First of its kind ‘Anti-DEI’ index fund launches to advance meritocracy in the workplace

Just as you are ready to rule out common sense in the corporate world, sanity may be on the verge of making a comeback.

The left always seems to be several steps ahead when it comes to advancing its agenda, as seen in its efforts to steer corporations in a favorable direction. The Corporate Equality Index was created to score the treatment of LGBTQ+ members in the workplace — the scoring being determined by the rabid left, of course. ESG reporting was also introduced, which discloses environmental, social, and corporate governance data. And then there’s DEI initiatives, which ensure diversity, equity, and inclusion reign supreme in the workplace — to the detriment of Caucasians.

Fearful of being ostracized, corporations were quick to surrender on bended knee. This explains how the Marxist-inspired Black Lives Matter movement received nearly $100 million in corporate donations and why professional sports leagues like the NFL, NBA, and MLB were so quick to capitulate.

With meritocracy on the ropes, a new “anti-DEI” index fund launched this week, giving investors “an opportunity to invest solely in companies that engage in hiring based on merit, not demographic factors,” Fox Business reported.

The Azoria Meritocracy Fund, also known as the Azoria 500 Meritocracy ETF, is co-managed by Azoria Capital Inc. and Tidal Investments LLC. James Fishback is the founder and CEO of Azoria.

Our anti-DEI ETF just began trading on the New York Stock Exchange under the ticker “SPXM.”

The Azoria 500 Meritocracy ETF invests in the top 500 American companies *except* those that impose DEI hiring targets such as:

Nike, which mandates “35% representation of racial and… pic.twitter.com/QEpU1OEVul

— James Fishback (@j_fishback) July 8, 2025

“It is the first ever index fund that is committed solely to meritocracy, so unlike a traditional S&P 500 ETF from BlackRock or Vanguard, we do not invest in companies that impose DEI hiring targets, Nike, Starbucks, Intel, Airbnb. There’s 37 in total and the reason why we don’t invest with them is that these are both a moral and a financial failure,” Fishback told Fox News Digital.

With DEI practices being exposed as little more than discrimination, companies are beginning to distance themselves from their past embrace of the left-wing ideology.

Fishback, an ally of President Donald Trump, served as an advisor to the Department of Government Efficiency (DOGE) — it was his idea to mail Americans stimulus checks based on DOGE savings.

He sees the Azoria Meritocracy Fund as good business sense — especially so after Trump issued executive orders to end DEI programs in the public and private sectors.

“Research that we just published today shows that the 37 companies in the S&P 500 that we exclude from the Azoria 500 meritocracy fund underperformed the S&P by 19 percentage points over the last two years. It’s no surprise why, they prevent companies from hiring the best. They force them to hire folks who are not yet qualified, and lastly, they weaken employee trust and morale. All of that leads to lower stock returns in the long-term,” Fishback said.

“We’re making, really, a financial bet here that companies that hire on skill and merit will be more successful than companies that hire on race and gender,” he added.

And make no mistake, Fishback understands the harmful effects of DEI practices on stock returns.

“Whether it’s DEI targets or ESG mandates, anytime you subvert the natural inclination of a business to do what’s in its best interest to then do something that is not in its best interest to appease political overlords, or to fuel a political agenda, that hurts one, the shareholders, two, the stock price, and three, it hurts the very people that you’re often saying that you’re helping,” he said.