By Richard Hack
Just in time for LGBT History Month, ProcureAM, a wholly owned subsidiary of Procure Holdings, LLC, will launch an Exchange Traded Fund (ETF) in partnership with LGBTQ Loyalty Holdings, Inc. and its wholly owned subsidiary Advancing Equality Preference Inc.
The LGBTQ+ ESG100 ETF will launch on Oct. 1, 2020 and trade on Nasdaq as LGBT. The EFT will track the LGBTQ100 ESG Index (Index Ticker: LGBTQ100), which identifies the top 100 corporations that most align with the LGBTQ community across America. It is the first-ever index to incorporate LGBTQ community survey data into the methodology, generating a benchmark of the nation’s highest-performing companies that are most committed to advancing equality. The Index outperformed the market for the first half of the year (Jan. 1-June 30, 2020), exceeding the S&P 500 Index benchmark by 3.41%.
“Pressing corporations to implement diversity and ensure that their practices represent a commitment to LGBTQ equality is important,” said Barney Frank, former U.S. Congressman and LGBTQ Loyalty board member. “So is providing a positive incentive. Giving the LGBTQ community, and our friends and allies, a way to do this through their investments is the best example of this approach. I am proud to be a part of this effort, which brings together two of the major themes of my work in Congress: a financial system that serves both private and public needs, and human rights,” added Frank.
LGBT will be the inaugural ETF launched via the Procure Asset Launchpad (PAL), ProcureAM’s partnered platform.
“With a combined two decades of experience working with third-party ETF platforms, we have developed a unique partnership model to improve upon the options currently available in the marketplace,” said Andrew Chanin, CEO of ProcureAM. “We couldn’t think of a better partner than LGBTQ Loyalty and its prestigious board of directors to launch this arm of our business, and we look forward to continuing to expand our platform to help reshape the exchange-traded product landscape.”
Other members of the LGBTQ Loyalty Holdings’ Board of Directors include Major League Baseball Vice President and Special Assistant to the Commissioner, Billy Bean; International Tennis Hall of Famer, Martina Navratilova; LGBTQ media entrepreneur and former world-ranked tennis professional, Bobby Blair; and former CEO of Pride Media, Orlando Reece.