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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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B.A.D. ETF in registration


Principal Investment Strategies

The Fund uses a passive management (or indexing) approach to seek to track the performance, before fees and expenses, of the Index. The Index was developed and owned by Thematic Investments, LLC and is administered by EQM Indexes LLC (the “Index Provider”).


The Index is a rules-based index that seeks to provide exposure to a portfolio of (i) betting or gambling companies, (ii) alcohol and cannabis companies, and/or (iii) pharmaceutical companies.


  • I suppose one has to pick one's vices.

    In addition to the vices covered by this ETF, other sins include tobacco and arguably food (when taken to excess). OTOH, I'm not quite sure where pharmaceutical companies come in (oxyContin excepted).

    If one wants to cover a broader range of sins, there's VICE.

    If one wants to focus more narrowly - name your favorite vice - there's:
    Gaming: BJK; and ESPO covering video gaming and eSports
    Cannibus: MJ

    There don't seem to be funds focused on tobacco, alcohol, or dining. If you're willing to take the good with the bad, various funds that focus on the consumer discretionary sector or parts thereof may provide a "healthy" exposure.

    These ETFs don't have low ERs. 0.75% for BAD (prospectus), 0.99% for VICE (from M*), 0.75% for MJ (from M*), 0.65% for BJK (from M*), and 0.55% for ESPO (from M*). Sins apparently don't come cheap.
  • VICEX and, before it, Morgan SinShares which was a CEF. I bet you're wondering why neither of those dominates everybody's "must have" list? Might be that VICEX trails its peers in every single period MFO tracks ... and there are a lot of them ... except for the 2002-07 market cycle.

    Maybe the rise of ESG investing is leading to fundamental mispricing of sinful shares but I suspect there might be far larger forces driving price distortions for Wynn, et al. (umm... massive exposure to China?).
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