ETF Based On Islam To Shut Doors
On October 19, 2010, Javelin Exchange Traded Shares will officially close the door on the Dow Jones Islamic Market International Index Fund (JVS).
JVS first began trading in July 2009 and came to market to offer investors a way to gain access to companies that abided by Islamic law. The strategy excluded businesses that were involved in the alcohol and tobacco industries, gambling, pornography, unconventional financial services and those that produced pork-related food products. Some of JVS’ holdings include metals and mining giant BHP Billiton (BHP), pharmaceutical giants Novartis (NVS) and GlaxoSmithKline (GSK) as well as energy giant BP (BP).
The closing of the Islamic based ETF, marks the 31st ETF to close its doors this year and comes days after the announcement by Geary Advisors to close the Oklahoma Exchange-Traded Fund (OOK) and Texas Exchange-Traded Fund (TXF).
For investors that are still seeking to gain access to “socially responsible investing” through ETFs, one could consider the following options:
- FaithShares Baptist Values (FZB)
- FaithShares Catholic Values (FCV)
- FaithShares Christian Values (FOC)
- FaithShares Methodist Values (FKL)
- FaithShares Lutheran Values (FMV)
Disclosure: No Positions
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