How it works: Methodology

Export spreadsheet
Invest Your Values data is based on monthly updates to mutual fund holdings.
Nov 16, 2023
November 2023 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2023 Q3). Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data (Oct 2023).
Sep 24, 2023
September 2023 dataset. Screen list updates: Gender Equality Funds updated to use latest Equileap company data (2023 Q3).
Sep 14, 2023
August 2023 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2023 Q2).
Jul 18, 2023
July 2023 dataset. Screen list updates: Weapon Free Funds "Military Contractors", "Nuclear Weapons", and "Controversial Weapons" screens updated to incorprate exclusion screen data from over a dozen ethical investment firms, and to use latest SIPRI Arms Industry Database (2021).
Jun 13, 2023
June 2023 dataset. Screen list updates: Gender Equality Funds updated to use latest Equileap company data (2023 Q2). Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data (Jun 2023).
Apr 15, 2023
April 2023 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2023 Q1). Fossil Free Funds "fossil fuel finance" screen updated to use latest Banking on Climate Chaos data (2023).
Mar 9, 2023
March 2023 dataset. Screen list updates: Gender Equality Funds updated to use latest Equileap company data (2023 Q1).
Feb 24, 2023
February 2023 dataset. Screen list updates: Fossil Free Funds "Clean200™" screen updated to use latest Corporate Knights data (2023).
Jan 27, 2023
January 2023 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2022 Q4). Gun Free Funds civilian firearm manufacturer and civilian firearm retailer screens updated. Weapon Free Funds screens updated to remove several companies no longer included on SIPRI Arms Industry Database.
Dec 16, 2022
December 2022 dataset. Screen list updates: Fossil Free Funds coal industry and fossil-fired utilities screens updated to use latest Global Coal Exit List data (2022). Fossil Free Funds oil/gas industry screen updated to use latest Global Oil/Gas Exit List data (2022). Gender Equality Funds updated to use latest Equileap company data (2022 Q4).
Nov 9, 2022
November 2022 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2022 Q3). Fossil Free Funds fossil fuel insurance screen updated to use latest Insure Our Future data (2022).
Sep 14, 2022
September 2022 dataset. Screen list updates: Fossil fuel finance and insurance screens added to Fossil Free Funds. Gender Equality Funds updated to use latest Equileap company data (2022 Q3). Tobacco Free Funds "Tobacco producers" screen updated to use latest Morningstar industry data.
Aug 8, 2022
August 2022 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2022 Q2). Fossil Free Funds "Macroclimate 30" screen updated to use latest Macroclimate data (2022).
Jul 15, 2022
July 2022 dataset. Screen list updates: Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data (Jul 2022).
Jun 14, 2022
June 2022 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2022 Q1). Gender Equality Funds updated to use latest Equileap company data (2022 Q2).
May 11, 2022
May 2022 dataset. Screen list updates: Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data (Apr 2022).
Mar 16, 2022
March 2022 dataset. Screen list updates: Gender Equality Funds updated to use latest Equileap company data (2022 Q1). Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data (Jan 2022). Gun Free Funds civilian firearm manufacturer and civilian firearm retailer screens updated.
Feb 16, 2022
February 2022 dataset. Screen list updates: Fossil Free Funds "Clean200™" screen updated to use latest Corporate Knights data (2022).
Feb 9, 2022
February 2022 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2021 Q4).
Dec 14, 2021
December 2021 dataset. Screen list updates: Fossil Free Funds oil/gas industry screen updated to use latest Global Oil/Gas Exit List data (2021). Gender Equality Funds updated to use latest Equileap company data (2021 Q4).
Nov 13, 2021
November 2021 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2021 Q3).
Oct 29, 2021
October 2021 dataset. Screen list updates: Additional updates to Prison Free Funds prison industry and border industry screens using use latest American Friends Service Committee data. Companies no longer on latest Global Coal Exit List data (2021) removed from Fossil Free Funds coal industry and fossil-fired utilities screens.
Oct 19, 2021
October 2021 dataset. Screen list updates: Fossil Free Funds coal industry and fossil-fired utilities screens updated to use latest Global Coal Exit List data (2021). Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data.
Sep 9, 2021
September 2021 dataset. Screen list updates: Gender Equality Funds updated to use latest Equileap company data (2021 Q3).
Sep 2, 2021
August 2021 dataset. Target date funds added to dataset. Fossil Free Funds "Macroclimate 30" screen updated to use latest Macroclimate data (2021).
Aug 9, 2021
July 2021 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2021 Q2). Gender Equality Funds updated to use latest Equileap company data (2021 Q2).
May 3, 2021
April 2021 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2021 Q1). Fossil Free Funds coal industry and fossil-fired utilities screens updated to use latest Global Coal Exit List data (2020). Gender Equality Funds updated to use latest Equileap company data (2021 Q1).
Mar 3, 2021
February 2021 dataset. Screen list updates: Fossil Free Funds "Clean200™" screen updated to use latest Corporate Knights data (2021).
Jan 21, 2021
January 2021 dataset. Screen list and fund results updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2020 Q4). Gender Equality Funds updated to use latest Equileap company data (2020 Q4). Fund exposure formula and grading methodologies updated; see "Updating rating methodologies" on the Fossil Free Funds blog.
Nov 11, 2020
November 2020 dataset. Screen list and fund results updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2020 Q3). "Sustainability Mandate" label updated to use new Morningstar sustainable investment taxonomy.
Sep 28, 2020
September 2020 dataset. Screen list and fund results updates: Gender Equality Funds updated to use latest Equileap company data, covering 19 criteria and four sub-scores.
Sep 13, 2020
September 2020 dataset. Screen list updates: Tobacco Free Funds "Tobacco-promoting entertainment companies" screen updated to use latest UCSF Smoke Free Movies Campaign data.
Aug 11, 2020
August 2020 dataset. Screen list updates: Prison Free Funds screens added. Tobacco Free Funds "Tobacco producers" screen updated to use latest Morningstar industry data.
Jul 16, 2020
July 2020 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2020 Q2). Fossil Free Funds "Macroclimate 30" screen updated to use latest Macroclimate data (2020).
May 19, 2020
May 2020 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2020 Q1).
Apr 14, 2020
April 2020 dataset. Screen list updates: Weapon Free Funds "Major Military Contractors" screen updated to use latest SIPRI Arms Industry Database (2018).

Finding a fund

Fossil Free Funds sources financial data on equities and mutual funds from Morningstar. Our database contains information on thousands of U.S. open-end and exchange traded mutual funds, some of the most common funds held in 401(k)s, 403(b)s, and other retirement plans.

Search for mutual funds using name, ticker symbol, or asset manager. Use the search page to filter funds by investing style, fund family, and more. When you find a fund you're looking for, click on it to see the full results.

We don't have everything in our database — we only screen mutual funds that are at least 50% invested in stock investments, and our data license restricts us to displaying only 3,000 portfolios.

Looking for your favorite fund and can’t find it? With more resources, we could include more funds — make a gift today to make a difference.

Screening a fund

For each mutual fund in our database, we examine every holding and determine if it is a stock issued by a fossil fuel company.

We only look for direct stock holdings in fossil fuel companies. That means that holdings that are not stocks, like cash holdings or bonds, are not rated. In the fund's investment profile, we show a Percent Rated metric, equivalent to the percent of the fund that is invested in stocks. The higher a fund’s Percent Rated value, the more holdings we were able to examine. A fund with a lower Percent Rated value may have hidden fossil fuel-related investments that our tool cannot account for, in the form of bond holdings or other asset types.

Fossil fuel investments

Five different fossil fuel screens are used to flag investments:

Calculating total exposure

Mutual funds can have a varying number of holdings, from less than one hundred to several thousand. We calculate the total number of flagged holdings in the fund, and the total amount and percentage of the fund’s assets that are invested in those companies.

If a fund doesn't invest in any of the fossil fuel companies we look for, that means it earns an A grade. You'll see a chart like this:

0% fossil fuel exposure chart

However, if a fund does have stock investments in fossil fuel companies, you'll see a chart like this, showing the overall exposure.

Chart for fund that owns stock in fossil fuel companies

The breakdown of fossil fuel exposure is listed for each of the five fossil fuel screens.

Breakdown of fossil fuel exposure for each of the five fossil fuel screens

If you click a category that a fund has exposure to, the chart will change to a breakdown of the fund's holdings in that category.

Chart for a single fossil fuel category

Banks and insurance

Fossil Free Funds now incorporates fossil finance into our fossil fuel ratings.

By continuing to finance fossil fuels, banks and insurance companies are not only responsible for exacerbating climate impacts, but they are also exposing investors to financial risk.

Our new fund ratings use data on bank lending and insurance company policies to assess portfolio exposure to finance-industry climate risk.

Learn more about our new fossil fuel finance and fossil fuel insurance ratings

Grading fund fossil fuel investments

Funds are assigned a fossil fuel grade based on their total fossil fuel exposure, measured as the percent of fund assets invested in holdings flagged by any of the five fossil fuel company screens, where the funds with more exposure earn lower grades. Any funds with 0% exposure are assigned an A grade. If a fund does have fossil fuel exposure in the form of direct stock holdings of companies from the five fossil fuel company screens, a letter grade as assigned based on the level of exposure.

Updated August 2022: The fossil fuel grades have been adjusted to account for the new fossil fuel finance and insurance ratings.

A

Fossil fuel exposure is 0%, fossil fuel finance and insurance exposure is 0%

B

Fossil fuel exposure between 0% and 3%; OR, fossil fuel exposure is 0%, fossil fuel finance and insurance exposure above 0%

C

Fossil fuel exposure between 3% and 5.5%; OR, fossil fuel exposure below 3%, with investments in top 200 carbon reserve owners and/or top 30 coal-fired utilities

D

Fossil fuel exposure between 5.5% and 9%

F

Fossil fuel exposure between 9% and 100%

These percentage thresholds reflect the distribution of results across funds, placing a roughly equal number of funds from the analysis universe in each grade range.

Overall financed emissions

The basis for a carbon footprint is the annual GHG emissions of each company within the respective fund. To independently analyze and calculate carbon footprints for the mutual funds, we used the powerful "Carbon Footprint Analysis Tool" of yourSRI.com, which provides the data on corporate emissions worldwide - comprised of more than 40,000 companies.

We show two key metrics related to carbon emissions - the fund's relative carbon footprint, and the relative carbon intensity. The carbon footprint is based on amount of emissions per unit of investment, while the intensity is based on amount of emissions per unit of revenue.

For these two metrics, we compare the fund's results to a slate of 20 benchmarks from major index providers like MSCI, FTSE/Russell, S&P, and Morningstar. Using iShares ETFs as a stand-in for each index, we calculate the carbon footprint and divide the benchmarks into quartiles, labeled:

Low — Fund footprint/intensity is within the range of the bottom 25% of benchmarks

Below median — Fund footprint/intensity is within the range of the second 25% of benchmarks

Above median — Fund footprint/intensity is within the range of the third 25% of benchmarks

High — Fund footprint/intensity is within the range of the top 25% of benchmarks

Very high — Fund footprint/intensity is higher than all 20 benchmarks

We recalculate the benchmark quartiles each month based on their corresponding iShares ETFs.

We also show the emissions weight of the top 10 holdings in the fund. If a holding's emissions weight is higher than its portfolio weight, it means the holding is responsible for an outsized amount of the fund's carbon footprint.

Sustainability mandates

We display which funds earn Morningstar's "sustainability mandate" indicator. Sustainability-mandated funds make investment decisions based on issues like environmental responsibility, human rights, or religious views. A fund with a sustainability mandate may take a proactive stance by selectively investing in, for example, environmentally-friendly companies, or firms with good employee relations. They may also avoid investing in companies involved in promoting alcohol, tobacco, or firearms, or in the defense industry. Look for this symbol to find funds that have a sustainability mandate.

Sustainability mandate

The Forum for Sustainable and Responsible Investment is a group advancing sustainable, responsible, and impact investing. Asset managers who are members of US-SIF often have policies to exclude or restrict investments in companies involved in fossil fuels, including energy companies and utilities. Look for this symbol to find funds that are members of US-SIF.

Member of US-SIF, the Forum for Sustainable and Responsible Investment

Fossil free action toolkit

When you're done looking up funds and finding the data you need, what's next? You can learn how to make a change and move your money with our fossil free action toolkit. Whether you’re an individual investor or if your investments are in your employer-sponsored plan at work, our step-by-step toolkit can help. There's links to external resources, a video how-to guide, a sample letter to send to your employer 401(k) manager, even a detailed white paper on the financial details of fossil free retirement plans - everything you need to make a change and get started investing your money fossil free.




Search funds from your 401(k), retirement plan, or personal portfolio



Find sustainably-invested mutual funds and ETFs
More from Invest Your Values
See how mutual funds and ETFs are rated on issues ranging from fossil fuels, to deforestation, gender equality, guns, prisons, weapons, and tobacco


We offer sustainable investment tools that highlight issues dealing with climate change, gender equality and more

About us

Invest Your Values is funded by contributions to As You Sow, a non-profit 501(c)3.

Donate

Invest Your Values is a project by As You Sow, a 501(c)3 nonprofit empowering shareholders to change corporations for good

Visit As You Sow

Legal    
© Copyright 2023 As You Sow. All rights reserved.
Main Post Office, PO Box 751, Berkeley, CA 94701

Connect with As You Sow

Contact us      

Disclaimer: As You Sow is not an investment adviser

As You Sow is not an investment adviser as that term is defined under federal and state (California) laws and regulations. As You Sow is a tax-exempt, nonprofit organization dedicated to educating and empowering shareholders to change corporations for the good through the collection, analysis and dissemination of relevant information to the public, free of charge. As You Sow does not provide financial planning, legal or tax advice. Nothing on this website shall constitute or be construed as an offering of financial instruments, or as investment advice or investment recommendations.
See our full disclaimer