Company creates Nashville exchange-traded fund
NASHVILLE, Tenn. (AP) - A Nashville company has developed the nation's first city-based exchange-traded fund that follows an index of companies based in Nashville and the surrounding counties.
LocalShares Inc. on Friday announced plans to begin trading on the New York Stock Exchange on Aug. 1. It will use the ticker symbol NASH. Shares will initially be priced at $25 and will be available through any securities broker.
The Nashville Area ETF tracks an index that initially will consist of about 24 companies, including HCA, Dollar General and Corrections Corporation of America.
Bob Goldsborough is a fund analyst with Morningstar. He said the Nashville Area ETF is a niche fund without a lot of obvious investors outside of Middle Tennessee. But on the positive side, the companies included in the index are very diverse.