A newly launched exchange-traded fund (ETF) is making waves in the investment world by blending financial growth with ethical investing. The TOV ETF, created by JLens, a subsidiary of the Anti-Defamation League (ADL), aims to align investments with Jewish values while providing exposure to some of the largest publicly traded companies in the U.S. stock market.
With a focus on engagement over divestment, the TOV ETF offers a unique approach to values-driven investing, appealing to investors who prioritize both ethical considerations and strong financial returns.
What is the TOV ETF?
Exchange-traded funds (ETFs) are investment vehicles that allow investors to buy shares in a diversified portfolio of companies, often tracking specific indexes or themes.
🔹 Ticker Symbol: TOV
🔹 Initial Share Price: ~$25
🔹 Portfolio Size: 496 stocks (out of the S&P 500)
🔹 Investment Approach: Light exclusionary policy with a focus on corporate advocacy
Unlike other values-based ETFs, TOV takes a pragmatic approach, maintaining stakes in major corporations while seeking to influence corporate behavior through shareholder engagement.
📢 Ari Hoffnung, Managing Director of JLens, explains:
“TOV follows the ‘own and advocate’ approach, allowing it to invest in major corporations while using its influence to push for ethical business practices.”
Excluded Companies: Limited But Significant
While TOV does not apply broad exclusionary criteria, it has deliberately excluded a handful of companies that conflict with Jewish ethical values.
🚫 Notable Exclusions:
❌ Altria & Philip Morris – Tobacco industry leaders.
❌ ConocoPhillips – Engaged in tar sands mining, a controversial environmental practice.
❌ General Mills – Excluded after selling its stake in a Jerusalem factory in 2022.
These exclusions reflect TOV’s selective approach, focusing only on clear areas of Jewish consensus while allowing diverse perspectives on more complex ethical issues.
Major Holdings: Big Tech at the Forefront
Despite its ethical focus, the TOV ETF includes some of the biggest tech companies—firms that have been scrutinized for their handling of antisemitic content and corporate policies.
Top 10 Holdings Include:
✔ Meta Platforms (Facebook, Instagram)
✔ Amazon
✔ Tesla (Accounting for ~2% of the fund)
📌 Controversies Surrounding These Holdings:
🔹 Tesla: CEO Elon Musk has been criticized for reinstating extremist accounts on Twitter (now X) and tolerating hate speech on the platform.
🔹 Meta & Amazon: Both companies have faced criticism from ADL CEO Jonathan Greenblatt, particularly regarding their content moderation policies and the spread of antisemitic material.
This raises a key question:
💡 Why include companies that have faced criticism from Jewish advocacy groups?
JLens’ Hoffnung explains:
“TOV reserves its strongest screening and advocacy for areas of clear Jewish consensus while respecting the legitimate diversity of Jewish thought on complex policy questions.”
Rather than avoiding these companies, TOV seeks to engage with them as a shareholder, pushing for stronger ethical standards and responsible corporate policies.
$100 Million Backing from Jewish Organizations
The TOV ETF has received strong support from major Jewish institutions, including:
💰 Jewish Federation of Greater Pittsburgh
💰 Atlanta Jewish Foundation
Together, these groups have pledged over $100 million in investments, reinforcing TOV’s significance in the growing trend of values-driven investing.
📢 Hoffnung on institutional backing:
“This isn’t just about financial returns; it’s about creating a platform for ethical engagement in the business world.”
Ethical Investing vs. Pragmatic Strategy
One of the most debated aspects of TOV’s structure is its decision to include major corporations that have been criticized for antisemitic content and policies.
Key Considerations:
✔ Engagement Over Exclusion – Unlike activist funds that buy small stakes to push corporate change, TOV holds substantial positions, making its influence stronger.
✔ Balanced Ethical Approach – TOV prioritizes business areas where Jewish consensus is clear, while allowing for diverse perspectives on more complex issues.
✔ Long-Term Impact – Rather than simply divesting from problematic companies, TOV aims to reshape corporate behavior through advocacy.
Criticism of This Approach:
❌ Some investors argue that TOV should apply stricter exclusion criteria to fully align with Jewish values.
❌ Including companies like Tesla and Meta raises concerns about whether engagement alone is enough to drive change.
Despite these debates, TOV remains a pioneering effort to integrate faith-based investing with long-term financial growth strategies.
A Unique Addition to the Ethical ETF Market
The TOV ETF represents a new chapter in thematic investing, balancing financial performance with ethical considerations rooted in Jewish values.
📌 Why TOV Stands Out in the ESG (Environmental, Social, and Governance) Space:
✔ Light screening approach, allowing for broader investment exposure.
✔ Major institutional backing, boosting credibility and stability.
✔ Emphasis on corporate engagement, rather than outright exclusion.
As the fund gains traction, it remains to be seen how its advocacy efforts will shape corporate policies over time.
Looking Ahead:
🔹 Will TOV’s strategy drive real corporate change?
🔹 Can it maintain strong financial performance while upholding Jewish values?
🔹 Will other faith-based investment funds follow its lead?
Regardless of these uncertainties, TOV marks a significant evolution in values-based investing, proving that ethical finance and strong market performance can go hand in hand.
