CEFA Draws Big Inflows — But High Costs Test Niche Appeal

ETF Overview and Capital Flows

CEFA.O, the Global X S&P Catholic Values Developed ex-U.S. ETF, targets large-cap stocks in developed markets outside the U.S. that align with Catholic social values. The fund uses a cap-weighted index that screens out firms inconsistent with these principles, focusing on equilibries in sectors like healthcare, education, and sustainable industries. Recent capital flow data shows robust inflows on January 27, 2026, with over $364,000 in extra-large orders alone. At 0.35% expense ratio, it’s pricier than some broad-market ETFs but aligned with its niche strategy.

Peer ETF Snapshot

• APMU.P charges 0.37% expense ratio, holds $213M in AUM, and uses 1.0x leverage.
• AVIG.P offers a lower 0.15% expense ratio with $2B AUM and 1.0x leverage.
• ANGL.O balances 0.25% costs against $3B AUM and standard leverage.
• AGGS.P matches CEFA’s 0.35% expense ratio but holds just $38M in assets.
• AGG.P, the cheapest at 0.03%, dominates with $138B AUM and identical leverage.

Opportunities and Structural Constraints

CEFA’s recent inflows highlight growing interest in socially screened equities, particularly in developed markets. Its Catholic values filter differentiates it from peers like AVIG.P or ANGL.O, which lack thematic focus. That said, the 0.35% expense ratio lags behind cheaper alternatives like AGG.P, which commands massive scale. In practice, CEFA appeals to investors prioritizing values alignment over cost efficiency—a niche with steady demand but limited broad-market traction.