In what could be another tipping-point moment in the global culture wars, and have an impact on Texas commerce and politics, a new exchange traded fund (ETF) has started trading on the NASDAQ.
On January 11, 2018, the InsightShares LGBT Employment Equality ETF opened as a publically-traded investment instrument at $25.13 per share. The ticker symbol is “PRID”.
PRID’s profile on MarketWatch.com lists its investment objective:
“The Fund seeks to track the performance of the USB LGBT Employment Equality Index. The Fund will invest at least 80% of its assets in the index, designed to measure the performance of large and mid-capitalization U.S. companies that promote and provide equality for lesbian, gay, bisexual and transgender employees.”
The launching of the index by one of the globes money-center banks, USB, is an indication that Wall Street believes the neo-morality movement can create asset value and is tradeable on a global scale. USB created the index and the ETF to be a product that can churn commissions and profits. PRID may be the first, but others are sure to follow.
According to Bloomberg, PRID is the first ETF introduced in the U.S. market by Swiss-based UBS. The index will be guided by a gauge created by the leading neo-morality advocacy organization, Human Rights Campaign Foundation. A portion of the fund’s revenue will also be donated to an LGBT-related charity each year.
PRID is tiny. According to MarketWatch.com its net assets are currently $26.6 million. Its average daily volume is 366 shares. PRID’s price-earnings ratio is in the ozone at 26.67.
Distribution of the Fund’s prospectus is being handled through Exchange Traded Concepts, LLC in Oklahoma City, Oklahoma.
IMPACT ON TEXAS
The Texas plutocracy, primarily led by the Texas Association of Business (TAB), has already decided to side with the neo-moralists for the purpose of capitalistic gain. The primary argument against SB6, the “Bathroom Bill” of the 2017 Texas Legislative Session, was that it would stifle the ability of Texas to attract new business (large business) to Texas.
The biggest of the FAANG companies (Facebook, Amazon, Apple, Netflix, Google) gave backing to the TAB and not-so-gingerly threatened to punish Texas if SB6 was passed. Amazon, Apple (with its openly homosexual CEO Tim Cook), Microsoft, Google, and other Silicon Valley anti-Christian corporations, were not shy about voicing their opposition to SB6. The alliance of Silicon Valley and TAB was activated for the 2017 legislative session through the Keep Texas Open campaign.
Ultimately, Speaker Joe Straus, best friend of the TAB, made sure SB6 was assassinated in the Texas House. It never received a hearing in committee.
According to Texas Ethics Commission campaign finance reports, Texans for Joe Straus, made a contribution to the Texas Association of Business of $30,000 on February 26, 2016.
But, the pressure continues with two Texas cities, Austin and Dallas, being considered by Amazon for their second headquarters.
The creation of the LGBT index and then a tradeable product, as designed, means that these companies will see pushing the neo-morality agenda as a way to potentially add value to the market cap of their companies, and their individual wealth. Cook, Jeff Bezos, Mark Zuckerberg, and the rest of the Silicon Valley robber barons, are already showing their intention to add value by pushing the neo-morality agenda in Texas, perhaps more aggressively as ever. They get hometown help from Texas companies like Dell.
WHERE IS PRID’S MONEY?
By far the market sector that gets the bulk of PRID’s holdings are in technology with 23.34%.
Is should be no surprise that its largest holding is in Apple with 5.17% of the near $27 million of its assets. Amazon is right behind with 4.24%, and Microsoft makes up 4.14%. Facebook is 2.4% of the portfolio, but right behind it is JP Morgan Chase and 2.29%. The index may be tech heavy, but it is diverse with large holdings in media, banking, energy (Exxon Mobile), health and pharma, and major manufacturing.
On Thursday, April 12, PRID closed at $24.30 net asset value.
“It is important to note that Texans from across the state strongly showed in this past election that TAB is out of touch with Texas families, and that Texans will not be bullied into compromising the privacy of their daughters for the sake of political correctness.”
— Nicole Hudgens, Policy Analyst for Texas Values and Texas Values Action
“These people demonstrate a shrewdness befitting Satan in the garden. Using corporate pressure and threats, they are appealing to economics, job creating and future expansion in Texas.”
— Pastor Stephen Broden, RERcontributor and SREC Committeeman
“The error in their thinking here is that Christians are intolerant bigots who should not have financial support because their values are inconsistent with freedom. Christ gave us freedom.
“I guess this is the area of misunderstanding that we have in our country and why we continue to see division, boycotts, protests and maligning of those who uphold biblical values.”
— Tracy Shannon, RERcontributor
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