“I think it’s thematic, it’s a fad, it’s sitting around the fireplace singing ‘kumbaya,'” said O’Leary. “It makes no sense to me. If you’re an institutional investor, you have to make money for your shareholders, they can take their profits and redistribute their wealth any way they want.”

Summarily, O’Leary doesn’t try to pigeonhole ESG ETFs into a niche market, but that all funds should be defined on a binary basis: whether it makes money or not.

“At the end of the day, long-term, if you can’t outperform the market, it doesn’t matter what you call yourself,” O’Leary said.

“People take capital, put it at risk and they want a return,” said O’Leary. “It’s not about ‘kumbaya.'”

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