If it feels like there's an exchange-traded fund for everything, it's because that statement is pretty close to being accurate. There's even a fund for vegan, climate-conscious investing: The US Vegan Climate ETF (NYSE:VEGN).

Why It's Important: What makes VEGN important and relevant today is that the upstart fund is answering a crucial question often asked about environmental, social and governance (ESG) ETFs: The ability to outperform standard equity funds.

“Since inception, VEGN has returned 27.69% total return on market price against the S&P500 Index’s 19.75% through to end August 2020. Performance was particularly strong in August, when the ETF outstripped the S&P500 Index by 2.12% on the same basis,” according to Beyond Investing.

VEGN implements an array of impact metrics, including greenhouse gases, water utilization, water generation, social good, environmental benefit, environmental harm and social harm, in constructing its portfolio. Meeting those criteria is, for many companies, difficult and as a result, VEGN has 281 holdings. That's comparatively less than most broad market ESG funds.

“Since its conception, Beyond Investing has always avoided companies involved in unethical practices towards animals, people, and the planet,” said VEGN's issuer. “Its stringent screening process weeds out animal exploitation, child labor, high carbon intensity, the burning or extraction of fossil fuels, single-use plastics, and any other activity deemed to have a significant negative impact on the environment.”

However, VEGN has some utility beyond tech exposure, including meeting emerging trends.