The philosophydriving WOMN's portfolio is a little different from SHE, whichfocuses on women in companies' senior ranks — WOMN looks for genderdiversity. (Photo: Shutterstock)

(Bloomberg) –A new exchange-traded fund is betting on companies that support women at every level.Impact Shares Corp. will donate part of the fees charged for theYWCA Women's Empowerment ETF, which trades under the ticker WOMN,to the YWCA, which also helped set the investment criteria for thenew fund.

The fund tracks the Morningstar Women's Empowerment Index, whichselects companies based on strong gender diversity policies,commitment to equal pay and family-friendly programs likepaid leave and flexible work options, among other criteria. As ofnow, Microsoft Corp. and Amazon.com Inc. are the fund's top-twoholdings.

WOMN is the second in a series of of single-issue funds with acharitable component from Frisco, Texas-based Impact Shares. Thefirst, Impact Shares NAACP Minority Empowerment ETF (ticker NACP),started trading in July. The asset manager is itself a non-profitand received funding from the Rockefeller Foundation as part of itscommitment to mission-driven investing.

“Innovative financial instruments can be impactful for us andother investors that want to have a social impact and make afinancial return,” said Rajiv Shah, chief executive officer of TheRockefeller Foundation.

A little more than $1 billion is invested in the dozen ETFs witha focus on workplace equality, according to data compiled byBloomberg.

The SPDR SSGA Gender Diversity Index ETF, ticker SHE, is thebiggest, with more than $350 million in assets. It's up 29 percentsince it launched in March 2016 compared with a 47 percent climbfor the S&P 500 Index.

The philosophy driving WOMN's portfolio is a little different.Unlike SHE, which focuses on women in companies' senior ranks, WOMNlooks for gender diversity throughout a company's entire workforceand policies that promote equality at all levels.

WOMN costs $7.60 a year for every $1,000 invested, nearly $6more than the price of SHE and about $5 more than what BlackRockInc. charges for an ETF with a broader socially consciousmandate.

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