Elon Musk’s Tesla was removed from the S&P 500's ESG Index and two ETFs noticed
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Elon Musk the CEO of Tesla (TSLA) has watched his EV company get tossed out of the S&P 500's ESG Index and two exchange traded funds that have taken notice are the Xtrackers S&P 500 ESG ETF (NYSEARCA:SNPE) and the SPDR S&P 500 ESG ETF (NYSEARCA:EFIV).
SNPE and EFIV cumulatively manage more than $1.2B of investor capital and are the only two exchange traded funds on the market that track
the S&P 500's ESG Index.
ESG focused names have made no difference in 2022 when it comes to how SNPE and EFIV compared against the benchmark mirrored S&P 500 fund Vanguard S&P 500 ETF (NYSEARCA:VOO). In 2022 all three funds are -17.6%. SNPE and EFIV however are slightly more expensive with a 0.10% expense ratio whereas VOO has a ratio of 0.03%.
While TSLA was the headliner name that was removed from the ESG index, other household names got the boot as well, including stocks like Home Depot (HD) and Delta Air Lines (DAL). Furthermore, interesting names that were added to the index were Marathon Oil Corp (MRO) and Phillips 66 (PSX). See the complete rebalanced list.
Elon Musk made his voice heard as he stated: "A clear case of wacktivism. Exxon is rated top ten best in world for environment, social & governance ESG by S&P 500, while Tesla didn't make the list! ESG is a scam. It has been weaponized by phony social justice warriors," in a recent tweet.