With all the recent controversies surrounding companies like Disney, Target, and Bud Light, one financial firm decided to take the matter into its own hands — and file for an ETF.
Tuttle Capital Management filed with the Securities and Exchange Commission (SEC) on September 5 for an ETF called Tuttle Capital Inverse Socially Conscious ETF with the ticker GWGB.
This will be an actively managed ETF where the fund will invest in companies that are politically conservative or politically neutral, and by taking short positions in US-listed equity securities that are following “woke” policies.
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American Exceptionalism
The first category of companies is those that uphold the belief of “American Exceptionalism”, individual liberty, and free enterprise, according to the filling.
The second category is for companies that have no political activity and focus only on profits and sales.
The third category of “woke” companies are those that the “Advisor believes are hostile to conservative values and have a negative reputation among politically conservative investors, as well as disproportionately supporting liberal causes.”
Another criterion that the fund will use to screen the companies is the environmental, social, and governance (ESG) scores. Companies with a high ESG score will not be considered for purchase by the ETF.
Tuttle isn’t the only opponent of ESG scores. Elon Musk recently tweeted why he thinks the ESG score is evil.
Tuttle Capital CEO doesn’t like when companies push their agendas
Matthew Tuttle, the CEO of Tuttle Capital Management, shared his thoughts on the new ETF exclusively with Finbold.
“I have been an investor since the early 80s and worked in financial services since 1991. When stuff annoys me, I want to let people know, and one way of doing that is to create financial products around it. So, for example, we created the Inverse ARKK ETF to bet against Cathie Wood and the Inverse Cramer ETF to bet against Jim Cramer,” says Tuttle.
He adds that:
“The companies have a fiduciary duty to shareholders, and when they try to push an agenda that they can’t get done at the ballot box, I think it is wrong, and I want to say something about it.”
The ETF isn’t approved yet by the SEC as of this writing.
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