Exchange traded fund investors can gain exposure to the broad macroeconomy or track small economic ecosystems, even all the way down to the Nashville area.

According to a press release, LocalShares will launch the Nashville Area ETF (NYSEArca: NASH) on August 1. NASH will track a basket of Nashville area based companies in Tennessee. Specifically, companies have to be headquartered in Davidson County or its surrounding counties.

The underlying LocalShares Nashville Index utilizes an algorithm to identify and weight companies based on positive earnings, momentum and valuation metrics.

Top holdings based on the index include Acadia Health Care Companies (ACHC), Amsurg Corporation (AMSG), Brookdale Senior Living (BKD), Clarcor (CLC) and Community Health Systems (CYH).

LocalShares founders Elizabeth Seigenthaler Courtney, CEO of Seigenthaler Public Relations, Inc., William S. Decker, CEO of Decker Wealth Management, LLC and Michael D. Shmerling, chairman of XMi Holdings came together to provide financial services products based on geographic locations, such as American cities.

“We believe that communities like Nashville provide significant value-add to the companies that are headquartered here,” Shmerling, chairman of LocalShares, said in the press release. “In middle Tennessee, these attributes include low taxes, a strategic location and a state where people have the right to work.”

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