ERShares US Small Cap Institutional Class
IMPAX
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- ERShares US Small Cap Institutional Class (IMPAX) is an institutional mutual fund that invests primarily in small-cap U.S. equities selected through a proprietary methodology emphasizing Environmental, Social, and Governance (ESG) factors alongside fundamental financial metrics. The fund offers exposure to domestic small-cap companies via a rules-based index approach; it tracks the ER30TR Index, which ranks and weights U.S. small-cap stocks based on metrics including revenue growth, earnings quality, and ESG scores; and provides institutional share class pricing with low expense ratios tailored for large investors such as endowments and pension funds. ERShares operates within the asset management industry, targeting institutional clients seeking sustainable equity strategies in the small-cap segment. The fund employs a quantitative investment process that screens over 3,000 U.S. small-cap stocks, selecting the top 30 based on multi-factor models integrating ESG data from sources like Sustainalytics and MSCI; it emphasizes companies demonstrating strong free cash flow generation, return on invested capital, and positive impact themes such as clean energy and ethical labor practices; geographic operations focus exclusively on U.S.-listed securities with headquarters in Greenwood Village, Colorado, under ERShares, Inc., founded in 2016. IMPAX shares are distributed through select platforms including Schwab, Fidelity, and Pershing, serving target markets of institutional portfolios prioritizing long-term value with ethical considerations. In recent developments, ERShares announced a strategic rebranding and ticker change for the fund from ERSM to IMPAX in late 2024 to align with expanded ESG-focused offerings and attract broader institutional adoption; the company launched complementary ETFs tracking similar ESG-small cap strategies in 2025, enhancing its product suite amid growing demand for impact investing; additionally, ERShares secured a significant seed investment from a major pension fund in Q3 2025, funding index enhancements and marketing expansions into European institutional channels. No major acquisitions or parent company relationships exist, as ERShares remains an independent boutique manager.