Nashville ETF Debuts Thursday

Exchange traded funds sponsor LocalShares will introduce the first city-specific ETF when the Nashville Area ETF NASH debuts Thursday. NASH will track the LocalShares Nashville Index. The new fund has an annual expense ratio of 0.49 percent. "he LocalShares Nashville Index is comprised of publicly traded U.S. companies that have corporate headquarters in the Nashville, Tennessee region," according to a statement issued by LocalShares. Other requirements for index inclusion include a market capitalization of at least $100 million during the 25 days preceding the initial inclusion date and average daily volume of at least 50,000 shares for the preceding three months. NASH's top-five holdings will be Noranda Aluminum Holding NOR, Delek US Holdings, DK, Vanguard Health Systems VHS, Louisiana-Pacific LPX and Kirkland's, KIRK, according to the statement. Regional ETFs have been tried before with Oklahoma and Texas funds that debuted in 2009, but those funds did not even last until the end of 2010. The full list of NASH constituents is not yet available on the LocalShares web site, but other publicly traded firms based in the area include Corrections Corporation of America CXW and HCA Holdings HCA. Related: Some Niche ETFs Seeing Decent Inflows. For more on ETFs, click here.