SPXM

The Azoria 500 Meritocracy ETF (“SPXM”) invests in the top 500 U.S. companies except those that impose DEI hiring targets. Why? Our premise is simple: companies that hire on skill and ability will be more successful than those that hire on race and gender.

“Until now, investors had no way to exclude DEI losers from their standard S&P 500 ETF. Now they do. It’s called SPXM, and it’s available today to any American with a brokerage account."

– James Fishback, Founder and CEO of Azoria

Fund Details

Ticker	SPXM
Management Style	Active
Weighting	Market-cap weighted
Expense Ratio	0.47%
Launch	7/8/25
CUSIP	45259A415
ISIN	US45259A4159
Primary Exchange	Cboe

Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to invest in a portfolio of approximately 400 to 500 of the largest publicly traded U.S. companies by market capitalization, with the exclusion of companies that the Fund’s investment sub-adviser determines have disclosed explicit quantitative demographic hiring targets.

Investment Selection Process

The Azoria 500 Meritocracy ETF begins with an initial universe of the 500 largest publicly traded U.S. companies by market capitalization.

Azoria then applies a proprietary research methodology to evaluate whether each company has publicly disclosed an explicit quantitative demographic hiring target, goal, quota, or aspiration. Companies that have disclosed such policies are excluded from the ETF’s portfolio.

Frequently Asked Questions

What is the Azoria 500 Meritocracy Fund? 

The Azoria 500 Meritocracy ETF (SPXM) is an actively managed Exchange-Traded Fund that invests in the top 500 US stocks, excluding any company with what Azoria considers a DEI hiring target.

Azoria begins with an initial universe of the 500 largest publicly traded U.S. companies by market capitalization. Azoria then applies a proprietary research methodology to evaluate whether each company has publicly disclosed an explicit quantitative demographic hiring target, goal, quota, or aspiration.

Companies that have disclosed such policies are excluded from the ETF’s portfolio.

What is the Fund’s ticker?

SPXM

How can I buy shares of the Fund? 

Shares of SPXM can be purchased with any US brokerage, including Vanguard, Fidelity, Robinhood, E-Trade, Schwab, etc.

What is the Fund’s expense ratio? 

0.47%

When did the Azoria 500 Meritocracy Fund launch? 

July 8, 2025

Questions?

Email us: info@investazoria.com
Call us: (833) 777-7232 (Monday-Friday: 9am to 5pm eastern)

Which Companies SPXM Excludes

SPXM excludes 38 S&P 500 companies that impose DEI hiring targets. Why? We believe DEI hiring targets hurt stock returns by preventing companies from hiring the best, forcing in not-yet-qualified workers, and fueling internal division and strife.

Here are just a few. Our research and full list of excluded companies here, as of July 8, 2025

What We Believe

1. Azoria believes every American is capable of greatness. No one—black Americans, women, or anyone else—needs a hiring target to succeed.
2. DEI hiring targets insult individual achievement, betray merit, and reject the dream that we be judged by the content of our character.
3. DEI hiring targets hurt stock returns by preventing companies from hiring the best, forcing in not-yet-qualified workers, and fueling internal division and strife.
4. If companies return to merit, SPXM will proudly invest in them because merit is morally right and financially smart. If they don’t, we’ll exclude them in an effort to help our investors.

IMPORTANT INFORMATION

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (833) 777-7232 or visit our website at investazoria.com.
Read the prospectus or summary prospectus carefully before investing.

Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value.

Thematic Investing Risk. The Fund’s investment strategy focuses on companies that exemplify meritocratic principles. This thematic approach may prevent the Fund from buying or selling certain securities and could impact performance compared to broader, more diversified funds. There is no guarantee that the Sub-Adviser’s views, security selection, or judgment will align with any investor’s beliefs or that the Fund’s holdings will successfully reflect meritocratic values in practice.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Distributed by Foreside Fund Services, LLC.