Legal & General Investment Management (LGIM) has expanded its socially responsible investing (SRI) ETF range with the launch of a US equity product,
The L&G US Equity Responsible Exclusions UCITS ETF (RIUG) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.12%.
RIUG has already received $550m seed money from Finnish pension insurance firm Varma.
LGIM has once again partnered with index provider Foxberry to launch RIUG, which will track the Foxberry Sustainability Consensus US index.
The index operates an exclusion methodology determined by a Sustainability Committee which includes LGIM and Varma.
In September, the duo teamed-up to launch a European equity product with an SRI tilt, the L&G Europe Equity Responsible Exclusions UCITS ETF (RIEU).
Howie Li (pictured), head of ETFs at LGIM, commented: "We believe that the joint expertise of experts will provide more investors with the ability to invest dynamically as the responsible investment landscape evolves."
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Henrik Brunlid, CEO of Foxberry, added: "Helping our clients to achieve their sustainability investment objectives remains a key focus area for us.
"Expanding the Sustainability Consensus offering into the US markets is a natural progression, as we continue the build-out of our sustainability analytics platform and index offering."