Religion-Based ETFs May Be Hard to Believe In
by Don Dion
Since the JETS Dow Jones Islamic Market International Index Fund launched earlier this year, a number of other firms have shown interest in providing Islamic investors access to instruments that comply with Sharia laws. JVS' launch was unique in that it is the first instrument to track a specific religion. Excluded from these instruments' indices are firms that provide alcohol, conventional financial services, casinos and gambling, pornography, tobacco, pork-related products and weapons.
With an average volume of 500, JVS has failed to garner any popularity since its launch. However, this lack of interest has not deterred one company from unveiling its own religion-specific exchange-traded funds.
Oklahoma's FaithShares recently filed registration paperwork with the SEC to launch a family of five ETFs designed to reflect the tenets of the largest Christian denominations in the U.S. According to the FaithShares Web site, The FaithShares Baptist Values Fund,...
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