Who advises on the portfolio holdings in TOV?
TOV employs a passive management approach to track the JLens 500 Jewish Advocacy U.S. Index (“JLens 500 Index” or “Index”). Developed by JLens in 2024, the JLens 500 Index is administered and calculated by VettaFi LLC. The Index is designed to provide exposure to large cap U.S. equity securities included in the VettaFi US Equity Large-Cap 500 Index, aligned with JLens’ Jewish value pillars. JLens established the Index Advisory Committee (the “Committee”) to oversee the Index’s development, maintenance, and governance. The Committee ensures transparency, consistency, and alignment with the Index’s objective.
Who will be the fund adviser / primary portfolio manager(s)?
Empowered Funds (dba ETF Architect, or “EA”) is the investment adviser for the TOV ETF. EA manages 66 ETFs with over $14.3 billion in AUM (as of 2/11/25). As the adviser to the Fund, EA is responsible for TOV’s trading and execution management, regulatory filings and fund compliance management, custody, and administration services (including daily NAV reconciliation), as well as governance via a board of independent trustees that represent TOV’s shareholders. U.S. Bank Fund Services is the administrator, fund accountant, and transfer agent for the funds on the ETF Architect platform, and its affiliated entity, U.S. Bank National Association serves as the custodian for the funds. U.S. Bank is recognized as one of the largest fund administrators and custodians with more than 4,500 clients and assets under custody and administration of over $10 trillion. JLens is the sub-adviser to the ETF whereby EA delegates to JLens the authority to carry out its mission of shareholder advocacy to support Jewish values through voting proxies and filing shareholder proposals.
Will JLens consider launching additional ETFs with different market exposures (such as international, small-cap, or fixed income) using similar Jewish values methodology?
While our immediate focus is on establishing the TOV ETF as a flagship product representing large-cap U.S. equity exposure, we are evaluating opportunities to expand our Jewish values investment offerings across additional asset classes. Any future product development would be guided by community feedback, investor demand, and where our advocacy approach can be most effective. As we grow, we remain committed to maintaining the same rigorous research and advocacy standards across any potential product expansions.
Why has it taken so long to create an ETF based on Jewish values, when other faiths have had such vehicles for some time?
Christian denominations, in particular, have centralized policy-making bodies that have enabled them to take an early lead in establishing programs for leveraging pools of capital in furtherance of their values. Because the Jewish community is more decentralized, it has taken longer to create a faith-based investment vehicle. That said, there have always been initiatives, by ADL and others, to support and advocate for Jewish values. Given the recent spike in antisemitism in various environments, it is essential to adopt new approaches, including through the investment marketplace.
How does the TOV ETF compare to JLens’ current SMA strategy?
The TOV ETF offers several advantages over JLens’ current SMA strategy, particularly enhanced advocacy capabilities. As a pooled investment vehicle, the ETF creates greater leverage for engaging with companies on Jewish community priorities. Please see this side-by-side comparison of the SMA and ETF. JLens plans to phase out its current SMA strategy by the end of 2025. We’re developing a new TOV SMA option based on the same JLens 500 Index that the ETF tracks. The new SMA will provide customization options beyond the core Index screens, allowing investors to add additional values-based screens like fossil fuels or civilian firearms manufacturing if desired. This customization capability is reflected in its slightly higher expected expense ratio (approximately 25 basis points versus 18 for the ETF). For most investors, the ETF provides the optimal balance of Jewish values alignment, cost efficiency, and advocacy impact. For those requiring customized screens, the forthcoming TOV SMA will provide that flexibility.
How does TOV compare to Israeli ETFs or Israel bonds?
TOV employs a passive management approach with exposure to the largest U.S. public companies. JLens conducts advocacy with the portfolio on JLens Jewish value pillars, which include “Support for Israel,” “Combat Antisemitism & Hate,” and “Tikkun Olam” (repairing the world). Other firms may offer investment products with a concentration in Israeli companies or Israel bonds. For the Jewish community, these funds are complementary to TOV but fundamentally different. As a large-cap domestic equity fund, TOV does not invest directly in the Israeli economy; rather, through TOV, JLens will engage with large US public companies on the maintaining their business relationships with Israel and not acquiescing to the BDS movement. JLens also conducts shareholder advocacy related to combating anti-Israel shareholder proposals of BDS investors (e.g., leading a shareholder campaign to vote against a BDS proposal at Amazon asking them to discontinue their contract with the Israeli government). Ultimately, both TOV and Israeli funds are powerful investment vehicles for the Jewish community to align their investments with their values, but differ in investment strategy.
How does the expense ratio for TOV compare to other similar funds?
TOV’s 0.18% expense ratio is highly competitive within the values-based ETF landscape, particularly among faith-based investment options. While TOV’s expense ratio is higher than the ultra-low-cost market index funds offered by Vanguard, State Street, and BlackRock, this difference reflects TOV’s added value proposition. The additional costs support JLens’ ongoing research, analysis, and direct engagement with companies on behalf of Jewish values and priorities. Unlike these other index funds, TOV’s fees support active shareholder advocacy work including: Direct dialogues with corporate management on Jewish community concerns Values-aligned proxy voting and opposition to anti-Israel or harmful shareholder proposals Strategic shareholder resolutions focused on combating antisemitism, supporting Israel, and advancing Tikkun Olam These advocacy activities represent a core component of the fund’s value proposition beyond simple investment returns, creating positive impact aligned with Jewish communal interests. Please see this blog post for a more detailed comparison of TOV to other similar funds.
What happens when a company rejects or ignores JLens’ advocacy efforts despite repeated engagement attempts?
When a company proves consistently unresponsive to our engagement efforts, we employ a graduated escalation strategy. First, we intensify our advocacy approach through more formal channels, potentially including exempt proxy solicitations to educate other shareholders. If necessary, we may file shareholder resolutions on issues of critical importance to the Jewish community. In cases of continued resistance on fundamental issues like antisemitism or BDS-related concerns, we evaluate whether the company’s behavior warrants addition to our Watchlist for potential exclusion from the index. Throughout this process, we maintain detailed documentation of our engagement attempts to inform our scoring and ensure transparency with our investors.
How do you measure ‘success’ if antisemitic incidents don’t decline—or even if they rise—despite TOV’s advocacy?
We view this as a long-term effort. We track how corporations respond to anti-Israel pressure, how effectively they protect Jewish employees’ rights, and whether they adopt policies that reflect zero tolerance for antisemitism. We’ll publish regular advocacy reports so investors and community members can gauge the impact of our engagements, even if we can’t solve antisemitism overnight.
Given its relatively modest size, how does the TOV ETF expect to win if an anti-Israel proposal is backed by much larger shareholders?
The collective shareholder voice of the Jewish community is stronger than just the number of shares we own. The Jewish community has a long track record of successful government advocacy that goes beyond just the number of voting constituents and it is time that we do the same in the corporate arena. JLens, through TOV, is well-equipped to be a voice for those concerned by the rising threat of malign actors using corporate advocacy against Israel and Jewish values.