Javelin Plans To Shutter Shari’ah Compliant ETF

Javelin Exchange Traded Shares, the New Jersey-based issuer that jumped into the ETF game in 2009, ha announced that it will shut down the Dow Jones Islamic Market International Index Fund (JVS). The fund, which began trading in July 2009, had been slow to gather assets and build up trading volume. October 19, 2010 will be the final day of trading for JVS. JVS sought to provide an ETF option for investors looking to implement strategies consistent with Shari’ah, or Islamic law. Such a strategy excludes businesses involved in conventional financial services (such as banking or insurance), as well as alcohol, gambling, pornography, tobacco, and pork-related food products. “With over seven million Muslims in the United States, we believe that Shariah-based investing has a promising future,” said Javelin president and founder Brint Frith, “but we found it difficult to reach target investors through the marketing channels typically [...] Click here to read the original article on ETFdb.com. Related Stories: Javelin Funds Launches Contrarian ETF (JCO) Shari’ah Compliant ETF May Launch In Canada More Shari’ah-Compliant ETFs Coming