Tuesday marks the first day of trading for a new spin on socially responsible exchange traded funds, the Workplace Equality Portfolio (EQLT).
The new ETF will track the Workplace Equality Index (LGBTEQLT), which was created by Denver Investment Advisors in November 2013. The index is comprised of 140 global companies that support equality for lesbian, gay, bisexual and transgender employees.
Index constituents support equality for LGBT employees through non-discrimination policies regarding sexual orientation and gender identity and providing full benefits for same-sex spouses, domestic partners and transgender individuals.
There are a handful of ETFs that directly invest in socially responsible. For instance, the iShares MSCI USA ESG Select ETF (KLD) and iShares MSCI KLD 400 Social ETF (DSI) both track stocks screened for positive environmental, social and governance characteristics.
KLD had $243.5 million in assets under management as of Feb. 21 while DSI had $319.1 million. Both ETFs are heavy on technology, financial services and health care stocks.
EQLT, the new ALPS ETF, will charge 0.75% per year.
ETF Trends editorial team contributed to this post.
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