Salem is the purest publicly-traded religious media play — Christian radio, websites and publishing. As religious belief and affiliation decline, its audience, advertising and donor base shrink directly. This is the cleanest single-name short on the thesis.

Faith-based 'biblically responsible' ETFs screen out sin stocks and tilt toward companies aligned with religious values. A shrinking pool of believers means shrinking assets and relevance for this product category, and its exclusions cause it to miss the very vice/science names that benefit from secularization. Shorting captures both the flow decline and the relative underperformance.

Gambling, alcohol and other 'sin' activities have been suppressed by religious norms; as those norms fade, consumption and social acceptance rise. The VanEck Gaming ETF gives broad exposure to casinos, online betting and lotteries that benefit from a more secular, permissive culture.

Cannabis legalization and consumption face their stiffest resistance from religious conservatives; secularization removes a key cultural and political brake on the industry. The AdvisorShares MSOS ETF concentrates on US multi-state operators positioned to grow as moral opposition weakens.