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And that was, um, led by a great VC firm called pale blue dot that focuses entirely on climate investments.
the fee structure is that, that 0.07% that I mentioned.
this is not actually a 401k product in particular. So anyone can invest via any vehicle. It could even just be, you want to transfer some of your money from your bank account into it. You can do that. Um, so it's just a mutual fund, which is, um, for people who are more familiar with ETFs, it's not too different. Um, and, uh, anyone can invest, uh, and it turns out what makes it attractive in 401ks, especially that, that low fee, um, and also that diversification also makes it attractive to a lo
Yes. We're brand new. Um, but it's exciting to see how many people are really excited about adding this to their 401ks or we're investing. So, um, we're getting some decent traction already. And, um, the most important part in getting the gatekeepers to add this as an option for people is for people to ask.
so sponsoring means that we cover the costs of the fund and, um, and, uh, and then yes, uh, some of the profit is, is, is, uh, comes back to our company. So it's a profit sharing model. Um, and then something else worth mentioning is in creating this company, I really cared that we could make decisions where we didn't always have to, um, well, basically I decided to make this a public benefit corporation, uh, rather than a standard corporation because a public benefit corporation for your listen
once we have customers who already have sustainability mandates like Microsoft, Apple, et cetera, clearly care so much about climate change.
So these are bigger companies that are older. So they've been around for many years with their employees saving like a Microsoft or an Apple. They each have 10 to 30 billion in a single 401k plan. And about 5% of that is in fossil fuel companies. So if a plan is 30 billion, that's one and a half billion dollars in fossil fuel companies.