Chicago-based Morningstar Inc.’s sustainability ratings for investment funds are now widely available to financial advisors, asset managers and other wealth management professionals that use the company’s tools for those in the financial services field.

The announcement was made at the company’s annual European institutional conference in Amsterdam on Thursday.

The ratings, which evaluate investment products based on environmental, social and governance (ESG) factors, are also available to investors for free through Morningstar’s North American and European websites. Ratings cover approximately 21,000 mutual funds and exchange-traded funds.

“We think the ratings will be most effective if they’re made widely available and placed in the hands of ultimate fund owners and advisors,” says Steven Smit, head of sustainability at Morningstar, in a statement also released Thursday. “For the first time, approximately 10 million investors will have access to an independent, standardized sustainability assessment to include in their investment decisions.”

Morningstar calculates the rating based on the underlying fund holdings and ESG research from companies as well as ratings produced by Amsterdam-based Sustainalytics, an independent provider of ESG and corporate governance ratings and research. The ratings fall into one of five categories: low, below average, average, above average and high.

“The Morningstar sustainability rating makes it easier for investors globally to incorporate sustainable investing best practices into their portfolios,” adds Jon Hale, head of sustainable investing research at Morningstar, in the announcement. “Using the rating, which is objective and based on a rigorous evaluation of a portfolio’s underlying holdings, investors can better assess the sustainability performance of companies held by a fund and compare funds with peers.”