Bloomberg Law recently profiled Ethan Powell of ImpactShares. As described by Bloomberg, “he’s setting up funds that eschew popular one-size-fits-all environmental, social and governance (ESG) models for ones that not only are built hand-in-hand with specific charities, but also fork over the bulk of their fees to those organizations.” These are values funds, that, while very niche, have yet to attract sizeable inflows. How niche? The article adds: “Impact Shares and a handful of others want to keep the focus on social responsibility while remaining commercially viable. Issuers are starting targeted funds that fit the zeitgeist; think gay rights in the workplace, help for veterans, women on corporate boards, and so on. UBS Group AG is donating 5 percent of the fee from its InsightShares ETFs, with a minimum floor donation if the funds are slow to catch on.” This strategy sharply contrasts with other strategies that incorporate ESG factors as a hedge against investment risks. Confusion over terminology persists.