ORFN
Constrained Capital ESG Orphans ETF
ORFN
Investment Strategy
The Constrained Capital ESG Orphans ETF (ORFN) seeks to track the performance of the Constrained Capital ESG Orphans’ Index, before fees and expenses. The Fund will invest all, or substantially all, of its assets in the components securities and American Depositary Receipts (ADRs) that make up the Index. The Index is comprised of US equity securities of publicly traded mid- and large-cap US-listed companies that are ESG Orphans (exclusions) as defined by the Index. The 6 industries defined by the index are: fossil fuel, nuclear energy, weapons & munitions, tobacco, alcohol and gaming.
About the Firm
Constrained Capital was created to capitalize on opportunities in the public markets where investment methodologies, in its opinion, have distorted prices of securities due to capital constraints. The Firm believes that the bubble of Environmental, Social and Governance (ESG) investing has put constraints on Fossil Fuels, Nuclear Energy, Weapons, Alcohol, Tobacco, and Gaming.
Constrained Capital approaches these opportunities from the perspective of maximizing potential economic returns with each unit of capital invested. Our research and investments seek to capitalize on risk-adjusted returns in higher expected return securities.
Why Invest in ORFN

Higher expected return potential
We believe a bubble has formed around ESG investing. Over the past decade, this movement has distorted prices as entire sectors (the “Orphans”) were excluded from portfolios. In our view, the investment constraints on the Orphan securities have created the potential opportunity for return and risk-adjusted returns over time.

Non-correlated diversification
ORFN is backed by research suggesting Orphaned securities have higher-expected return potential. Because they’re excluded and severely under-owned, the result is lower market correlation from the broader indices.

Barbell portfolio strategy
Given ORFN’s dividend yield, market beta, composition, and defensive nature, it may help provide portfolio balance (or a “barbell strategy”), for investors positioned for more risk and market beta.
Overview
Fund Information
wdt_ID | Description | Information |
---|---|---|
1 | Fund Name | Constrained Capital ESG Orphans ETF |
2 | Fund Inception | 05/17/2022 |
3 | Ticker | ORFN |
4 | Primary Exchange | NYSE Arca |
5 | CUSIP | 886364538 |
8 | NAV Symbol | ORFN.NV |
9 | Expense Ratio | 0.75% |
10 | Data as of 05/31/23 30-Day SEC Yield |
2.63% |
Fund Data & Pricing
Fund Name | Constrained Capital ESG Orphans ETF |
---|---|
Fund Ticker | ORFN |
CUSIP | 886364538 |
Net Assets | $3.34m |
Shares Outstanding | 175,000 |
NAV | $19.10 |
NAV Change Dollars | -0.11 |
NAV Change Percentage | -0.55 |
Market Price | 19.1 |
Market Price Change Dollars | -0.12 |
Market Price Change Percentage | -0.6 |
Premium/Discount Percentage | 0.04% |
Rate Date | 06/05/2023 |
Median 30 Day Spread Percentage | 0.2 |
Closing Price | $19.10 |
Median 30-Day Spread Percentage | 0.20% |
Fund Name | Constrained Capital ESG Orphans ETF |
---|---|
Fund Ticker | ORFN |
CUSIP | 886364538 |
Net Assets | $3.34m |
Shares Outstanding | 175,000 |
NAV | $19.10 |
NAV Change Dollars | -0.11 |
NAV Change Percentage | -0.55 |
Market Price | 19.1 |
Market Price Change Dollars | -0.12 |
Market Price Change Percentage | -0.6 |
Premium/Discount Percentage | 0.04% |
Rate Date | 06/05/2023 |
Median 30 Day Spread Percentage | 0.2 |
Closing Price | $19.10 |
Median 30-Day Spread Percentage | 0.20% |
Performance
Inception Date: 05/17/2022
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | Since Inception Cumulative | 1 Year | 3 Year | 5 Year | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Constrained Capital ESG Orphans ETF | ORFN NAV | -8.37 | -4.97 | -9.51 | -8.62 | -4.22 | -5.55 | – | – | -4.06 | 05/31/2023 |
Constrained Capital ESG Orphans ETF | ORFN MKT | -8.34 | -5.17 | -9.52 | -8.73 | -4.23 | -5.77 | – | – | -4.08 | 05/31/2023 |
S&P 500 TR | SPTR2 | 0.43 | 5.75 | 3.33 | 9.65 | 4.10 | 2.92 | – | – | 3.94 | 05/31/2023 |
Solactive ESG Orphans Index GTR | ESGORPHT | -8.34 | -4.81 | -9.2 | -8.37 | -3.50 | -4.88 | – | – | -3.37 | 05/31/2023 |
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | Since Inception (Cumulative) | 1 Year | 3 Year | 5 Year | Since Inception (Annualized) | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Constrained Capital ESG Orphans ETF | ORFN NAV | -8.37 | -4.97 | -9.51 | -8.62 | -4.22 | -5.55 | – | – | -4.06 | 05/31/2023 |
Constrained Capital ESG Orphans ETF | ORFN MKT | -8.34 | -5.17 | -9.52 | -8.73 | -4.23 | -5.77 | – | – | -4.08 | 05/31/2023 |
S&P 500 TR | SPTR2 | 0.43 | 5.75 | 3.33 | 9.65 | 4.10 | 2.92 | – | – | 3.94 | 05/31/2023 |
Solactive ESG Orphans Index GTR | ESGORPHT | -8.34 | -4.81 | -9.2 | -8.37 | -3.50 | -4.88 | – | – | -3.37 | 05/31/2023 |
As of 03/31/2023
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | Since Inception (Cumulative) | 1 Year | 3 Year | 5 Year | Since Inception (Annualized) | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Constrained Capital ESG Orphans ETF | ORFN NAV | 2.02 | -1.9 | 15.65 | -1.9 | 2.83 | – | – | – | – | 03/31/2023 |
Constrained Capital ESG Orphans ETF | ORFN MKT | 1.77 | -2.05 | 15.36 | -2.05 | 2.78 | – | – | – | – | 03/31/2023 |
S&P 500 TR | SPTR2 | 3.67 | 7.5 | 15.62 | 7.5 | 2.05 | – | – | – | 03/31/2023 |
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (800) 794-1485. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded. The fund intends to pay out dividends and interest income, if any, monthly. There is no guarantee these distributions will be made.
Holdings
Holdings subject to change.
Date | Account | StockTicker | CUSIP | SecurityName | Shares | Price | MarketValue | Weightings | NetAssets | SharesOutstanding | CreationUnits | MoneyMarketFlag | Ticker | Name | Shares Held | Market Value | % Of Net Assets |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
06/06/2023 | ORFN | RTX | 75513E101 | RAYTHEON TECHNOLOGIES CORP | 2,058 | 95.75 | 197,053.50 | 5.90 | 3,342,045.00 | 175,000 | 7 | RTX | RAYTHEON TECHNOLOGIES CORP | 2,058 | 197,053.50 | 5.90% | |
06/06/2023 | ORFN | PM | 718172109 | PHILIP MORRIS INTL INC | 2,177 | 90.05 | 196,038.85 | 5.87 | 3,342,045.00 | 175,000 | 7 | PM | PHILIP MORRIS INTL INC | 2,177 | 196,038.85 | 5.87% | |
06/06/2023 | ORFN | NEE | 65339F101 | NEXTERA ENERGY INC | 2,612 | 73.59 | 192,217.08 | 5.75 | 3,342,045.00 | 175,000 | 7 | NEE | NEXTERA ENERGY INC | 2,612 | 192,217.08 | 5.75% | |
06/06/2023 | ORFN | XOM | 30231G102 | EXXON MOBIL CORP | 1,696 | 105.29 | 178,571.84 | 5.34 | 3,342,045.00 | 175,000 | 7 | XOM | EXXON MOBIL CORP | 1,696 | 178,571.84 | 5.34% | |
06/06/2023 | ORFN | BA | 097023105 | BOEING CO | 841 | 208.78 | 175,583.98 | 5.25 | 3,342,045.00 | 175,000 | 7 | BA | BOEING CO | 841 | 175,583.98 | 5.25% | |
06/06/2023 | ORFN | LMT | 539830109 | LOCKHEED MARTIN CORP | 357 | 454.69 | 162,324.33 | 4.86 | 3,342,045.00 | 175,000 | 7 | LMT | LOCKHEED MARTIN CORP | 357 | 162,324.33 | 4.86% | |
06/06/2023 | ORFN | CVX | 166764100 | CHEVRON CORP NEW | 942 | 155.51 | 146,490.42 | 4.38 | 3,342,045.00 | 175,000 | 7 | CVX | CHEVRON CORP NEW | 942 | 146,490.42 | 4.38% | |
06/06/2023 | ORFN | BUD | 03524A108 | ANHEUSER BUSCH INBEV SA/NV | 2,442 | 54.18 | 132,307.56 | 3.96 | 3,342,045.00 | 175,000 | 7 | BUD | ANHEUSER BUSCH INBEV SA/NV | 2,442 | 132,307.56 | 3.96% | |
06/06/2023 | ORFN | DEO | 25243Q205 | DIAGEO PLC | 793 | 167.10 | 132,510.30 | 3.96 | 3,342,045.00 | 175,000 | 7 | DEO | DIAGEO PLC | 793 | 132,510.30 | 3.96% | |
06/06/2023 | ORFN | MO | 02209S103 | ALTRIA GROUP INC | 2,508 | 44.64 | 111,957.12 | 3.35 | 3,342,045.00 | 175,000 | 7 | MO | ALTRIA GROUP INC | 2,508 | 111,957.12 | 3.35% | |
06/06/2023 | ORFN | SHEL | 780259305 | SHELL PLC | 1,856 | 57.71 | 107,109.76 | 3.20 | 3,342,045.00 | 175,000 | 7 | SHEL | SHELL PLC | 1,856 | 107,109.76 | 3.20% | |
06/06/2023 | ORFN | BTI | 110448107 | BRITISH AMERN TOB PLC | 3,142 | 31.85 | 100,072.70 | 2.99 | 3,342,045.00 | 175,000 | 7 | BTI | BRITISH AMERN TOB PLC | 3,142 | 100,072.70 | 2.99% | |
06/06/2023 | ORFN | SO | 842587107 | SOUTHERN CO | 1,404 | 69.69 | 97,844.76 | 2.93 | 3,342,045.00 | 175,000 | 7 | SO | SOUTHERN CO | 1,404 | 97,844.76 | 2.93% | |
06/06/2023 | ORFN | NOC | 666807102 | NORTHROP GRUMMAN CORP | 213 | 445.55 | 94,902.15 | 2.84 | 3,342,045.00 | 175,000 | 7 | NOC | NORTHROP GRUMMAN CORP | 213 | 94,902.15 | 2.84% | |
06/06/2023 | ORFN | DUK | 26441C204 | DUKE ENERGY CORP NEW | 1,006 | 90.16 | 90,700.96 | 2.71 | 3,342,045.00 | 175,000 | 7 | DUK | DUKE ENERGY CORP NEW | 1,006 | 90,700.96 | 2.71% | |
06/06/2023 | ORFN | TTE | 89151E109 | TOTALENERGIES SE | 1,348 | 58.33 | 78,628.84 | 2.35 | 3,342,045.00 | 175,000 | 7 | TTE | TOTALENERGIES SE | 1,348 | 78,628.84 | 2.35% | |
06/06/2023 | ORFN | COP | 20825C104 | CONOCOPHILLIPS | 659 | 102.07 | 67,264.13 | 2.01 | 3,342,045.00 | 175,000 | 7 | COP | CONOCOPHILLIPS | 659 | 67,264.13 | 2.01% | |
06/06/2023 | ORFN | ABEV | 02319V103 | AMBEV SA | 22,110 | 2.88 | 63,676.80 | 1.91 | 3,342,045.00 | 175,000 | 7 | ABEV | AMBEV SA | 22,110 | 63,676.80 | 1.91% | |
06/06/2023 | ORFN | NGG | 636274409 | NATIONAL GRID PLC | 950 | 66.97 | 63,621.50 | 1.90 | 3,342,045.00 | 175,000 | 7 | NGG | NATIONAL GRID PLC | 950 | 63,621.50 | 1.90% | |
06/06/2023 | ORFN | SRE | 816851109 | SEMPRA | 406 | 145.01 | 58,874.06 | 1.76 | 3,342,045.00 | 175,000 | 7 | SRE | SEMPRA | 406 | 58,874.06 | 1.76% | |
06/06/2023 | ORFN | BP | 055622104 | BP PLC | 1,599 | 35.34 | 56,508.66 | 1.69 | 3,342,045.00 | 175,000 | 7 | BP | BP PLC | 1,599 | 56,508.66 | 1.69% | |
06/06/2023 | ORFN | AEP | 025537101 | AMERICAN ELEC PWR CO INC | 670 | 84.00 | 56,280.00 | 1.68 | 3,342,045.00 | 175,000 | 7 | AEP | AMERICAN ELEC PWR CO INC | 670 | 56,280.00 | 1.68% | |
06/06/2023 | ORFN | D | 25746U109 | DOMINION ENERGY INC | 1,077 | 50.50 | 54,388.50 | 1.63 | 3,342,045.00 | 175,000 | 7 | D | DOMINION ENERGY INC | 1,077 | 54,388.50 | 1.63% | |
06/06/2023 | ORFN | STZ | 21036P108 | CONSTELLATION BRANDS INC | 223 | 244.17 | 54,449.91 | 1.63 | 3,342,045.00 | 175,000 | 7 | STZ | CONSTELLATION BRANDS INC | 223 | 54,449.91 | 1.63% | |
06/06/2023 | ORFN | EXC | 30161N101 | EXELON CORP | 1,287 | 39.98 | 51,454.26 | 1.54 | 3,342,045.00 | 175,000 | 7 | EXC | EXELON CORP | 1,287 | 51,454.26 | 1.54% | |
06/06/2023 | ORFN | LHX | 502431109 | L3HARRIS TECHNOLOGIES INC | 266 | 182.52 | 48,550.32 | 1.45 | 3,342,045.00 | 175,000 | 7 | LHX | L3HARRIS TECHNOLOGIES INC | 266 | 48,550.32 | 1.45% | |
06/06/2023 | ORFN | EQNR | 29446M102 | EQUINOR ASA | 1,717 | 27.26 | 46,805.42 | 1.40 | 3,342,045.00 | 175,000 | 7 | EQNR | EQUINOR ASA | 1,717 | 46,805.42 | 1.40% | |
06/06/2023 | ORFN | XEL | 98389B100 | XCEL ENERGY INC | 698 | 63.95 | 44,637.10 | 1.34 | 3,342,045.00 | 175,000 | 7 | XEL | XCEL ENERGY INC | 698 | 44,637.10 | 1.34% | |
06/06/2023 | ORFN | ED | 209115104 | CONSOLIDATED EDISON INC | 444 | 92.95 | 41,269.80 | 1.23 | 3,342,045.00 | 175,000 | 7 | ED | CONSOLIDATED EDISON INC | 444 | 41,269.80 | 1.23% | |
06/06/2023 | ORFN | PEG | 744573106 | PUBLIC SVC ENTERPRISE GRP INC COM | 633 | 61.36 | 38,840.88 | 1.16 | 3,342,045.00 | 175,000 | 7 | PEG | PUBLIC SVC ENTERPRISE GRP INC COM | 633 | 38,840.88 | 1.16% | |
06/06/2023 | ORFN | EOG | 26875P101 | EOG RES INC | 317 | 111.65 | 35,393.05 | 1.06 | 3,342,045.00 | 175,000 | 7 | EOG | EOG RES INC | 317 | 35,393.05 | 1.06% | |
06/06/2023 | ORFN | WEC | 92939U106 | WEC ENERGY GROUP INC | 399 | 87.75 | 35,012.25 | 1.05 | 3,342,045.00 | 175,000 | 7 | WEC | WEC ENERGY GROUP INC | 399 | 35,012.25 | 1.05% | |
06/06/2023 | ORFN | BF/B | 115637209 | BROWN FORMAN CORP | 427 | 63.08 | 26,935.16 | 0.81 | 3,342,045.00 | 175,000 | 7 | BF/B | BROWN FORMAN CORP | 427 | 26,935.16 | 0.81% | |
06/06/2023 | ORFN | E | 26874R108 | ENI S P A | 963 | 28.00 | 26,964.00 | 0.81 | 3,342,045.00 | 175,000 | 7 | E | ENI S P A | 963 | 26,964.00 | 0.81% | |
06/06/2023 | ORFN | LVS | 517834107 | LAS VEGAS SANDS CORP | 465 | 57.75 | 26,853.75 | 0.80 | 3,342,045.00 | 175,000 | 7 | LVS | LAS VEGAS SANDS CORP | 465 | 26,853.75 | 0.80% | |
06/06/2023 | ORFN | MPC | 56585A102 | MARATHON PETE CORP | 240 | 108.69 | 26,085.60 | 0.78 | 3,342,045.00 | 175,000 | 7 | MPC | MARATHON PETE CORP | 240 | 26,085.60 | 0.78% | |
06/06/2023 | ORFN | Cash&Other | Cash&Other | Cash & Other | 25,702 | 1.00 | 25,702.87 | 0.77 | 3,342,045.00 | 175,000 | 7 | Y | Cash&Other | Cash & Other | 25,702 | 25,702.87 | 0.77% |
06/06/2023 | ORFN | PXD | 723787107 | PIONEER NAT RES CO | 126 | 202.85 | 25,559.10 | 0.76 | 3,342,045.00 | 175,000 | 7 | PXD | PIONEER NAT RES CO | 126 | 25,559.10 | 0.76% | |
06/06/2023 | ORFN | VLO | 91913Y100 | VALERO ENERGY CORP | 199 | 107.39 | 21,370.61 | 0.64 | 3,342,045.00 | 175,000 | 7 | VLO | VALERO ENERGY CORP | 199 | 21,370.61 | 0.64% | |
06/06/2023 | ORFN | TXT | 883203101 | TEXTRON INC | 285 | 63.29 | 18,037.65 | 0.54 | 3,342,045.00 | 175,000 | 7 | TXT | TEXTRON INC | 285 | 18,037.65 | 0.54% | |
06/06/2023 | ORFN | MGM | 552953101 | MGM RESORTS INTERNATIONAL | 436 | 40.76 | 17,771.36 | 0.53 | 3,342,045.00 | 175,000 | 7 | MGM | MGM RESORTS INTERNATIONAL | 436 | 17,771.36 | 0.53% | |
06/06/2023 | ORFN | AXON | 05464C101 | AXON ENTERPRISE INC | 90 | 191.86 | 17,267.40 | 0.52 | 3,342,045.00 | 175,000 | 7 | AXON | AXON ENTERPRISE INC | 90 | 17,267.40 | 0.52% | |
06/06/2023 | ORFN | LDOS | 525327102 | LEIDOS HOLDINGS INC | 190 | 80.66 | 15,325.40 | 0.46 | 3,342,045.00 | 175,000 | 7 | LDOS | LEIDOS HOLDINGS INC | 190 | 15,325.40 | 0.46% | |
06/06/2023 | ORFN | TAP | 60871R209 | MOLSON COORS BEVERAGE CO | 219 | 63.81 | 13,974.39 | 0.42 | 3,342,045.00 | 175,000 | 7 | TAP | MOLSON COORS BEVERAGE CO | 219 | 13,974.39 | 0.42% | |
06/06/2023 | ORFN | WYNN | 983134107 | WYNN RESORTS LTD | 137 | 100.57 | 13,778.09 | 0.41 | 3,342,045.00 | 175,000 | 7 | WYNN | WYNN RESORTS LTD | 137 | 13,778.09 | 0.41% | |
06/06/2023 | ORFN | CZR | 12769G100 | CAESARS ENTERTAINMENT INC NEW COM | 286 | 46.25 | 13,227.50 | 0.40 | 3,342,045.00 | 175,000 | 7 | CZR | CAESARS ENTERTAINMENT INC NEW COM | 286 | 13,227.50 | 0.40% | |
06/06/2023 | ORFN | HII | 446413106 | HUNTINGTON INGALLS INDS INC | 54 | 207.72 | 11,216.88 | 0.34 | 3,342,045.00 | 175,000 | 7 | HII | HUNTINGTON INGALLS INDS INC | 54 | 11,216.88 | 0.34% | |
06/06/2023 | ORFN | CW | 231561101 | CURTISS WRIGHT CORP | 54 | 164.06 | 8,859.24 | 0.27 | 3,342,045.00 | 175,000 | 7 | CW | CURTISS WRIGHT CORP | 54 | 8,859.24 | 0.27% | |
06/06/2023 | ORFN | LNW | 80874P109 | LIGHT & WONDER INC | 125 | 62.29 | 7,786.25 | 0.23 | 3,342,045.00 | 175,000 | 7 | LNW | LIGHT & WONDER INC | 125 | 7,786.25 | 0.23% | |
06/06/2023 | ORFN | BYD | 103304101 | BOYD GAMING CORP | 103 | 66.69 | 6,869.07 | 0.21 | 3,342,045.00 | 175,000 | 7 | BYD | BOYD GAMING CORP | 103 | 6,869.07 | 0.21% | |
06/06/2023 | ORFN | MLCO | 585464100 | MELCO RESORTS AND ENTMNT LTD ADR | 610 | 11.56 | 7,051.60 | 0.21 | 3,342,045.00 | 175,000 | 7 | MLCO | MELCO RESORTS AND ENTMNT LTD ADR | 610 | 7,051.60 | 0.21% |
Date | Account | StockTicker | CUSIP | SecurityName | Shares | Price | MarketValue | Weightings | NetAssets | SharesOutstanding | CreationUnits | MoneyMarketFlag | Ticker | Name | Shares Held | Market Value | % Of Net Assets |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
06/06/2023 | ORFN | RTX | 75513E101 | RAYTHEON TECHNOLOGIES CORP | 2,058 | 95.75 | 197,053.50 | 5.90 | 3,342,045.00 | 175,000 | 7 | RTX | RAYTHEON TECHNOLOGIES CORP | 2,058 | 197,053.50 | 5.90% | |
06/06/2023 | ORFN | PM | 718172109 | PHILIP MORRIS INTL INC | 2,177 | 90.05 | 196,038.85 | 5.87 | 3,342,045.00 | 175,000 | 7 | PM | PHILIP MORRIS INTL INC | 2,177 | 196,038.85 | 5.87% | |
06/06/2023 | ORFN | NEE | 65339F101 | NEXTERA ENERGY INC | 2,612 | 73.59 | 192,217.08 | 5.75 | 3,342,045.00 | 175,000 | 7 | NEE | NEXTERA ENERGY INC | 2,612 | 192,217.08 | 5.75% | |
06/06/2023 | ORFN | XOM | 30231G102 | EXXON MOBIL CORP | 1,696 | 105.29 | 178,571.84 | 5.34 | 3,342,045.00 | 175,000 | 7 | XOM | EXXON MOBIL CORP | 1,696 | 178,571.84 | 5.34% | |
06/06/2023 | ORFN | BA | 097023105 | BOEING CO | 841 | 208.78 | 175,583.98 | 5.25 | 3,342,045.00 | 175,000 | 7 | BA | BOEING CO | 841 | 175,583.98 | 5.25% | |
06/06/2023 | ORFN | LMT | 539830109 | LOCKHEED MARTIN CORP | 357 | 454.69 | 162,324.33 | 4.86 | 3,342,045.00 | 175,000 | 7 | LMT | LOCKHEED MARTIN CORP | 357 | 162,324.33 | 4.86% | |
06/06/2023 | ORFN | CVX | 166764100 | CHEVRON CORP NEW | 942 | 155.51 | 146,490.42 | 4.38 | 3,342,045.00 | 175,000 | 7 | CVX | CHEVRON CORP NEW | 942 | 146,490.42 | 4.38% | |
06/06/2023 | ORFN | BUD | 03524A108 | ANHEUSER BUSCH INBEV SA/NV | 2,442 | 54.18 | 132,307.56 | 3.96 | 3,342,045.00 | 175,000 | 7 | BUD | ANHEUSER BUSCH INBEV SA/NV | 2,442 | 132,307.56 | 3.96% | |
06/06/2023 | ORFN | DEO | 25243Q205 | DIAGEO PLC | 793 | 167.10 | 132,510.30 | 3.96 | 3,342,045.00 | 175,000 | 7 | DEO | DIAGEO PLC | 793 | 132,510.30 | 3.96% | |
06/06/2023 | ORFN | MO | 02209S103 | ALTRIA GROUP INC | 2,508 | 44.64 | 111,957.12 | 3.35 | 3,342,045.00 | 175,000 | 7 | MO | ALTRIA GROUP INC | 2,508 | 111,957.12 | 3.35% | |
06/06/2023 | ORFN | SHEL | 780259305 | SHELL PLC | 1,856 | 57.71 | 107,109.76 | 3.20 | 3,342,045.00 | 175,000 | 7 | SHEL | SHELL PLC | 1,856 | 107,109.76 | 3.20% | |
06/06/2023 | ORFN | BTI | 110448107 | BRITISH AMERN TOB PLC | 3,142 | 31.85 | 100,072.70 | 2.99 | 3,342,045.00 | 175,000 | 7 | BTI | BRITISH AMERN TOB PLC | 3,142 | 100,072.70 | 2.99% | |
06/06/2023 | ORFN | SO | 842587107 | SOUTHERN CO | 1,404 | 69.69 | 97,844.76 | 2.93 | 3,342,045.00 | 175,000 | 7 | SO | SOUTHERN CO | 1,404 | 97,844.76 | 2.93% | |
06/06/2023 | ORFN | NOC | 666807102 | NORTHROP GRUMMAN CORP | 213 | 445.55 | 94,902.15 | 2.84 | 3,342,045.00 | 175,000 | 7 | NOC | NORTHROP GRUMMAN CORP | 213 | 94,902.15 | 2.84% | |
06/06/2023 | ORFN | DUK | 26441C204 | DUKE ENERGY CORP NEW | 1,006 | 90.16 | 90,700.96 | 2.71 | 3,342,045.00 | 175,000 | 7 | DUK | DUKE ENERGY CORP NEW | 1,006 | 90,700.96 | 2.71% | |
06/06/2023 | ORFN | TTE | 89151E109 | TOTALENERGIES SE | 1,348 | 58.33 | 78,628.84 | 2.35 | 3,342,045.00 | 175,000 | 7 | TTE | TOTALENERGIES SE | 1,348 | 78,628.84 | 2.35% | |
06/06/2023 | ORFN | COP | 20825C104 | CONOCOPHILLIPS | 659 | 102.07 | 67,264.13 | 2.01 | 3,342,045.00 | 175,000 | 7 | COP | CONOCOPHILLIPS | 659 | 67,264.13 | 2.01% | |
06/06/2023 | ORFN | ABEV | 02319V103 | AMBEV SA | 22,110 | 2.88 | 63,676.80 | 1.91 | 3,342,045.00 | 175,000 | 7 | ABEV | AMBEV SA | 22,110 | 63,676.80 | 1.91% | |
06/06/2023 | ORFN | NGG | 636274409 | NATIONAL GRID PLC | 950 | 66.97 | 63,621.50 | 1.90 | 3,342,045.00 | 175,000 | 7 | NGG | NATIONAL GRID PLC | 950 | 63,621.50 | 1.90% | |
06/06/2023 | ORFN | SRE | 816851109 | SEMPRA | 406 | 145.01 | 58,874.06 | 1.76 | 3,342,045.00 | 175,000 | 7 | SRE | SEMPRA | 406 | 58,874.06 | 1.76% | |
06/06/2023 | ORFN | BP | 055622104 | BP PLC | 1,599 | 35.34 | 56,508.66 | 1.69 | 3,342,045.00 | 175,000 | 7 | BP | BP PLC | 1,599 | 56,508.66 | 1.69% | |
06/06/2023 | ORFN | AEP | 025537101 | AMERICAN ELEC PWR CO INC | 670 | 84.00 | 56,280.00 | 1.68 | 3,342,045.00 | 175,000 | 7 | AEP | AMERICAN ELEC PWR CO INC | 670 | 56,280.00 | 1.68% | |
06/06/2023 | ORFN | D | 25746U109 | DOMINION ENERGY INC | 1,077 | 50.50 | 54,388.50 | 1.63 | 3,342,045.00 | 175,000 | 7 | D | DOMINION ENERGY INC | 1,077 | 54,388.50 | 1.63% | |
06/06/2023 | ORFN | STZ | 21036P108 | CONSTELLATION BRANDS INC | 223 | 244.17 | 54,449.91 | 1.63 | 3,342,045.00 | 175,000 | 7 | STZ | CONSTELLATION BRANDS INC | 223 | 54,449.91 | 1.63% | |
06/06/2023 | ORFN | EXC | 30161N101 | EXELON CORP | 1,287 | 39.98 | 51,454.26 | 1.54 | 3,342,045.00 | 175,000 | 7 | EXC | EXELON CORP | 1,287 | 51,454.26 | 1.54% | |
06/06/2023 | ORFN | LHX | 502431109 | L3HARRIS TECHNOLOGIES INC | 266 | 182.52 | 48,550.32 | 1.45 | 3,342,045.00 | 175,000 | 7 | LHX | L3HARRIS TECHNOLOGIES INC | 266 | 48,550.32 | 1.45% | |
06/06/2023 | ORFN | EQNR | 29446M102 | EQUINOR ASA | 1,717 | 27.26 | 46,805.42 | 1.40 | 3,342,045.00 | 175,000 | 7 | EQNR | EQUINOR ASA | 1,717 | 46,805.42 | 1.40% | |
06/06/2023 | ORFN | XEL | 98389B100 | XCEL ENERGY INC | 698 | 63.95 | 44,637.10 | 1.34 | 3,342,045.00 | 175,000 | 7 | XEL | XCEL ENERGY INC | 698 | 44,637.10 | 1.34% | |
06/06/2023 | ORFN | ED | 209115104 | CONSOLIDATED EDISON INC | 444 | 92.95 | 41,269.80 | 1.23 | 3,342,045.00 | 175,000 | 7 | ED | CONSOLIDATED EDISON INC | 444 | 41,269.80 | 1.23% | |
06/06/2023 | ORFN | PEG | 744573106 | PUBLIC SVC ENTERPRISE GRP INC COM | 633 | 61.36 | 38,840.88 | 1.16 | 3,342,045.00 | 175,000 | 7 | PEG | PUBLIC SVC ENTERPRISE GRP INC COM | 633 | 38,840.88 | 1.16% | |
06/06/2023 | ORFN | EOG | 26875P101 | EOG RES INC | 317 | 111.65 | 35,393.05 | 1.06 | 3,342,045.00 | 175,000 | 7 | EOG | EOG RES INC | 317 | 35,393.05 | 1.06% | |
06/06/2023 | ORFN | WEC | 92939U106 | WEC ENERGY GROUP INC | 399 | 87.75 | 35,012.25 | 1.05 | 3,342,045.00 | 175,000 | 7 | WEC | WEC ENERGY GROUP INC | 399 | 35,012.25 | 1.05% | |
06/06/2023 | ORFN | BF/B | 115637209 | BROWN FORMAN CORP | 427 | 63.08 | 26,935.16 | 0.81 | 3,342,045.00 | 175,000 | 7 | BF/B | BROWN FORMAN CORP | 427 | 26,935.16 | 0.81% | |
06/06/2023 | ORFN | E | 26874R108 | ENI S P A | 963 | 28.00 | 26,964.00 | 0.81 | 3,342,045.00 | 175,000 | 7 | E | ENI S P A | 963 | 26,964.00 | 0.81% | |
06/06/2023 | ORFN | LVS | 517834107 | LAS VEGAS SANDS CORP | 465 | 57.75 | 26,853.75 | 0.80 | 3,342,045.00 | 175,000 | 7 | LVS | LAS VEGAS SANDS CORP | 465 | 26,853.75 | 0.80% | |
06/06/2023 | ORFN | MPC | 56585A102 | MARATHON PETE CORP | 240 | 108.69 | 26,085.60 | 0.78 | 3,342,045.00 | 175,000 | 7 | MPC | MARATHON PETE CORP | 240 | 26,085.60 | 0.78% | |
06/06/2023 | ORFN | Cash&Other | Cash&Other | Cash & Other | 25,702 | 1.00 | 25,702.87 | 0.77 | 3,342,045.00 | 175,000 | 7 | Y | Cash&Other | Cash & Other | 25,702 | 25,702.87 | 0.77% |
06/06/2023 | ORFN | PXD | 723787107 | PIONEER NAT RES CO | 126 | 202.85 | 25,559.10 | 0.76 | 3,342,045.00 | 175,000 | 7 | PXD | PIONEER NAT RES CO | 126 | 25,559.10 | 0.76% | |
06/06/2023 | ORFN | VLO | 91913Y100 | VALERO ENERGY CORP | 199 | 107.39 | 21,370.61 | 0.64 | 3,342,045.00 | 175,000 | 7 | VLO | VALERO ENERGY CORP | 199 | 21,370.61 | 0.64% | |
06/06/2023 | ORFN | TXT | 883203101 | TEXTRON INC | 285 | 63.29 | 18,037.65 | 0.54 | 3,342,045.00 | 175,000 | 7 | TXT | TEXTRON INC | 285 | 18,037.65 | 0.54% | |
06/06/2023 | ORFN | MGM | 552953101 | MGM RESORTS INTERNATIONAL | 436 | 40.76 | 17,771.36 | 0.53 | 3,342,045.00 | 175,000 | 7 | MGM | MGM RESORTS INTERNATIONAL | 436 | 17,771.36 | 0.53% | |
06/06/2023 | ORFN | AXON | 05464C101 | AXON ENTERPRISE INC | 90 | 191.86 | 17,267.40 | 0.52 | 3,342,045.00 | 175,000 | 7 | AXON | AXON ENTERPRISE INC | 90 | 17,267.40 | 0.52% | |
06/06/2023 | ORFN | LDOS | 525327102 | LEIDOS HOLDINGS INC | 190 | 80.66 | 15,325.40 | 0.46 | 3,342,045.00 | 175,000 | 7 | LDOS | LEIDOS HOLDINGS INC | 190 | 15,325.40 | 0.46% | |
06/06/2023 | ORFN | TAP | 60871R209 | MOLSON COORS BEVERAGE CO | 219 | 63.81 | 13,974.39 | 0.42 | 3,342,045.00 | 175,000 | 7 | TAP | MOLSON COORS BEVERAGE CO | 219 | 13,974.39 | 0.42% | |
06/06/2023 | ORFN | WYNN | 983134107 | WYNN RESORTS LTD | 137 | 100.57 | 13,778.09 | 0.41 | 3,342,045.00 | 175,000 | 7 | WYNN | WYNN RESORTS LTD | 137 | 13,778.09 | 0.41% | |
06/06/2023 | ORFN | CZR | 12769G100 | CAESARS ENTERTAINMENT INC NEW COM | 286 | 46.25 | 13,227.50 | 0.40 | 3,342,045.00 | 175,000 | 7 | CZR | CAESARS ENTERTAINMENT INC NEW COM | 286 | 13,227.50 | 0.40% | |
06/06/2023 | ORFN | HII | 446413106 | HUNTINGTON INGALLS INDS INC | 54 | 207.72 | 11,216.88 | 0.34 | 3,342,045.00 | 175,000 | 7 | HII | HUNTINGTON INGALLS INDS INC | 54 | 11,216.88 | 0.34% | |
06/06/2023 | ORFN | CW | 231561101 | CURTISS WRIGHT CORP | 54 | 164.06 | 8,859.24 | 0.27 | 3,342,045.00 | 175,000 | 7 | CW | CURTISS WRIGHT CORP | 54 | 8,859.24 | 0.27% | |
06/06/2023 | ORFN | LNW | 80874P109 | LIGHT & WONDER INC | 125 | 62.29 | 7,786.25 | 0.23 | 3,342,045.00 | 175,000 | 7 | LNW | LIGHT & WONDER INC | 125 | 7,786.25 | 0.23% | |
06/06/2023 | ORFN | BYD | 103304101 | BOYD GAMING CORP | 103 | 66.69 | 6,869.07 | 0.21 | 3,342,045.00 | 175,000 | 7 | BYD | BOYD GAMING CORP | 103 | 6,869.07 | 0.21% | |
06/06/2023 | ORFN | MLCO | 585464100 | MELCO RESORTS AND ENTMNT LTD ADR | 610 | 11.56 | 7,051.60 | 0.21 | 3,342,045.00 | 175,000 | 7 | MLCO | MELCO RESORTS AND ENTMNT LTD ADR | 610 | 7,051.60 | 0.21% |
Purchase Information
Buy ORFN
Constrained Capital’s ESG Orphans ETF (ORFN) is available through various channels including via phone (800) 794-1485, broker-dealers, investment advisors, and other financial services firms.
FAQ
This is part of our thesis. Somehow, somewhere these stocks become more acceptable in the ESG purveyor’s eyes. Oil companies, “go green,” or, “carbon neutral by 2030,” or nuclear becomes more accepted (starting to see this,) or weapons become ESG acceptable due to social pacifier-effects.
Actions take longer than words. The talk of these events takes much longer to play out. While those debates go on, our Orphans WOULD see more inflows and attention and appreciate. This means the thesis is working. Along the way we stick to rebalancing guidelines (passive rules) and balance the portfolio accordingly.
In the case that a sector becomes an “ESG Inclusion” we would reassess and maintain the sectors detailed under the methodology.
The bubble in ESG investing has been growing a while. The idea behind ORFN is a reversion, contrarian, most hated becomes most loved, investment. If fossil fuels remain imperative, if nuclear energy gains acceptance, if weapons continue to be needed in the world, if people will still drink, smoke, or gamble, then the Orphans remain a very good place to allocate some of a portfolio.
Political winds have been very green for a long time and cottage industries have sprung up around the ESG movement. If the 2022 Midterms or 2024 White House shift back after excessive inflation or high gas prices, the Orphans would likely return to favor in some investment styles.
In a bearish market environment, if most of the market is going down, ORFN may or may not down, but could face beta headwinds. Where the ESG world continues to expand and exclude these names to a point of continued shame, bad banking and financing deals, and lack of flow into these sectors, ORFN could face further headwinds. If the political vise continues to tighten on the energy, nuclear, and weapons sectors could remain under pressure.
The ORFN serves a few purposes in a portfolio. First, those who are looking for portfolio diversification into underinvested areas of the market, the 6 sectors that comprise the ESG Orphans ETF have suffered from lack of inflows over the past decade. ORFN can balance a portfolio with heavy ESG investments.
In addition, the ORFN provides a contrarian opportunity to invest in constrained capital sectors. Higher expected returns in these Orphans are part of the investing theme, objective.
ORFN falls on the value side of the ledger versus growth and pays a decent dividend. It provides a barbell effect in the portfolio and can be seen as somewhat defensive. Overall, diversity and a counterbalance to the recent growth-induced investing climate are two of the leading aspects of ORFN and investors seeing that result are best suited to ORFN.