The philosophy driving WOMN's portfolio is a little different from SHE, which focuses on women in companies' senior ranks — WOMN looks for gender diversity. (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 the YWCA Women's Empowerment ETF, which trades under the ticker WOMN, to the YWCA, which also helped set the investment criteria for the new fund.

The fund tracks the Morningstar Women's Empowerment Index, which selects companies based on strong gender diversity policies, commitment to equal pay and family-friendly programs like paid leave and flexible work options, among other criteria. As of now, Microsoft Corp. and Amazon.com Inc. are the fund's top-two holdings.

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