Impact Shares expanded its lineup of exchange-traded funds aimed at specific nonprofit causes with Monday’s launch of the Impact Shares YWCA Women's Empowerment ETF (WOMN).

The product from Impact Shares, an investment management firm that links nonprofits and ETFs, is a collaboration involving Morningstar, index provider Equileap and YWCA USA.

The fund tracks the Morningstar Women’s Empowerment Index, which selects roughly 200 companies from the Morningstar US Large-Mid Cap Index that score highest based on 19 gender equality criteria used to identify firms with strong policies and practices in support of women’s empowerment and gender equality.

These criteria fall under four main categories: gender balance in leadership and the workforce; equal compensation and work life balance; policies promoting gender equality; and commitment, transparency and accountability.

The data is compiled and scored by Equileap, a London and Amsterdam-based data provider on corporate-related gender equality. The companies included in the WOMN fund are those that best align with YWCA USA’s vision of how corporations can advance women’s empowerment and gender equality.

YWCA, which was founded in 1858 as a voice for women’s issues, has more than 200 YWCA associations across the U.S.

This is the second ETF from Impact Shares, a 501(c)(3) nonprofit based in Frisco, Texas. In July, it rolled out the Impact Shares NAACP Minority Empowerment ETF (NACP) designed to reflect the social mission of the National Association for the Advancement of Colored People.

Regarding both funds, as well as future funds in the pipeline, Impact Shares will funnel its net advisory fees back to the nonprofit linked to a specific ETF. According to Ethan Powell, CEO of Impact Shares, collaborative parties such as the YWCA and NAACP advise and consult on the social screens relative to their organizational mission.

The WOMN fund’s expense ratio is 0.76 percent. Its top holdings include Microsoft, Amazon.com, JP Morgan Chase, Johnson & Johnson, Exxon Mobil, Alphabet (both share classes), Bank of America, Intel and Wells Fargo.

The fund’s nearest direct competitor is the SPDR SSGA Gender Diversity Index ETF (SHE), which debuted in 2016. That fund’s underlying index contains companies that demonstrate greater gender diversity within senior leadership than other firms in their sector. These companies are ranked within each sector by three gender diversity ratios.

According to Morningstar, SHE gained 19.5 percent last year, which trailed the total returns on the S&P 500 Index by more than two full percentage points. The fund is up 6.5 percent year-to-date, or slightly better than the S&P 500 Index.

SHE has been a hit with investors by attracting more than $350 million in assets. Undoubtedly, part of that is due to general interest in its underlying mission. The other key probably lies with its low expense ratio of 0.20 percent, which is significantly less than the fee charged by the newly launched WOMN fund.

But Powell believes his company’s ETFs will appeal to people who like the idea of investing in products aimed at helping causes they believe in, and where the net advisory fees of these products go back to a particular fund’s collaborating nonprofit partner.

Impact Shares has financial backing from The Rockefeller Foundation’s Zero Gap Portfolio. Its goal is to partner with leading nonprofit organizations who want to leverage capital markets to further their missions and increase their social impact.