Constrained Capital ESG Orphans ETF
ORFN
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- DE United States of America
- IPO Date
- May 17, 2022
- CIK
- 0001742912
- Similar Companies
- Business
- Constrained Capital ESG Orphans ETF (ORFN) is an exchange-traded fund that seeks to track the performance of the Constrained Capital ESG Orphans Index before fees and expenses by investing principally in the component securities and American Depositary Receipts of publicly traded mid- and large-cap U.S.-listed companies classified as ESG Orphans; these include firms in the fossil fuel energy, nuclear energy, weapons and munitions, tobacco, alcohol, and gaming industries. The ETF, issued under Tidal ETF Trust with Constrained Capital LLC as sponsor and index owner, Toroso Investments LLC as investment adviser, and Foreside Fund Services LLC as distributor, was launched in June 2022 through a partnership with Tidal ETF Services LLC. It targets investors seeking higher expected return potential, lower correlation to broad equity indices, and diversification via these under-owned sectors, with top holdings such as Exxon Mobil Corp., Philip Morris International Inc., Chevron Corp., Raytheon Technologies Corp., and NextEra Energy Inc.; the fund exhibits a dividend yield, defensive characteristics, and concentration in consumer non-durables, utilities, energy minerals, and electronic technology sectors. The ETF operates primarily in U.S. equity markets with geographic exposure extending to international holdings via ADRs from countries including the United Kingdom, Belgium, France, Brazil, and Norway. Constrained Capital, headquartered in the United States and founded to exploit market distortions from ESG-driven capital constraints, focuses on risk-adjusted returns in these Orphan sectors. In a significant operational change, Tidal ETF Trust announced the liquidation and closure of ORFN on June 2, 2023, resulting in cash settlement for shareholders and acceleration of option expirations to July 21, 2023; despite this, the ETF continued trading with approximately $0.92 million in net assets, 50,000 shares outstanding, and a net asset value of $18.31 as of the latest available data. No further recent partnerships, acquisitions, funding rounds, or new product launches have been reported for the ETF or its sponsor in the past 1-2 years.