WBC Ethical Large Cap Index
S&P 500-like performance without defense or vice exposure. Provides passive, index-tracking exposure to U.S. equities, taking into account moral and pacifist preferences.
Core U.S. Equity Exposure
Passive, index-tracking exposure to U.S. equities taking into account moral and pacifist preferences.
Growth Potential
Long-term growth similar to the S&P 500 with the exception of notable large constituent exclusions.
Diversified
Based on the S&P 500. Approximately 250 companies across industries.
Cost Effective
0.45% management fee, rebalanced annually.
Legal Form
SMA custodied at Charles Schwab, Inc.; you hold the securities directly.
Advisor Access
Advisors who custody with Schwab can allocate via the Managed Model Marketplace.
Philosophy & Process
WBC Ethical Large Cap Index is designed to offer exposure to the US economy but without the ethical complexities of investing in companies successfully profiting from death, destruction, and addiction.
The Strategy specifically attempts to exclude companies that provide goods and services to the defense, adult entertainment, alcohol, gambling, and tobacco industries. It also excludes companies that charge a relatively high level of interest or lend to customers more likely to be delinquent.
WBC Ethical Large Cap Index uses the S&P 500 Index as its applicable universe. Each company undergoes specific analysis including a survey of recent mergers and acquisitions, company filings, management commentary, and company news to understand whether a significant amount of the company's business, or its future growth and therefore stock appreciation, is due to prohibited activity, and therefore excluded.
The index is market-cap weighted and the smallest companies whose performance would have a de minimis impact are also excluded. The index is rebalanced annually. In the event a stock is removed from the index, it is replaced by one or more stocks that are under-represented in the index.
Portfolio Data · click to expand
Sector Exposure 11 sectors + cash vs. S&P 500
| Sector | Ethical | S&P 500 | Diff |
|---|---|---|---|
| Info Technology | 37.8% | 36.8% | 1.0% |
| Fin Services | 11.8% | 12.4% | -0.6% |
| Comm Services | 9.3% | 10.0% | -0.7% |
| Healthcare | 8.7% | 9.0% | -0.3% |
| Cons Cyclical | 9.0% | 9.5% | -0.5% |
| Cons Defensive | 4.4% | 4.6% | -0.2% |
| Industrials | 8.1% | 8.7% | -0.6% |
| Utilities | 2.0% | 2.1% | -0.1% |
| Real Estate | 1.8% | 1.9% | -0.1% |
| Energy | 3.2% | 3.3% | -0.1% |
| Materials | 1.7% | 1.8% | -0.1% |
| Cash | 2.2% | 0.0% | 2.2% |
Ethical target weights as of September 18, 2026. S&P 500 comparison uses SPY equity holdings as of August 3, 2026, normalized to 100%. Displayed sector totals may differ due to rounding.
Top Holdings 5 companies
| Security Name | Ticker |
|---|---|
| Nvidia Corp | NVDA |
| Apple Inc | AAPL |
| Alphabet Inc Class A | GOOGL |
| Taiwan Semiconductor Mfg Co Ltd ADR | TSM |
| Broadcom Inc | AVGO |
Monthly Returns Net of fees · 2025–2026 YTD
2026 YTD
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WBCEI | 1.83% | -1.06% | -4.75% | 10.17% | 3.18% | -1.77% | 1.21% | 2.38% | -1.68% | — | — | — | 9.18% |
| S&P 500 | 1.45% | -0.76% | -4.98% | 10.49% | 5.26% | -0.95% | -0.06% | 2.72% | -0.35% | — | — | — | 12.75% |
2025
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WBCEI | — | — | — | — | 4.93% | 4.44% | 1.83% | 2.95% | 2.99% | 2.51% | 1.64% | -0.07% | 23.20% |
| S&P 500 | — | — | — | — | 6.29% | 5.09% | 2.24% | 2.03% | 3.65% | 2.34% | 0.25% | 0.06% | 23.98% |
The strategy excludes companies that customize their offerings to cause harm.
The index uses deep research of large and opaque companies to exclude based on prohibited activity even when not explicitly disclosed.
The manager believes its exclusionary principles are uncommon in the marketplace.
Returns are those of a composite of all fee-paying discretionary accounts managed to the strategy at its exact target weightings, from the strategy's inception on May 1, 2025, calculated by Advyzon, White Brook Capital's portfolio accounting system, by combining the accounts into one portfolio valued daily, and net of the actual management fees charged. Accounts join the composite on the day they are placed in the strategy. Benchmark: S&P 500 Index, total return. Returns through August 2026 were previously published from a single representative account and have been restated to the composite basis; the 2025 calendar-year figure is 0.22 percentage points higher and the 2026 year-to-date figure to August is 0.96 percentage points lower. Month-by-month differences are available on request. Returns are calculated on a trade-date basis.
Performance shown is for the WBC Ethical Large Cap Index composite. The composite includes every account White Brook Capital manages on a discretionary basis to the strategy's published target weightings, from the day the account is placed in the strategy or May 1, 2025, whichever is later. Accounts holding legacy positions outside the strategy are excluded until they are fully transitioned. Composite returns are calculated by Advyzon, White Brook Capital's portfolio accounting system: the member accounts are combined into a single portfolio that is valued daily, with contributions and withdrawals taken on their dates, and the monthly time-weighted return of that portfolio is reported net of the actual management fees charged to each account; longer periods are compounded from the monthly figures. The standard fee is 0.45 percent per year. Individual account returns will differ from the composite because of the timing of contributions and withdrawals, account size, and fee levels. Past performance does not guarantee future results. This fact sheet is available only to accredited investors and is not an offer of advisory services. White Brook Capital does not claim compliance with the Global Investment Performance Standards.
Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Before investing you should carefully consider the Strategy's investment objectives, risks, charges, and expenses.
An investment in the Ethical Index is subject to investment risk, including the possible loss of principal. The Index has the same risk as the underlying securities traded on the exchange throughout the day. Commissions are charged on every trade. Brokerage commissions and Index expenses will reduce investment returns.
Diversification does not assure profit nor protect against loss in a declining market. Holdings and/or sector allocations are subject to change and are not buy/sell recommendations. Sector exposure and top holdings reflect index target weights following the September 18, 2026 model change; account holdings may differ during the transition period.
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