Nashville Exchange-Traded Fund Now On NYSE - NewsChannel5.com | Nashville News, Weather & Sports

Nashville Exchange-Traded Fund Now On NYSE

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NASHVILLE, Tenn. - 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. Beginning Thursday anyone in the country will be able to buy a piece of Music City.

LocalShares Inc. authored the fund, and shares can now be traded on the New York Stock Exchange. 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, Cracker Barrel, the Ryman, LP and Corrections Corporation of America.

Business experts like Dr. J. Patrick Raines, the Dean of Belmont University's Business School, said with only 24 companies, the ETF isn't as diverse as some other funds. However, he said these particular companies have proven to be strong in the past.

The fund's author, Beth Courtney, held a luncheon for area business leaders, expressing her excitement for an index she believes is a good balance to represent a strong Nashville area economy.

(The Associated Press Contributed To This Report.)

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