GCU students help launch faith-based ETF, blending theology and finance

By Stacy Mantle
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Students at Grand Canyon University are stepping beyond the classroom and into the financial markets, contributing research to a newly launched exchange-traded fund designed around faith-based investing principles.

The FIS Faith Investor Income ETF (NYSE: FTHB) began trading March 19, marking a milestone not only for its creators but for the students who helped to shape the research behind it.

The fund focuses primarily on high-quality bonds and is structured for investors seeking to align financial decisions with Christian values.

What distinguishes the initiative is the academic role behind it.

Under faculty guidance from GCU’s Colangelo College of Business and College of Theology, students in finance and theology programs collaborated to evaluate companies and bond issuers using a biblically informed framework. Their work centers on a proprietary filtration model that analyzes publicly available data and scores organizations across four criteria: stewardship, moral alignment, social impact and long-term outcomes.

That process produces a “Faith Alignment Score,” which is then provided to Asterozoa Management LLC, the SEC-registered investment firm responsible for final portfolio decisions and fund management.

Students do not manage assets or make investment decisions. Their role is research-based and educational, with no financial compensation tied to the fund’s performance.

Expanding experiential learning in higher education

The project reflects a shift in higher education toward experiential learning — particularly in fields such as finance, where real-world application has traditionally been limited to internships or simulations.

"In 2013, the National Survey of Student Engagement was updated to assess 'the extent to which or the frequency with which students engage in educational practices associated with high levels of learning and development' including learning communities, service learning, study abroad, student-faculty research and internships," said Megan Garvy, chair at the Center for Teaching and Learning Department for Mesa Community College. 

"After five years of collecting student survey data, an analysis of responses showed that student participation in one of these activities was related to higher levels of engagement and more robust outcomes compared with students who did not have such an experience'," Garvy said. "This term was later coined, 'High Impact Practices' by George Kuh."

By embedding students into the research pipeline of a live financial product, GCU is offering a model that integrates academic theory with industry practice. In addition to finance and theology students, marketing students are supporting communications and outreach tied to the fund’s launch.

University leaders say the approach aligns with institutional goals of integrating faith and professional development.

“This partnership represents the heart of what the university stands for: preparing students to lead with integrity, humility and purpose,” said John Kaites, dean of the Colangelo College of Business, in a press release. “This ETF allows our students to turn faith into action by applying financial analysis while remaining grounded in biblical principles. Our students are learning that if they approach markets with this mindset, they will discover faith and excellence in business are not at odds; rather, they strengthen one another.”

Industry collaboration brings real-world exposure

The ETF is managed by Faith Investor Services, a Dallas-based firm specializing in biblically aligned investment strategies, in partnership with Asterozoa Management, which oversees credit and fixed-income strategy.

Industry leaders say the collaboration provides students with exposure to the rigor of investment research while maintaining professional oversight of financial decision-making.

Steve Nelson, chairman and CEO of Faith Investor Services, said in the release the ETF combines a disciplined bond strategy with biblically informed research.

“We’re excited to collaborate with both Asterozoa and students from Grand Canyon University to offer the strategy within an ETF structure," he said.

“We’re thrilled to support a collaboration that gives students meaningful exposure to real-world credit research and disciplined portfolio management,” said Joe Hegener, chief investment officer of Asterozoa, in a press release. “It’s an exciting opportunity to contribute to an educational flywheel that connects academic rigor with practical experience.”

Why it matters

As higher education institutions face pressure to demonstrate workforce relevance, programs that connect students directly to industry outputs — rather than simulated exercises — are gaining traction.

In Arizona, where universities are expanding career-connected learning, the GCU model highlights how cross-disciplinary collaboration can create new opportunities. By combining theology, finance and marketing within a single project tied to a publicly traded fund, the initiative offers a framework for integrating values-based education with market-driven skills.

While the long-term impact of faith-based ETFs in broader financial markets remains to be seen, the educational model behind this launch may signal a growing direction for university-industry partnerships—one where students contribute meaningfully to real-world outcomes before they graduate.

Editor’s note: A grant from the Arizona Local News Foundation made this story possible. The foundation awarded 15 newsrooms to pay for solutions-focused education reporters for two years. Please submit comments at yourvalley.net/letters or email them to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.

Stacy Mantle
Education Solutions Reporter

smantle@iniusa.org

Meet Stacy
Stacy Mantle is joining the team at Independent Newsmedia, Inc. as an Education Solutions journalist, thanks to a grant from the Arizona Community Collaborative. She has a long history in education that ranges from teaching junior high and middle school to developing curriculum and standards-based assessments.

Community: A longtime advocate for animal welfare, Stacy is deeply involved in rescue efforts and volunteers with several nonprofit organizations.

Random Fact: Once upon a time, she shared her home with a pet coyote and two wolf hybrids. The experiences were wild enough to become the subject of her first book!

Education: She holds a BA in English with a minor in Political Science, a Post-baccalaureate in Secondary Education, and an MBA with a emphasis on Marketing.

Hobbies: In her spare time, Stacy writes fast-paced urban fantasy novels, crafts small-batch artisan soap, and is always up for hiking or off-roading through the Arizona wilderness with her husband of 23 years.