MBF Clearing Corp. founder and CEO Mark Fisher is launching what he calls a modern day Dow Jones Industrial Average.
The "Essential 40" index is comprised of American companies that are "irreplaceable" and "essential to the economy and the American way of life today."
It launched as a mutual fund on Monday under the ticker ESSIX licensed by KKM Financial, which is run by CNBC contributor Jeff Kilburg. It will also launch as an ETF in 2018.
At inception each stock has a 2.5 percent weighting, but the index will be re-balanced each January based on performance.
Called the "Essential 40," it's an index that tracks stocks "essential to life," using a mix of active and passive management. Each stock has a 2.5% weighting.
Here are the "Essential 40" components:
In telecom: Verizon