#MeToo has arrived on Wall Street. Socially responsible investors are putting their money where they feel it matters most — in the form of funds aimed at closing the gender gap in corporate America.
The State Street Global Advisors Gender Diversity Index ETF, ticker symbol SHE, tracks "companies that have strong gender diversity," said Lynn Blake, executive vice president of State Street.
Blake — whose company commissioned the "Fearless Girl" statue that was placed opposite of the iconic "Charging Bull" in New York City — told CNBC that companies that don't make the index are labelled as having weak gender diversity.
The push to invest in diverse companies comes at a time when numerous women on Main Street have come forward sharing their experiences with workplace discrimination in the wake of #MeToo. The movement became a social force after The New York Times' blockbuster expose in October revealed a pattern of alleged sexual abuse and unwanted physical contact by disgraced Hollywood mogul Harvey Weinstein.
Now, a growing number of shareholders on Wall Street are realizing their capacity to leverage capital and impact corporate behavior.