What Change Finance does

Change Finance, P.B.C. was a privately held Public Benefit Corporation founded on June 1, 2016, and headquartered in Longmont, Colorado. The firm operated as an independent investment adviser with a stated mission of demonstrating that competitive investment returns and environmental, social, and governance (ESG) objectives are not mutually exclusive, and of reframing fiduciary duty to incorporate sustainability considerations. Its core offering was a single product, the CHGX exchange-traded fund (Change Finance Global ESG ETF), which applied a science-rooted ESG screening methodology to a diversified global equity portfolio. The firm served ESG-focused investors seeking to align capital with values, distributing the ETF through standard ETF channels.

The business model centered on asset-management fees earned on CHGX AUM, with the company operating a lean structure of 1-10 employees led by co-founders Dorrit Lowsen and Hunter Lovins (Chief Impact Officer) alongside CEO and Chief Investment Officer Andrew Rodriguez. Across its operating history, Change Finance raised approximately $2.68M in disclosed financing across four rounds between January 2017 and September 2020, with no subsequent capital raises recorded in the source material.

In 2025, after nearly nine years of operation, Change Finance announced it is winding down operations and is no longer a registered investment adviser. The flagship CHGX ETF has been transitioned to Stance Capital, where it continues under the Stance Sustainable Beta Fund, preserving the original ESG mission under new stewardship. The wind-down is the defining terminal event for the entity.

Name

Change Finance

Legal name

Change Finance, P.B.C.

Website

https://change-finance.com

Company type

Private

Founded year

2016

Operating status

Closed

Headcount range

1–10 employees

Short description

Change Finance, P.B.C. was a small, mission-driven investment adviser that operated the CHGX global ESG ETF for ESG-focused investors before winding down operations in 2025, with the fund transitioning to Stance Capital.

Ownership category

akta.pro rank

Product category

ESG Investment Management

NAICS

Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• ESG investing
• Sustainable investing
• Impact investing
• Exchange-traded funds
• Responsible investing

Headquarters

HQ city

Longmont

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Core offering

Change Finance was an independent registered investment adviser that built and managed an ESG-focused exchange-traded fund (CHGX), applying a science-rooted approach to align capital with environmental and social values while pursuing competitive investment returns. The company has since wound down operations and the flagship ETF was transitioned to Stance Capital as the Stance Sustainable Beta Fund.

Product overview

Change Finance was a single-product investment advisory firm that built tools to align capital with values through sustainable investing. The company's primary offering was the CHGX ETF (Change Finance Global ESG ETF), which has since been transitioned to Stance Capital under the Stance Sustainable Beta Fund as the company winds down operations after nearly nine years.

Differentiator

Problem solved

Functional benefit

Products and services

• CHGX (Change Finance Global ESG ETF) An ESG-focused exchange-traded fund that applied science-rooted sustainable investing principles to deliver competitive returns, targeted at investors seeking to align capital with environmental and social values.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Stance CapitalflagshipStrategic or Co-development Partner · 1 January 2025Change Finance's flagship ETF, CHGX, has been transitioned to Stance Capital where it continues under the Stance Sustainable Beta Fund. The mission of the fund remains intact, preserving Change Finance's ESG investing legacy under new stewardship.

Scale indicators1 record

Recent moves6 records

Expansion highlights2 records

Direct peers

• Stance Capital: Sustainable-beta ETF manager that has taken over Change Finance's CHGX fund as the Stance Sustainable Beta Fund. Operates in the same broad-ESG ETF category with comparable methodology and target investor base.
• Calvert Impact Capital: Mission-driven investment manager focused on impact and sustainable investing. Shares Change Finance's 'values-aligned capital' thesis and serves similar ESG-focused investors, though Calvert primarily operates in fixed-income and community investing.
• Trillium Asset Management: Independent, mission-driven investment manager applying ESG and impact screens. Closely comparable to Change Finance as a values-aligned boutique adviser serving ESG-focused individual and institutional investors.

Broad incumbents

• Parnassus Investments: One of the longest-tenured US ESG mutual fund managers. Comparable in mission-driven, values-aligned investing, but operating at significantly greater AUM scale and product breadth than Change Finance.
• iShares (BlackRock) ESG ETFs: BlackRock's iShares franchise dominates the ESG/sustainable ETF category with broad ESG and climate-screened funds directly competing for the same investor dollars as CHGX, but at massively greater scale and distribution.
• SPDR SSGA ESG ETFs: State Street's SPDR suite includes a range of ESG-screened ETFs overlapping with CHGX's category. Comparable product positioning (broad-ESG factor exposures in an ETF wrapper) for the same retail and advisor channels.
• Vanguard ESG ETFs: Vanguard's ESG fund family (including ESGV and related ETFs) competes directly with CHGX for cost-conscious ESG investors. A scaled incumbent whose low expense ratios create structural pressure on boutique ESG ETF issuers.
• Natixis Investment Managers (ESG affiliates): Large asset manager with multiple ESG-focused affiliates (e.g., Mirova, Ostrum). Comparable in offering sustainable investment strategies to institutional and retail investors, but at a much broader product and distribution scale.

Emerging players

• Ethic: Technology-driven ESG/impact investing platform for advisors and individuals. Comparable target customer (values-aligned investors) and overlapping value proposition, though Ethic operates as a personalized portfolio platform rather than a single-issuer ETF.
• ImpactShares: ETF issuer building thematic ESG and impact funds. Operates in the same niche (mission-driven, values-aligned ETFs) as Change Finance's CHGX, serving similarly positioned investors with comparable product mechanics.

Market position

Weaknesses3 records

Competitive moat3 records

Key risks5 records

Key highlights4 records

Customer concentration

• LinkedInlinkedin.com/company/change-finance

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Change Finance