Now you can buy an ETF holding shares in companies based exclusively in Nashville, Tennessee. Funds like this don't have much of a track record but other city-based ETFs could soon follow.
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By local -- homespun message appeals to the heart now comes in the -- loaded only with companies from Nashville Tennessee. But -- buying a locally here at the same as buying milk and eggs from that -- down the road. The Nashville area ETF that debuted last month is the first city centric ETF ever. It's put up by Nashville based local shares. The fund tracks an index featuring companies headquartered in the Nashville area with market caps exceeding 100 million dollars. The lineup includes everything from patients at HCA to prisoners at CCA and proprietor of the grand Ole opry right and hospitality. Health care makes up 40% of the portfolio. They eat yet has pulled in six million dollars in its first month. Local shares CEO Beth -- SS -- right to work status low taxes and economic diversity make this an attractive investment. But other regional and state funds have failed them. -- advisors Texas and Oklahoma EPS outperformed the S&P 500 and the energy ET FX only. Yet failed to attract enough money so the funds were closed a year after they they use Texas could also make it. That they have a the community with no income taxes very business friendly. Zoning requirements. But that meets the -- also. -- took in about two three million dollars I think in the first couple of months. And then rove buries grew very slowly and then withered after that so again it's a it's a local appeal I have a feeling that interest in this product. But back to Tennessee just -- with stocks purchasing the Nashville -- ETF doesn't put money into the pockets of Nash billions. The shares you -- government owned by someone else were in the world. If anything Americans are overly invested in the US and need more exposure to foreign stuff. In that university's research director David exists it's ludicrous for investors to further exaggerate their home -- By investing in local if you. There is one success story though three billion dollar strong mirrors empowered growth fund this portfolio is dominated by the Minnesota based companies like target and and three yen. The fund does know marketing and California based shareholders outnumbered minnesotans. Locals here at this point five other cities that -- criteria for future EPS but won't disclose them. Anyone for Motown.