Matthew Tuttle’s New ETF Push
Fund manager Matthew Tuttle is back in the spotlight with a fresh take on Exchange-Traded Funds (ETFs). Known for going his own way, Tuttle is rolling out options for investors who want strategies that challenge the usual playbook—especially by backing companies that don’t align themselves with Environmental, Social, and Governance (ESG) frameworks.
Meet ESGX
Tuttle Capital Management’s newest fund is the ESGX ETF, officially the ETF Opportunities Trust Tuttle Capital Shareholders First Index ETF. It’s built for investors who want to put money toward companies that emphasize profitability and long-term business performance, rather than chasing political trends or short-lived social movements.
How ESGX Sets Itself Apart
The pitch is simple: profit first. Tuttle Capital says ESGX focuses on companies that make shareholder returns the priority. As the fund’s release puts it, “ESGX allows investors to choose a portfolio of companies that genuinely focus on profits, rejecting the pressures of trendy politics or social activism that can detract from financial performance.” The throughline: let profits lead, keep distractions out.
The AJN Shareholders First Index, Explained
ESGX tracks the AJN Shareholders First Index, a benchmark that follows U.S. companies aligned with a profit-first approach. Tuttle points to the current environment where many corporations, in pursuing ESG and Diversity, Equity, and Inclusion (DEI) agendas, appear to move shareholder returns down the list of priorities.
Where Tuttle Sees a Corporate Shift
Tuttle has argued that some companies now elevate ESG goals over core financial outcomes. In his words, “Too many companies today put ESG and DEI politics first and their shareholders' profits last.” For investors who want a more traditional emphasis on earnings and cash flow, ESGX is positioned as a response to that shift.
ESGX’s Top Holdings
As of September 9, ESGX highlights several names at the top of its portfolio—companies that, according to the fund’s approach, reflect stable, profit-oriented operations. Those holdings include:
- MarketAxess Holdings MKTX: 2.3% of assets
- Evergy Inc EVRG: 2.2% of assets
- J.B. Hunt Transport Services JBHT: 2.1% of assets
- MDU Resources Group MDU: 2.1% of assets
- RLI Corp RLI: 2.1% of assets
Context: Reactions to ESG-Focused Policies
The ESGX launch also arrives amid criticism of how some big brands have handled ESG and DEI initiatives. Companies such as Anheuser-Busch InBev, Planet Fitness, and Target Corporation have faced pushback from consumers and some shareholders who argue that these efforts can overshadow financial performance.
Another Tuttle Capital Fund: Self-Defense
Alongside ESGX, Tuttle Capital rolled out the Spinnaker ETF Series Tuttle Capital Self Defense Index ETF (ticker: GUNZ). This fund targets companies tied to self-defense, reflecting rising interest in personal protection products and services.
What’s Driving Interest in a Self-Defense ETF
The self-defense ETF looks to tap into demand fueled by concerns about safety and security. As Tuttle noted, “Many Americans are taking self defense into their own hands,” a sentiment that lines up with a broader consumer tilt toward personal preparedness.
Bottom Line
With ESGX, Matthew Tuttle is making a clear bet: prioritize shareholders and profit in a market where politics and social signaling can creep into business decisions. Between a defined index approach and disclosed holdings, the fund offers one more route for investors who want profit-driven exposure. Different strategy, same aim—let the numbers do the talking.
Frequently Asked Questions
What’s the core idea behind Tuttle Capital’s approach?
Tuttle Capital puts shareholder returns first. The firm focuses on companies that keep profitability at the center of their decision-making, rather than following political or social trends.
What exactly is the ESGX ETF?
ESGX—the ETF Opportunities Trust Tuttle Capital Shareholders First Index ETF—tracks an index of U.S. companies that align with a profit-first philosophy and don’t prioritize ESG or DEI agendas over returns.
Which companies are in ESGX right now?
As of September 9, notable positions include MarketAxess Holdings, Evergy Inc, J.B. Hunt Transport Services, MDU Resources Group, and RLI Corp, each with a small single-digit weight.
Why launch a self-defense ETF as well?
Tuttle Capital also introduced the Spinnaker ETF Series Tuttle Capital Self Defense Index ETF (GUNZ) to capture growing consumer interest in personal protection products amid heightened safety concerns.
How does ESGX differ from ESG-focused funds?
ESGX rejects ESG and DEI as investment drivers. Instead, it concentrates on companies guided by profitability and shareholder outcomes, reflecting Tuttle’s critique that many firms put politics ahead of returns.
