Two ETFs created in March that promised investors a way to invest in so-called “Biblical values,” have raised just under $70 million, well below their targets.
Inspire Investing’s ETFs hold positions in companies including Panera Bread, Germany’s Commerzbank, and Irish airline Ryanair, while explicitly screening out companies that support LGBT+ rights, as well as companies involved in abortion, gambling, alcohol, pornography and terrorism.
Similar financial instruments aimed at helping investors clearly express their values are already in the market, including a “Catholic Values” ETF.
Out Leadership member company Goldman Sachs and the world’s most valuable brand, Apple, are seen as particularly notable companies among the hundreds of major corporate supporters of LGBT+ rights.
Some investors may have shied away from the new ETFs due to evidence that companies that promote diversity perform better.