NEW YORK (Reuters) - A planned index fund is hoping to “make America great again” by investing in companies that support the Republican Party.
The Point Bridge GOP Stock Tracker exchange-traded fund will list under the ticker “MAGA,” according to a filing with U.S. securities regulators this week, an apparent reference to the slogan repeatedly used by U.S. President Donald Trump.
A call to the fund’s sponsor, Point Bridge Capital LLC in Fort Worth, Texas, was not immediately returned. The company is planning a set of what it calls Politically Responsible Investing products.
Wall Street is building a growing number of products that cater to people hoping to express their social or political views when they invest. Current offerings include ETFs that reward companies with high gender diversity, strong environmental practices or those that meet certain religious standards.
The "MAGA" fund will invest in a group of S&P 500 .SPX companies with employees or political action committees that donate significant money to back Republican candidates for office. The data is based on public filings with the Federal Election Commission, according to the fund's filings.
Annual expenses for the fund are at $72 a year for every $10,000 under management and it is expected to list on CBOE Holdings Inc’s (CBOE.O) Bats exchange.
A rival group, Active Weighting Advisors LLC in Cape Girardeau, Missouri, plans a Republican Policies Fund and a Democratic Policies Fund listed under the tickers GOP and DEMS.
Those funds are designed to perform better when the U.S. government is helped by each of the parties’ policies, according to filings. A spokesman for that company declined to comment.
The Republican Party, founded in 1854, is sometimes referred to as the Grand Old Party or GOP.
Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Matthew Lewis