The Point Bridge GOP Stock Tracker ETF will track companies that support GOP interests, and its ticker will resemble the acronym for "Make America Great Again."
Exchange-traded funds are getting political.
The investment manager Point Bridge Capital is launching an ETF that will enable direct investment to companies that hold Republican interests in mind.
According to a Wednesday filing with the US Securities and Exchange Commission, the Point Bridge GOP Stock Tracker ETF will specifically track the performance of an index of stocks meeting the following criteria:
"Companies whose employees and political action committees (PACs) are highly supportive of Republican candidates for election to the United States Congress, the Vice Presidency, or the Presidency and party-affiliated federal committees or groups that are subject to federal campaign contribution limits."
And in a tip of the cap to President Donald Trump's campaign slogan, the ETF's ticker will be MAGA, according to the SEC filing. MAGA, which is short for "Make America Great Again," became a popular rallying cry for Trump supporters during the 2016 election.
To select its constituents, the fund's underlying index starts with an initial universe of S&P 500 companies and then whittles it down based on factors like campaign donations made during recent elections.
While this marks the first ETF to specifically track partisan interests, there are plenty of other funds embodying Trump's political spirit. They include the Global X US Infrastructure Development, which started trading on March 18, and the WisdomTree Global ex-Mexico Equity Fund, which hit the market on February 10.
The Point Bridge GOP ETF has an expected inception date of September 7, according to Bloomberg data.