OPINION: This new ETF is a passively managed, large-cap index fund that holds the top 100 U.S. companies that most align with the LGBTQ community, writes columnist DebbieCarlson1.
Just in time for Pride Month, a new exchange traded fund aims to connect with LGBTQ investors. Two previous efforts failed to attract enough assets.
Bobby Blair, CEO and founder of LGBTQ Loyalty Holdings, which launched the fund with issuer ProcureAM, says community input on holdings makes this fund different. But an annual cost of 0.75% could be an issue for ETF investors used to cheap funds. The shuttered ALPS and InsightShares ETFs at the time cost 0.75% and 0.65%, respectively. For comparison, the biggest large-cap ESG ETF, iShares ESG Aware MSCI USA ETF ESGU, +0.23%, has a 0.15% expense ratio. High fees mean high hurdles to keep pace with the performance of benchmarks.
While those tech names appear in both non-ESG and ESG funds, the survey’s influence can be seen in a few top-10 outliers, including Marriott International MAR, -0.34% and Estee Lauder EL, +0.65%. Andrew Poreda, ESG analyst for financial advisory firm Sage Advisory, says while ESG means something different to every investor, he has some concerns about this fund.
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