What is the methodology of the TOV ETF?
The JLens 500 Jewish Advocacy U.S. ETF (TOV) tracks the JLens 500 Jewish Advocacy U.S. Index. The underlying index provides exposure to the 500 largest U.S. public companies. It also reflects JLens’ rigorous, Jewish values-inspired research on corporate behavior.
The process begins by screening the 500 largest U.S. public companies and removing companies with business activities that do not align with Jewish values.
Next, the remaining companies are scored on their performance on three Jewish value scorecards, inspired by Judaism’s framework of Mitzvot (obligations).
Finally, to protect long-term shareholder interests, TOV actively engages with corporate leadership to combat antisemitism, support Israel, and promote the Jewish principle of Tikkun Olam.
Does the fund participate in shareholder activism? What advocacy has JLens conducted?
The strategy underpinning the TOV ETF enables JLens to act as a shareholder in included companies and to advocate for stronger corporate action against antisemitism and all types of hate.
The TOV ETF uses constructive engagement rather than exclusion wherever possible. For instance, by holding shares in fossil fuel companies, the ETF gains the ability to vote on proposals for improved efficiency in energy production. Additionally, this allows for engagement on other Jewish communal interests, such as the implementation of antisemitism education programs within companies.
Why would stocks be excluded, and which stocks are excluded?
The TOV ETF only screens out a minimal number of stocks because it prioritizes an “own and advocate” investment approach. At the time of launch in February 2025, only four of the 500 largest U.S. public companies were excluded.
The TOV ETF excludes companies with significant revenue from tobacco, oil sands, thermal coal, and for-profit prisons. Additionally, companies involved in or supportive of anti-Israel activities are excluded.
The four companies currently screened out include Altria, Philip Morris, ConocoPhillips, and General Mills.
Does JLens screen out “sin stocks”?
No, “sin stocks” is a term coined by Christian denominations. Sin stocks generally include tobacco, alcohol, and gambling. While many Christian and Islamic funds screen out alcohol, there is no Jewish prohibition on alcohol or gambling in moderation.
Does JLens monitor companies that have been screened out in the past?
Are they eligible for inclusion if they improve their practices?
JLens conducts quarterly reviews of companies on its Do Not Invest list. These reviews assess whether significant changes in corporate behavior warrant reinstating a company to the index during the next quarterly rebalance. Furthermore, companies on the Do Not Invest list are contacted annually, reminded of their status, and informed of the specific steps required for potential reinstatement.
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VettaFi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for TOV, for which it receives an index licensing fee. However, TOV is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of TOV.
