The United States will finally have a listed ETF whose investment strategy conforms to Islamic law. Such sharia funds are wildly popular elsewhere in the world, and are a rapidly growing niche product for major Western banks and asset mangers.
The JETS Dow Jones Islamic Market International Index Fund (JVS) will track a special version of the Dow Jones International Titans 100 index, which excludes businesses involved in alcohol, finance, gambling, pornography, defense, and anything pig-related. It is best thought of as an ex-US mega cap fund with a strong European focus, and may be of interest to investors who want to avoid banking and insurance stocks.
The fund started trading yesterday on the NYSE Arca and is issued by newcomer Javelin Exchange Traded Shares (JETS).