A newly issued exchange-traded fund seeks to fight antisemitism by investing in companies that both reflect the Jewish value of "tikkun olam" (repairing the world) and also advocate for the state of Israel.
The JLens 500 Jewish Advocacy U.S. ETF, which began trading under the ticket TOV on Feb. 27, was launched with the backing of several Jewish organizations, including the Anti-Defamation League, which have committed to invest over $100 million in seed capital.
The ETF was created by JLens, an nonprofit affiliate of ADL, and tracks the JLens 500 Jewish Advocacy U.S. index, which allows for exposure to the 500 largest U.S. public companies and screens out those firms “whose activities do not align with Jewish values,” said a Feb. 27 released from JLens.
Ari Hoffnung, managing director at JLens, said the ETF screens out companies that support the boycott, divest and sanctions movement, which calls for boycotts, divestments, and economic sanctions against Israel.
In addition, companies that derive material revenue from tobacco, thermal coal, and oil sands, as well as those that condone anti-Israel activities, are excluded.
Hoffnung said the ETF’s strategy is to "own and advocate." “When we see hate of any kind, in a product, on a platform, or in personal conduct, we will engage with a company in good faith and demand change,” he said. “Then, if need be, we will use our shareholder advocacy tools of proxy voting to vote against certain directors or to introduce shareholder resolutions demanding the company put an end to the hate.”
The introduction of the ETF comes 15 months after Hamas’ attack on Israel on Oct. 7, 2023.
