NextGen Investing: Girls just want to have fund

Educational organization Girls Who Code is teaming with the asset management arm of New York Life on a socially responsible exchange-traded fund. New York Life Investment Management said the IQ Engender Equality ETF will choose companies that reflect the mission of Girls Who Code and its "initiatives, research and programs." Companies selected must also have a commitment to gender equality.

Girls Who Code is focused on teaching girls and young women computer skills to help them compete with men for jobs in technology, where women are underrepresented. New York Life will contribute at least $25,000 to Girls Who Code each year through 2015, and the fund said it will make a "substantial contribution" to Girls Who Code to use its name and trademarks.

"We’re thrilled with the opportunity to partner with New York Life Investment Management as we work to close the gender gap in tech by 2030," said Girls Who Code CEO Tarika Barrett.

In addition to the IQ Engender Equality ETF, New York Life launched two other socially responsible funds: IQ Cleaner Transport ETF, aligned with the National Wildlife Federation and its environmental goals, and IQ Clean Oceans ETF, linked with advocacy organization Oceana and its mission to achieve cleaner oceans.

"This is not simply a group of funds based on screens or factors," said Yie-Hsin Hung, CEO of New York Life Investment Management. "The same funds that have the potential to positively impact a portfolio can also have a direct and positive impact on our communities."