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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About etftutor
Kevin Grewal is the founder, editor and publisher of ETF Tutor and serves as the editor at www.SmartStops.net, where he focuses on mitigating risk and implementing exit strategies to preserve equity. Additionally, he is the editor at The ETF Institute, which is the only independent organization providing financial professionals with certification, education, and training pertaining to exchange-traded funds (ETFs). Prior to this, Grewal was a quantitative analyst at a small hedge fund where he constructed portfolios dealing with stock lending, exchange-traded funds, arbitrage mechanisms and alternative investments. He is an expert at dealing with ETFs and holds a bachelor's degree from the University of California along with a MBA from the California State University, Fullerton. He is contributing author on The Street - his articles can also be found published on various sites including Yahoo! Finance, The Globe and Mail , Daily Markets, MSN Money, Seeking Alpha, Fidelity Investments, Traders Library, and Minyanville. Prior to this, Mr. Grewal was an analyst at a small hedge fund where he constructed portfolios dealing with stock lending, exchange-traded funds, arbitrage mechanisms and alternative investments. He is an expert at dealing with ETFs and holds

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