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FAQ​

Does JLens share its methodology for the TOV ETF’s holdings?
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.

How are the companies screened out?

At launch in February of 2025, only four of the 500 largest U.S. public companies have been screened out. Our screening is deliberately light because we believe in the “own and advocate” method.

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 Pillsbury 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.

JLens screens out tobacco companies that derive more than 5% of their revenue from tobacco as part of its Treif (not fit for inclusion) category. This exclusion aligns with the Jewish value of preserving life (Pikuach Nefesh), which is a fundamental principle in Jewish law and ethics. The well-documented health dangers of tobacco products conflict with the Torah’s emphasis on protecting human life and health. Jewish religious authorities across denominations have generally concluded that smoking poses unacceptable health risks, making investments in tobacco companies problematic from a Jewish values perspective.

The idea of negative screens as an investing principle is credited to Christian denominations which coined the term “sin stocks”, such as tobacco, alcohol and gambling. While many Christian and Islamic funds screen out alcohol, there is no Jewish prohibition on drinking alcohol or gambling in moderation.
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.

We recognize the diversity of opinions within the Jewish community on environmental issues. A full fossil fuel screen didn’t reflect a consensus, nor did having no screen at all. Instead, only companies with revenue from oil sands are screened out—an energy production process that’s three times more carbon intensive than conventional oil, depletes freshwater, and creates toxic waste. This allows the Jewish community to have a voice in many other fossil fuel companies and still have an environmental screen that screens out the worst actors.

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.

JLens conducts quarterly reviews of companies on our Do Not Invest List to assess whether they have made significant changes in their corporate behavior. If we determine that a company has made the requisite improvements or circumstances have materially changed, we will add the company back to the Index at the next quarterly rebalance. Companies on our Do Not Invest List receive annual communication reminding them about their status and outlining the specific steps needed to be considered for reinstatement.

Rather than broadly screening out companies based on the countries where they operate, we prefer to engage as shareholders to encourage responsible business practices. Our approach focuses on company-specific actions rather than geography. We believe maintaining a seat at the table through ownership allows us to advocate for improvements in human rights practices, which aligns with our Jewish values of pursuing justice and human dignity while acknowledging the complex realities of global business operations.
JLens recognizes that Jewish values can be interpreted differently across the community. We prioritize screening based on areas of clear consensus such as opposing antisemitism and supporting Israel, while respecting legitimate diversity of Jewish thought on more complex policy questions. This balanced approach allows us to effectively represent shared Jewish communal interests while acknowledging the range of perspectives that exist within our community. Our Index Advisory Committee considers this diversity when making screening recommendations, focusing on core values that unite rather than potentially divide.
How does JLens assess companies on Jewish values?

JLens scores companies on three Jewish value scorecards: “Support for Israel,” “Combat Antisemitism & Hate,” and Tikkun Olam (meaning to repair the world). These Jewish value scorecards are inspired by Judaism’s framework of Mitzvot (obligations).

“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’ scoring methodology is designed to evolve in response to emerging issues affecting the Jewish community. Our Index Advisory Committee regularly reviews our metrics to ensure they capture contemporary concerns, from changes in BDS tactics to new forms of workplace antisemitism. When significant developments occur, we may introduce new metrics or adjust weightings within our scoring framework. This adaptive approach ensures our evaluations remain relevant while maintaining consistency in our core Jewish Value Pillars.

Why does the TOV ETF hold a greater percentage of companies like Amazon and Meta than other companies in the portfolio?

The TOV ETF tracks the JLens 500 Jewish Advocacy U.S. Index which is weighted by market capitalization (the total value of a company’s outstanding shares). As any company’s market cap may increase or decrease over time, a smaller or larger percentage of the Index holdings will be made up of that company.

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.

After market capitalization weighting, 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.

Unlike some values-based ETFs that simply exclude companies not meeting their criteria, JLens employs a more nuanced approach with our symbolic weighting system. By slightly adjusting weights rather than completely removing companies with “Needs Improvement” scores, we maintain our shareholder advocacy position while still implementing a values-aligned signal in the portfolio construction. This approach allows us to continue engaging with these companies to encourage improvement, rather than losing our voice at the table. We believe this balanced methodology better serves Jewish communal interests over the long term by enabling ongoing advocacy while still reflecting our values in the investment process.

Yes, the current weighting factors are designed to be symbolic while maintaining close alignment with large-cap domestic equity benchmarks, but they could be adjusted in the future. The Index Advisory Committee periodically reviews the effectiveness of our weighting methodology, including the magnitude of the factors. If the Committee determines that stronger weighting differentials would better serve our advocacy goals without significantly impacting overall index performance characteristics, it could recommend adjustments. Any such changes would be implemented at quarterly rebalancing and communicated to investors in advance to maintain transparency about our investment approach.

If it is an “own and advocate” strategy, how does JLens actually advocate with all 496 companies in the TOV ETF portfolio as of March 2025?

JLens interacts on an ongoing basis with the companies in the TOV portfolio to request that they (when applicable): offer antisemitism training for employees, allow creation of Jewish Employee Resource Groups, implement best practices for religious accommodations in the workplace.

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.

JLens conducted a successful campaign against an anti-Israel shareholder proposal on Amazon’s 2024 Proxy Statement brought forward by a BDS proponent, which we believe sought to end Amazon’s $1.2B cloud-computing contract with the Israeli government. Shareholder support halved from 34% in 2023 to ~17% in 2024, including a flip from “FOR” to “AGAINST” by Charles Schwab, State Street and other large institutional shareholders.
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 2024, JLens filed an exempt solicitation supporting a proposal at Meta that asked for the company to report on the measures Meta takes to ensure child safety. That proposal received 18.5% of votes (or 59.1% of shares not held by Mark Zuckerberg), a high number that signals to the company the importance of addressing this issue. Currently, JLens is engaging Meta on content moderation issues related to protecting users from antisemitism and other online hate.

While it is unlikely that JLens will ever represent a voting majority of shares in a public company, shareholder advocacy isn’t just a numbers game; it’s about voice and visibility. TOV brings a clear, values-based perspective that major index funds often overlook, especially regarding Jewish and Israel-related issues. Companies care about reputational risk, and our focused advocacy taps into precisely that—allowing us to punch above our weight in the boardroom.

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.

Given the growing impact corporations play in our society, many top companies – the vast majority of which want to do the right thing – are increasingly being targeted by hateful campaigns that threaten Israel’s security and economy, and create hostile workplaces for Jewish employees. The BDS (Boycott, Divestment and Sanctions) movement has expanded aggressively from university campuses to company boardrooms – using tactics such as shareholder proposals to target corporations and pressure them to suspend or withhold economic interaction with Israel. Through TOV, JLens will employ shareholder advocacy to amplify the Jewish community’s voice in the corporate arena to combat antisemitism and support Israel.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.