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Wall Street Celebrates Pride Month With Entry of First LGBTQ ETF

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Wall Street Celebrates Pride

The first exchange traded fund that tracks companies most aligned with the LGBTQ community was launched this week, CNBC reported.

The LGBTQ100 ESG was launched by ProcureAm in partnership with LGBTQ Holdings. Its backers include former congressman Barney Frank, and transgender and gay rights advocate Martina Navratilova

The fund represents the top 100 equality-driven companies pooled from 500 publicly traded corporations screened through their environmental, social, and corporate governance goals. Included are Estee Lauder, Facebook, Starbucks, PayPal, and Visa.

Procure Holdings Co-Founder Bob Tull said the fund differs in a sense that it has a sentiment component as firms were screened for inclusion and ESG using the United Nations standards.

WallachBeth Capital Managing Director Andrew McOrmond believes young talent join firms that are in line with ESG values, drive growth for these companies, and ultimately raise stock prices in the long term.

McOrmond said it will come down to the new wave of investors who are younger and see the intersection between social governance goals and investing. LGBTQ100 ESG is up 0.20%, EL down 0.18%, FB up 0.10%, SBUX down 0.50%, PYPL down 0.40%, and V up 0.68%.

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