Perhaps it is not the meek, but the millennials that will more likely inherit the earth.

So why not invest in the things that millennials like?

This week, New York-based Global X Funds  launched a new ETF aimed at capturing the economic ascendance of the youngest generation in the U.S. workforce, those aged 16 to 36.

The Global X Millennials Thematic ETF, listed on the Nasdaq exchange as MILN, will come with a 0.68% expense ratio.

With more than 90 million people, the millennial generation is also the largest in the U.S, says Jay Jacobs, Global X's director of research.

“That alone is interesting,” says Jacobs. “In aggregate, millennials are interested in certain types of companies, they’re more socially connected and they’re more physically mobile. We wanted to design a way for investors to access where millennials are spending their money.”

According to Global X, millennials currently earn approximately $2 trillion, a number expected to quadruple over the next decade. In addition, Global X estimates that the total transfer of wealth from baby boomers to millennials will reach $40 trillion.

MILN will track the Indxx Millennials Thematic Index, which selects companies based on their appeal to millennials. The fund only invests in U.S.-listed companies with market capitalizations of $500 million or more.

Like the millennial tastes it attempts to mimic, MILN is heavily weighted in technology and consumer discretionary products.

“There are a lot of companies that are less innovative and stuck in ways that will leave them catering to people without the most buying power. We believe in betting on millennials.” Jacobs says.

The fund also invests heavily in residential rental REITs, an allocation that may change if more millennials purchase their own homes and begin to migrate from city centers into the suburbs.

While Jacobs acknowledges that MILN does have some sector concentration, he says that the fund is also well diversified across more than 70 companies.

Other millennial-centric categories identified by MILN’s index include travel and mobility, food and consumer staples, financial services, home goods, education, health and fitness. INDXX selects five to 15 stocks from each category to construct the index. The components are weighted roughly by market capitalization and rebalanced annually.

Global X is an enthusiastic proponent of thematic investing, says Jacobs, especially when the theme captures a strong demographic trend like millennial growth.

“We believe that there are a lot of opportunities in the area of thematic investing, more than we see within the economic market-based world,” Jacobs says. “What’s happening demographically, where you see these bulges in populations and populations behaving differently, it’s tilting the economy out of equilibrium.”

Equity markets aren’t necessarily pricing in these demographic trends efficiently, says Jacobs, which could create opportunities to capture value and growth.

MILN is the ninth thematic ETF launched by Global X and the first in its ‘People’ category, which focuses on trends pertaining to changing demographics and consumer behaviors.

Thematic investing does have its limits, says Jacobs: Not every theme is suitable for investment.

“Some of them are low probability or too brief,” Jacobs says. “We think MILN is a long-term theme that hits the mark.”

Global X plans to expand the People category of thematic ETFs in coming weeks with the launches of the Global X Longevity Thematic ETF and the Global X Health & Wellness Thematic ETF.