The ETF That Donates All Its Profits to Charity
Talk on charity fund and how SPAC ETF could be a money market alternative.
The RiverNorth Patriot ETF (FLDZ) is one of the most interesting exchange-traded funds on the market—it donates all its profits to Folds of Honor, a 501(c)(3) non-profit organization that provides educational scholarships to the families of military members and first responders who have fallen or been disabled while on active duty.
In this episode of Exchange Traded Fridays, Patrick Galley, chief executive officer and chief investment officer at RiverNorth, discusses the origins of FLDZ and its benevolent mission.
Additionally, Galley dives deep into his firm’s other ETF, the RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ).
SPACs got a bad rap following the implosion of many companies that went public via SPACs in 2020 and 2021. But SPACs aren’t necessarily risky if you invest in them before they merge with a target company. In fact, pre-merger SPACs are one of the safest investments you can buy, according to Galley.
Galley joined RiverNorth in 2004 and serves as chief executive officer and chief investment officer. Patrick is responsible for strategic planning and business development and oversees all portfolio management activities at RiverNorth. In addition, Galley serves as the president and chairman of all RiverNorth proprietary funds.
