Yes. The methodology is public and detailed in the TOV ETF prospectus. Please note that the TOV ETF is a passive fund and tracks the JLens 500 Jewish Advocacy U.S. Index, whose methodology can be downloaded at https://www.vettafi.com/
No, the TOV ETF is designed to hold the approximately 500 largest U.S. public companies by market capitalization so that JLens can represent shareholders in these companies through shareholder advocacy and push company management to do better in combating antisemitism and all forms of hate.
JLens does not encourage the purchase or sale of any specific stocks. Instead, Tesla is held in the TOV ETF portfolio because it is among the 500 largest U.S. public companies. The goal of holding the largest 500 U.S. public companies is so that JLens can represent shareholders in these companies through shareholder advocacy and push company management to do better in combating antisemitism and all forms of hate.
Very few companies are screened out and this is considered a last resort. At launch in February of 2025, only four of the 500 largest U.S. public companies have been screened out – or less than 1% of the companies. Our screening is deliberately light because we believe in the “own and advocate” method, which we believe will maximize our impact through shareholder advocacy.
Companies that derive material revenue from tobacco, oil sands, thermal coal, and for-profit prisons —or those that engage in or condone anti-Israel activities—are excluded.
The four companies currently screened out are: Altria, Philip Morris, ConocoPhillips, and General Mills.
- Altria and Philip Morris are removed due to their tobacco revenue
- ConocoPhillips has been removed due to their revenue from oil sands
- General Mills has been removed due to their inadequate response to the Boycott, Divestment and Sanctions (“BDS”) movement by removing the majority of their Pilsbury brand from Israel after years of BDS pressure
- As of December 31, 2024, no companies among the 500 largest U.S. public companies derive material revenue from thermal coal extraction or for-profit prisons.
Screens may change over time based on recommendations from the Index Committee.
In Jewish tradition, alcohol is valued for its role in celebration and religious rituals such as Kiddush. While moderate consumption is embraced, caution against excess is emphasized, as overindulgence can lead to impaired judgment and moral compromise.
Similarly, Jewish tradition adopts a nuanced approach to gambling. Rather than outright prohibition, it promotes moderation and caution. Talmudic and later rabbinic discussions acknowledge games of chance as recreational, while emphasizing the risks of excess and the need for responsible behavior, reflecting a balanced, tolerant stance.
From a Jewish-values perspective, life is of the highest value and self-defense is legitimate; nearly any other law can be violated for the sake of saving a life, in line with the idea of Pikuach Nefesh (preserving life), derived from Leviticus 18:5.
For pro-Israel investors, a defense screen would not be in line with their value of supporting Israel’s self-defense, as many of these companies supply Israel with armaments that are critical to its self-defense. For example, RTX, formally known as Raytheon, helps build and supply Israel with the Iron Dome, which according to RTX, intercepts more than 1,500 incoming targets with a 90% success rate. Lockheed Martin is also an essential defense supplier to Israel, of which Lockheed’s F-35 aircraft was used by Israel to conduct retaliatory strikes against Iran in 2024.
Ultimately, we prefer constructive engagement over exclusion. By holding shares in fossil fuel companies, we can vote on proposals for improved efficiency in energy production and we can engage with them on other Jewish communal interests, such as promoting antisemitism education in their workplaces.
“Support for Israel” scorecard: JLens recognizes companies that have economic ties to Israel and actively oppose efforts by the BDS campaign.
“Combat Antisemitism & Hate” scorecard: JLens evaluates how companies combat antisemitism and all forms of hate in their business activities and provide an inclusive workplace for Jewish employees.
“Tikkun Olam” scorecard: JLens evaluates companies on their commitment to social responsibility, employee well-being, environmental sustainability, and ethical governance, ensuring the companies actively contribute to bettering and repairing the world.
Within these three scorecards, JLens conducts robust data collection, in-depth research, and direct engagement with companies. As of March 2025, JLens evaluates each company on more than 80 metrics, totalling more than 40,000 data points across TOV.
A company’s score on each scorecard is aggregated to form a final percentage score. Using a company’s final percentage score, each company is classified as “Metzuyan” (excellent), “Tov” (good), or “Tzarich Tikkun” (needs improvement). JLens then adjusts the weights of the company in the index based on the company’s assigned category. Companies that are Metzuyan are overweighted by a factor of 1.03 (representing a three percent increase); TOV companies receive a neutral weight of one and Tzarich Tikkun companies are underweighted by a factor of 0.97 (representing a three percent decrease).
The scorecard evaluations also enables JLens to track company performance on key issue topics (e.g., number of companies providing Jewish employee resource groups) and learn about opportunities for deeper advocacy engagement on behalf of the Jewish community.
JLens full methodology is available in the fund prospectus.
JLens applies a small symbolic overweight (1.03), neutral weight (1.00) or underweight (0.97) to a company depending on its performance on JLens Jewish values scorecards.
This score-based weighting is symbolic in nature and is intended to allow the TOV index to closely track the performance of a large-cap domestic equity benchmark. This slight weighting enables JLens to maintain a Jewish values alignment in the TOV index and is one of many tools JLens can use to push companies to improve their performance on JLens Jewish values scorecards.
JLens evaluates every company in the portfolio, gathering about 80 metrics on each, to learn about opportunities for deeper advocacy engagement on behalf of the Jewish community.
In 2022, JLens successfully advocated for Amazon to remove hateful and misinformed Holocaust denial books from its product offerings, leading the company to take down the content.
Currently, JLens is engaging Amazon around its policies regarding dangerous extremist products, as well as internal allegations of antisemitism leveraged at the company.
In addition to this, TOV’s advocacy involves educating large institutional shareholders about antisemitism and anti-Israel bias in order to encourage them to make commonsense proxy voting decisions on behalf of their shareholders.
JLens’’s advocacy through TOV can take several forms:
- JLens will engage in direct dialogue with CEOs, board members, investor relations or HR staff.
- JLens will monitor the shareholder proposal process at companies in which we hold shares and identify and oppose proposals that directly and unfairly target Israel or contain harmful and inflammatory language.
- As a shareholder in many of the largest US public companies, JLens will exercise our right to vote proxies FOR or AGAINST directors and shareholder proposals informed by Jewish values.
- Where necessary, we have the ability to submit shareholder proposals to promote or protect Jewish communal interests like combating antisemitism and hate.
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.
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.
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.
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.
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.