Created in partnership by Impact Shares and
CCM, OWNS has purchased custom mortgage pools of more than 375
loans primarily supporting minority and low and moderate-income
families
Impact Shares and Community Capital Management (CCM) celebrate
the first anniversary of the Impact Shares Affordable Housing MBS
ETF (NYSE: OWNS). The exchange-traded fund (ETF) seeks to generate
income while addressing the racial wealth gap by directing capital
toward homeownership opportunities in minority communities,
families, and workers.
OWNS launched in July 2021 and, to our knowledge, is the first
and only publicly-traded solution seeking to support the growth of
affordable homeownership by creating financing for low- and
moderate-income (LMI) borrowers. OWNS invests in agency
mortgage-backed securities (MBS) backed by pools of mortgage loans
made to LMI families, minority families, and/or families that live
in persistent poverty areas. The ETF offers investors a capital
markets solution for bridging the racial wealth gap to help address
the affordable housing crisis in the U.S.
“OWNS is the culmination of our focus on addressing the racial
wealth gap,” said Alyssa Greenspan, president and COO of CCM. “CCM
has invested over $3.9 billion in minority communities since our
inception, including what we believe to be the first MBS pool
consisting solely of women led minority families in 2018. OWNS
enables all types of investors the opportunity to focus on
affordable homeownership to help reduce the wealth gap issue.”
OWNS allows investors – who reach a certain investment
requirement – to direct their capital towards a specific geography,
creating customizable local impact within the ETF. This feature can
help banks receive investment test consideration on their Community
Reinvestment Act (CRA) exam and enables other place-based
investors, such as pensions, unions, state and local governments,
and community foundations, to achieve localized impact.
“Affordable housing is a core component of community development
efforts,” said Dan Rollins, chairman and CEO of BancorpSouth. “We
are proud to be invested in this innovative financial solution that
looks to address the nation’s ongoing need for affordable
homeownership for LMI and minority borrowers, while also meeting
our CRA needs.”1
Since its launch, OWNS has invested in custom-created mortgage
pools, comprised of 375 loans, primarily supporting minority and
LMI families. Of those loans, 82% have been made to LMI minority
borrowers, with 196 loans made to minority women borrowers. The ETF
has invested in loans across 37 states plus the District of
Columbia, including 24 unique persistent poverty counties.
“In addition to OWNS’s first anniversary, we are also
celebrating the ETF’s impact on wealth creation for LMI families,”
remarks David Sand, chief impact strategist at CCM. “We have
partnered with Redfin to calculate the estimated home values of the
loans in the OWNS portfolio providing us metrics on wealth
creation.2 Based on OWNS’s current holdings, the loans have
generated an average wealth effect of approximately $44,000 per
mortgage over the length of each loan’s investment period through
August 3,2022. This compares to a median family wealth of $36,100
for Hispanic Americans and $24,100 for Black Americans.3”
“One of the largest barriers to wealth creation for minorities
and Black Americans is the lack of inherited wealth,” notes Marvin
Owens, chief engagement officer at Impact Shares. “Providing
affordable housing to minority Americans is a crucial step in
helping to address the widening racial wealth gap and catalyzing
economic growth in LMI communities. We are proud to have OWNS
helping to address this issue and look forward to providing more
positive impact outcomes from the ETF in the future.”
Investors can learn more about OWNS and the Impact Shares
mission at https://impactetfs.org/owns-etf.
1 This testimonial may not be representative of the experience
of other customers and there is no guarantee of future performance
or success. 2 We will look to calculate wealth creation values
moving forward so long as we can obtain the necessary data from
Redfin or another online real estate brokerage company 3
https://www.urban.org/research/publication/closing-gaps-building-black-wealth-through-homeownership
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 nonprofits, 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.
Statements in this communication may include forward-looking
information and/or may be based on various assumptions. The
forward-looking statements and other views or opinions expressed
herein are made as of the date of this publication. Actual future
results or occurrences may differ significantly from those
anticipated and there is no guarantee that any particular outcome
will come to pass. The statements made herein are subject to change
at any time. Impact Shares disclaims any obligation to update or
revise any statements or views expressed herein.
About Community Capital Management (CCM)
Community Capital Management, LLC (CCM) is an investment adviser
registered with the Securities and Exchange Commission.
Headquartered in Fort Lauderdale with employees in Boston,
Charlotte, the New York City area, and Southern California, CCM was
founded in 1998 and manages over $4 billion in assets. The firm
believes a fully integrated portfolio — one that includes
environmental, social, and governance (ESG) factors — can deliver
strong financial performance while simultaneously having positive
long-term economic and sustainable impact. CCM’s strategies utilize
an innovative approach to fixed income and equity investing by
combining the positive outcomes of impact and ESG investing with
rigorous financial analysis, an inherent focus on risk management,
and transparent research. Within our fixed income portfolios,
impact customization provides investors the opportunity to direct
their capital to support specific geographies (also known as
place-based impact investing), one or more of 18 impact themes, and
impact initiatives. For more information, please visit:
www.ccminvests.com.
Carefully consider the Fund’s investment objectives, risk
factors, charges, and expenses before investing. This and
additional information can be found in Impact Shares' statutory and
summary prospectus, which may be obtained by calling 844-448-3383,
or by visiting https://impactetfs.org/. Read the
prospectus carefully before investing.
Shares of any ETF are bought and sold at market price (not NAV),
may trade at a discount or premium to NAV and are not individually
redeemed from the Fund. Brokerage commissions will reduce
returns.
Investing involves risk, including the possible loss of
principal. Bonds and bond funds are subject to interest rate risk
and will decline in value as interest rates rise. Mortgage-backed
securities are subject to prepayment and extension risk and
therefore react differently to changes in interest rates than other
bonds. Small movements in interest rates may quickly and
significantly reduce the value of certain mortgage-backed
securities. This Fund is non-diversified. As an actively managed
Fund, it does not seek to replicate a specified index.
OWNS is distributed by SEI Investments Distribution Co., with is
not affiliated with Impact Shares Corp., the Investment Adviser for
the Fund, or Community Capital Management LLC, the sub-adviser for
the Fund.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220816005370/en/
Sales Contact: Impact Shares 844-GIVE-ETF info@impactetfs.org or
Media Contact: Caitlyn Foster Gregory FCA for Impact Shares
impactshares@gregoryfca.com
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