Dan Grant is fed up with “wokeness.” He’s sick of such companies as Nike Inc. and Coca-Cola Co. taking liberal positions on social justice issues. “People are tired of woke companies, tired of wokeness overall, and tired of companies putting their social justice activism ahead of generating profits for their shareholders,” Grant says, sitting in a small Nashville office festooned with dinosaur fossils and a pet Australian snake-necked turtle named Melvin.The former JPMorgan Chase & Co. banker is betting that the 74 million people who, like him, voted for Donald Trump are mad about it, too—mad enough to buy shares of his company’s exchange traded funds, which invest in companies Grant and his colleagues deem unwoke. That means they lean right politically or are at least neutral in their activism and donations. Grant is chief executive officer of 2ndVote Advisers, a small group of politically conservative money managers pushing against what they see as a stampede toward left-leaning, socially conscious investing on Wall Street...In December, 2ndVote will launch an ETF perfectly attuned to the latest Trumpian cultural grievance: a “First Amendment fund” called the American Freedoms ETF. Composed of companies with permissive speech policies, the fund excludes platforms such as Facebook, Google, and Twitter, which the former president claims unfairly “censor” him. Grant insists the fund’s purpose isn’t political. Rather, it’s an expression of economist Milton Friedman’s dictum that a company’s sole responsibility is to make money.
More at Bloomberg Business Week. I can think of a half-dozen TYWKIWDBI readers who will undoubtedly be delighted to purchase shares in these ETFs.