(Zero Hedge)—No sooner have we witnessed the death of ESG investing, including the shuttering of several ESG and “green” themed ETFs, than we bear witness to the launch of two “Texas-Based” ETFs.
Coming online this past week was the Texas Capital Texas Oil Index ETF and the Texas Capital Texas Small Cap Equity Index ETF, being brought to market by the Texas Capital Funds Trust.
The SEC prospectus for the Texas Capital Texas Oil Index ETF says it “seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Alerian Texas Weighted Oil and Gas Index”.
The Texas Capital Texas Small Cap Equity Index ETF “seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Texas Capital Texas Small Cap Equity Index”, the prospectus says.
“The Adviser believes that companies headquartered in Texas, including small-capitalization companies, enjoy certain economic, regulatory, taxation, workforce and other benefits relative to companies headquartered in other states,” it reads.
“In the Adviser’s view, the strong business environment in the State of Texas is demonstrated by, among other things, its infrastructure spending and resources, relatively low cost of conducting business, export data, and third-party rankings and recognitions.”
“In addition, the Texas economy is large and diverse,” it says. “The Texas economy, if considered on a standalone basis, would represent the 9th largest economy globally, and, in the Adviser’s view, offers the best business environment in the United States.”
“The Texas economy enjoys a relatively younger workforce and has enjoyed relatively faster growth, compared to the rest of the country. The Adviser believes that the Fund offers a cost-effective opportunity to invest directly in small-capitalization companies that benefit from the economic environment in Texas.”
And as Bloomberg’s Eric Balchunas noted this week, it isn’t just Texas-based ETFs coming online. Coal ETFs are also starting to have a resurrection:
Today, a Coal ETF launched and now a Texas Oil ETF has been filed. Fossil fuels having a bit of a post-ESG-shaming rebirth. https://t.co/s1p6T4nxwY
— Eric Balchunas (@EricBalchunas) December 20, 2023
Recall, we have written about the dying off of ESG and “green” investment products over the last few months. Most recently, this month, Goldman Sachs shuttered its ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF.
The ETF is shutting down, per a Goldman Sachs press release which says that “the Fund’s Board of Trustees, at the recommendation of GSAM, has approved a plan of liquidation for the Fund”.
“The Fund will begin the process of liquidating portfolio assets and unwinding its affairs in an orderly fashion over time,” the release says.
Balchunas pointed out earlier this month that “there was just way too much supply for the demand” with the ETF and that “it’s going to get worse too”. Balchunas says the ETF only took in $7 million over the course of 2 years.
We also wrote just days ago about Jeff Ubben – who is shuttering his sustainability fund – calling traditional climate summitry an “echo chamber” of diplomats.
Less than a week before that we noted that $30 billion has been shaved off the value of clean energy stocks over the last 6 months.
We also pointed out weeks ago how the ESG grift was reaching endgame after Markus Müller, chief investment officer ESG at Deutsche Bank’s Private Bank stated that sustainability funds should include traditional energy stocks, arguing that not doing so deprives investors of a prime opportunity to invest in the transition to renewable energy.
Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
But even as it seems nearly impossible to make a living, there are blessings that should not be disregarded. By highlighting strong sponsors who share our America First worldview, we have been able to make lifelong connections and even a bit of revenue to help us along. This is why we enjoy symbiotic relationships with companies like MyPillow, Jase Medical, and Promised Grounds. We help them with our recommendations and they reward us with money when our audience buys from them.
The same can be said about our preparedness sponsor, Prepper All-Naturals. Their long-term storage beef has a 25-year shelf life and is made with one ingredient: All-American Beef.
Even our faith-driven precious metals sponsor helps us tremendously while also helping Americans protect their life’s savings. We are blessed to work with them.
Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
