0		Large Cap
37	12	0	23	Loomis Sayles Inflation Protected Securities	2	2	4	0	Intermediate Term
174	8	16	132	Lord Abbett Climate Focused Bond	4	4	4	3	Green
155	12	0	132	Matthews Asia Emerging Markets Sustainable Future	4	4	3	0		International/Global
156	10	14	120	Mirova Global Green Bond	3	4	5	3	Green
74	12	0	46	Mirova Global Sustainable Equity	4	4	4	0		International/Global
37	9	3	23	Natixis Sustainable Future Funds	2	2	3	1		Large Cap
151	12	30	96	Neuberger Berman Municipal Impact	3	3	3	5	Municipal
182	17	10	143	Neuberger Berman Sustainable Equity	4	4	3	2
69	13	5	47	New Alternatives Fund	5	5	5	2		Green Economy
155	30	30	86	New Covenant Balanced Growth*	3	3	5	5		Balanced
155	30	30	86	New Covenant Balanced Income*	3	3	5	5		Balanced
155	30	30	86	New Covenant Growth*	3	3	5	5		Large Cap
155	30	30	86	New Covenant Income*	3	3	5	5	Intermediate Term
36	13	15	3	Northern Global Sustainability Index	3	1	5	5		International/Global
149	30	0	110	Nuveen ESG Emerging Markets ETF	3	3	5	0
154	30	0	115	Nuveen ESG International Developed Markets ETF	3	4	5	0		International/Global
155	30	0	116	Nuveen ESG Large Cap Growth ETF	3	4	5	0		Large Cap
155	30	0	116	Nuveen ESG Large Cap ETF	3	4	5	0		Large Cap
155	30	0	116	Nuveen ESG Large Cap Value ETF	3	4	5	0		Large Cap
155	30	0	116	Nuveen ESG Mid Cap Growth ETF	3	4	5	0		Mid-Cap
155	30	0	116	Nuveen ESG Mid Cap ETF	3	4	5	0		Mid-Cap
155	30	0	116	Nuveen ESG Mid Cap Value ETF	3	4	5	0		Mid-Cap
153	10	16	107	Nuveen Short Duration Impact Bond	3	3	5	3	Short-Term
155	30	19	116	Nuveen ESG Small Cap ETF	3	4	5	0		Small Cap
170	27	0	128	Parnassus Core Equity	3	4	4	0		Large Cap
170	27	0	128	Parnassus Value Equity	3	5	4	0		Large Cap
158	8	6	128	Parnassus Fixed Income	4	4	4	1	Intermediate Term
170	27	0	128	Parnassus Growth Equity	3	5	4	0		Large Cap
170	27	0	128	Parnassus Mid-Cap	3	4	4	0		Mid-Cap
170	27	0	128	Parnassus Mid Cap Growth	3	4	4	0		Mid-Cap
128	8	20	87	PGIM ESG Short Duration Multisector Bond	3	3	4	4	Short-Term
142	8	30	91	PGIM ESG High Yield Z	3	3	4	5	High Yield
123	6	12	92	Pioneer Balanced ESG	3	3	1	2		Balanced
5	0	5	0	Pimco Low Duration	1	1	0	2	Short-Term
192	30	10	142	Trillium ESG Global Equity	4	4	4	2		International/Global
166	34	10	100	Praxis Growth Index*	3	3	4	2		Large Cap
162	10	30	109	Praxis Impact Bond*	4	3	5	5	Intermediate Term
133	18	0	93	Praxis International Index*	3	3	5	0		International/Global
166	34	10	100	Praxis Small Cap Index*	3	3	5	2		Small Cap
166	34	10	100	Praxis Value Index*	3	3	4	2
208	23	18	149	Reynders McVeigh Core Equity	4	4	3	3		Large Cap
215	8	76	119	RBC Impact Bond	5	4	4	5	Intermediate Term
196	6	30	146	Saturna Sustainable Bond	4	4	3	5	International/Global
175	20	30	115	Saturna Sustainable Equity	3	3	3	5		International/Global
105	30	0	63	Hartford Schroders Sustainable International Core	3	2	5	0		International/Global
203	12	30	144	Shelton Green California Tax-Free Income	5	4	3	5	Municipal
103	0	0	88	Third Avenue International Real Estate Value	3	3	0	0		Green Economy
105	13	0	70	Sphere 500 Fossil Free	2	2	2	0		Large Cap
110	15	0	87	Thornburg Better World International	3	3	3	0		International/Global
140	14	0	117	Thrivent Small-MidCap ESG Fund ETF	3	3	2	0		Mid-Cap
161	8	12	129	Nuveen Core Impact Bond	4	4	4	2	Intermediate Term
153	30	0	114	Nuveen Large Cap Responsible Equity	3	3	5	0		Large Cap
156	30	0	117	Nuveen International Responsible Equity	3	4	5	0		International/Global
180	10	30	128	Nuveen Green Bond	5	4	5	5	Green
155	25	0	118	Nuveen Social Choice Low Carbon Equity	3	4	5	0
36	0	0	24	Timothy Aggressive Growth*	1	1	0	0		Balanced	Allocation
36	0	0	24	Timothy Conservative Growth*	1	1	0	0		Balanced	Allocation
36	0	0	24	Timothy Defensive Strategies*	1	1	0	0		Balanced	Allocation
36	0	0	24	Timothy Fixed Income*	1	1	0	0	Intermediate Term
36	0	0	24	Timothy High Yield Bond*	1	1	0	0	High Yield
36	0	0	24	Timothy International*	1	1	0	0		International/Global
36	0	0	24	Timothy Israel Common Values*	1	1	0	0		International/Global
36	0	0	24	Timothy Large/Mid Cap Growth*	1	1	0	0		Large Cap
36	0	0	24	Timothy Large/Mid Cap Value*	1	1	0	0
36	0	0	24	Timothy Small Cap Growth*	1	1	0	0		Small Cap
36	0	0	24	Timothy Strategic Growth*	1	1	0	0		Balanced	Allocation
122	24	8	78	Touchstone Premium Yield Equity	3	2	3	2
3	0	0	3	USAA First Start Growth Fund	1	1	0	0
25	0	0	20	Vanguard FTSE Social Index	2	2	0	0
148	16	28	84	Variant Impact	3	3	2	5		Alternatives
66	28	0	25	VanEck Morningstar MOAT ETF	2	2	4	0
113	22	0	88	VanEck Environmental Services	2	3	3	0
121	16	0	84	VegTech Plant-based Innovation & Climate ETF	3	3	3	0
100	0	2	86	Victory Shares THB Mid Cap ESG ETF	2	3	0	1		Mid-Cap
208	22	0	173	Vert Global Sustainable Real Estate ETF	4	5	3	0		Green Economy
222	30	30	150	Boston Trust Walden Balanced	5	5	5	5		Balanced
192	30	0	150	Boston Trust Walden SMID Cap	4	5	5	0		Small Cap
177	15	0	150	Boston Trust Walden International Equity	4	5	5	0		International/Global
192	30	0	150	Boston Trust Walden Equity	4	5	5	0		Large Cap
192	30	0	150	Boston Trust Walden Mid-Cap	4	5	5	0		Mid-Cap
134	18	0	106	JP Morgan US Sustainable Leaders	3	3	3	0		Large Cap
192	30	0	150	Boston Trust Walden Small-Cap	4	5	5	0		Small Cap
111	17	0	84	Ecofin Global Renewables Infrastructure	3	3	3	0		Green Economy
167	12	0	143	Pear Tree Essex Global Environmental Opportunities	4	4	2	0		Green Economy
117	21	0	86	Glenmede Women in Leadership Equity	3	3	4	0		Large Cap
119	21	0	88	Glenmede Responsible ESG US Equity	3	3	4	0		Large Cap
204	21	0	171	AGF Global Sustainable Equity	4	5	4	0		International/Global
101	18	0	73	Putnam Sustainable Leaders Equity	2	2	3	0		Large Cap
101	18	0	73	Putnam Sustainable Future Equity	2	2	3	0		Large Cap
223	20	10	182	ClearBridge Sustainability Leaders	5	5	4	3		Large Cap
208	22	0	178	Shelton Sustainable Equity	4	5	4	0		Mid-Cap
232	23	6	191	Adasina Social Justice All Cap Global ETF	5	5	4	1		International/Global
71	5	12	43	Nuveen ESG 1-5 Yr US Aggregate Bond ETF	2	2	3	2	Intermediate Term
71	5	12	43	Nuveen ESG US Aggregate Bond ETF	2	2	3	2	Intermediate Term
109	10	0	88	Nuveen ESG High Yield Corp Bond ETF	3	3	5	0	High Yield
80	8	6	55	VanEck Global Green Bond	2	2	2	1	Green
74	13	0	49	VanEck Low Carbon Energy ETF	2	2	2	0		Green Economy
44	6	0	28	BlackRock Sustainable Advantage ESG Intl Equity	1	1	1	0		International/Global
37	6	0	21	BlackRock Sustainable Advantage Emg Mkts Equity	1	1	1	0		International/Global
50	11	0	29	BlackRock Sustainable Advantage Lrg Cap Core	1	1	2	0		Large Cap
30	0	12	6	iShares Agency Bond ETF	1	1	0	2	Intermediate Term
21	0	2	9	iShares ESG Aware 1-5 YR USD Corp Bond ETF	1	1	0	1	Intermediate Term
40	6	0	24	iShares ESG MSCI EAFE ETF	1	1	1	0		International/Global
59	6	0	41	iShares Global Clean Energy ETF	2	2	1	0		Green Economy
134	1	90	35	iShares MBS ETF	3	1	1	5	Intermediate Term
62	6	0	46	iShares MSCI Global Sustainable Dev Goals ETF	2	2	1	0		International/Global
98	8	0	80	Guinness Atkinson Alternative Energy	2	3	1	0		Green Economy
111	16	0	85	Hartford Climate Opportunities	3	3	2	0
57	0	2	43	Vanguard ESG Corporate Bond ETF	2	2	0	1	Intermediate Term
66	20	0	34	Vanguard ESG International Stock ETF	2	1	4	0		International/Global
79	20	0	47	Vanguard ESG US Stock ETF	2	2	3	0
70	9	0	51	iShares KLD 400 Social Index ETF	2	2	2	0		Large Cap
134	12	0	110	Etho Climate Leadership US ETF	3	3	2	0		Mid-Cap
187	21	0	155	US Vegan Climate ETF	4	4	3	0
54	4	0	38	Janus Henderson Corporate Bond ETF	2	2	2	0	Intermediate Term
133	19	0	103	Janus US Sustainable Eq ETF	3	3	4	0		Large Cap
33	3	0	30	Riverbridge Eco Leaders	1	1	0	0
182	18	0	142	Karner Biodiversity Impact	4	4	3	0		Large Cap
111	16	0	85	Hartford Global Impact	3	3	2	0		International/Global
150	14	12	113	Eventide Exponential Technologies*	3	3	3	2
152	14	20	107	Eventide Dividend Opportunities*	3	3	3	4
206	27	14	153	Nia Impact Solutions	4	5	3	5		International/Global
213	29	0	172	Boston Common ESG Impact Emerging Market	5	5	0	5		International/Global
136	25	0	102	Impact Shares NAACP Minority Empowerment ETF	3	3	5	0		International/Global
138	25	0	104	Impact Shares YWCA Womens Empowerment ETF	3	3	5	0		International/Global
157	14	0	132	Eventide Healthcare & Life Sciences*	4	3	3	0
88	8	0	69	Nationwide Global Sustainable Equity	2	2	1	0		International/Global
123	32	0	77	Dimensional Emerging Markets Social Core Equity*	3	2	4	0		International/Global

* Fund uses particular faith-based or religious screens that are not part of Natural Investments’ Heart Rating criteria.

Disclosures and Disclaimer

Our Heart Rating methodology
Avoidance and Affirmative Screening

The Heart Rating methodology is based on manager responses to our detailed questionnaire and our analysis of fund-disclosed information in the prospectus, which identify specific avoidance and affirmative screening criteria, shareholder advocacy strategies, community investments, and the management firm’s research process. Each practice used by a fund to select holdings is weighted and scored using objective, standardized criteria and translates to a ranking that delineates the number of points, and therefore hearts, awarded. Hearts are awarded as follows:

81-100% quintile – 5 hearts
61-80% quintile – 4 hearts
41-60% quintile – 3 hearts
21-40% quintile – 2 hearts
0-20% quintile – 1 heart

Funds can only receive 4 or 5 hearts if they participate in shareholder advocacy and/or community investing. Funds may change their approach and so are re-rated periodically. We do not rate each holding in the funds, merely the methodology by which the manager constructs the portfolio. Financial performance is not a part of the Heart Rating.
The chart below lists funds in order of overall Rating, and also includes ratings of each of the underlying three categories of criteria so you can see where funds are strongest. Feel free to sort the columns to find the leaders and laggards in each area. Details on the scoring criteria are provided below the chart.

Heart Rating Criteria

The Heart Rating includes over 40 ESG criteria, categorized by theme:

“Vices” (alcohol, firearms, gambling and tobacco
Environment, including fossil fuel and green economy sectors
Employment practices, including wage and workplace standards, diversity and equity, and benefits
Corporate governance, including Board diversity and independence, responsiveness to shareholders, and
Product quality and safety
Military contracting
Nuclear power
Unnecessary animal testing
Health issues
Community relations, including towards BIPOC communities
International human rights

Some fund managers have absolute criteria that automatically trigger exclusion of a holding, others make determinations on a case-by-case basis, and some use a best-in-class approach to select the best company in a given sector rather than omit the entire sector. Fund managers may also proactively seek outstanding leaders in certain ESG areas or sectors, while many managers include companies that are benign – neither offensive or outstanding.
The Heart Rating weights absolute screening more heavily than a case-by-case or best-in-class approach. Affirmative screening practices that identify leaders in responsible and sustainable practices are also weighted more heavily. ESG screening represents nearly 60% of the total score.

Shareholder Advocacy

The use of shareholder dialogue and action with company management is a direct and powerful tool for bringing about changes in corporate behavior and policy. Each fund is evaluated for participating in dialogue with companies, drafting and supporting shareholder resolutions, and engaging in public policy efforts. Funds with dedicated advocacy staff and that take leadership roles in managing industry-wide investor advocacy campaigns are rated highly. Advocacy comprises 18% of the total score.

Community Investing

Funds are evaluated on the impact of their cash positions. Allocations to community development financial institutions, municipal bonds in low-income and BIPOC communities, and targeted investments such as microcredit institutions in emerging markets are given high marks, while agency securities and corporate bonds score lower. Community investing comprises 18% of the total score.

Research Capabilities and Process

Funds are evaluated on the tools and people used to make decisions about what investments to hold. Firms with dedicated personnel and proprietary issuer research are rated more highly than those using company self-reported information or external social research services or ESG indices. Research comprises 4% of the total score.