‘Capitalism may need modernizing,’ says billionaire hedge fund manager Paul Tudor Jones

Jones founded the Robin Hood Foundation, which focuses on eliminating poverty in New York City.

And on Wednesday, Goldman Sachs is launching an exchange-traded fund focused on social impact, which uses a model from Jones’ foundation, Just Capital. It scores businesses on factors including worker treatment, environment and products and tracks a selection of Russell 1000 companies, including Apple, Amazonand Bank of America.

Jones told CNBCthat the new ETF could one day rival the benchmark U.S. stock index.

The billionaire investor also predicted a stock market rally near the end of this year.

“I think we’ll see rates move significantly higher beginning some time late third quarter, early fourth quarter,” Jones said. “And I think the stock market also has the ability to go a lot higher at the end of the year.”

He also said the Fed is well behind the curve when it comes to setting interest rates.

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