US-based investment firm Azoria plans to launch an ETF, Azoria 500 Meritocracy ETF (SPXM), which will include all S&P 500 stocks except 36 companies that hire based on diversity, equity and inclusion (DEI) targets rather than employee metrics.
The philosophy behind this move is that companies that hire based on race and gender but not skill and merit tend to underperform the market.
