[skybrian]

You can say that about any ESG investment, though.

Matt Levine writes about this sometimes. One possible justification to invest in ESG is that you believe that investments that are relatively good for the environment (or whatever) will beat the stock market. Another justification is that it makes the cost of raising funds cheaper for companies that are good for the environment and more expensive for companies that are worse for the environment.

According to the latter theory, if it's working, you should earn less than the S&P 500. If you're not earning less, you haven't lowered the cost of raising funds.

(On the other hand, if a company is advertising a niche investment to small investors, they probably have a cost of customer acquisition that's going to be cutting even more into investment returns? Isn't their cost of raising funds going to be pretty high?)