I can’t believe that this could actually be true. A story in the Money section of the NY Daily News features a new series of ETFs called StateShares that allow you to buy or sell portfolios based on 21 state specific stock indexes. Each of them contains some 50 issues. There will also be a composite of 500 stocks available based on these state indexes.
In other words, if the mood strikes you, you can be long California and short Texas. No, I really didn’t make this up. Had the date of this story been April 1st, I might have caught on quickly, but April 30th?
To me it seems like a glorified gambling attempt; I simply can’t see where having these types of ETFs would add value to an investor’s portfolio.
Am I missing something?