Wall Street to Draw Muslim Investors With New ETF
01 Juillet 2009 - 3:45PM
PR Newswire (US)
New NYSE listing will be first to aim at Islamic market PRINCETON,
N.J., July 1 /PRNewswire-FirstCall/ -- The first American ETF to
adhere to centuries-old Islamic beliefs about investing and finance
is to begin trading on the New York Stock Exchange today under the
ticker symbol JVS. Javelin Exchange Traded Funds ("JETS") Dow Jones
Islamic Market International Index Fund will seek to match the
performance of the Dow Jones Islamic Market ("DJIM") Titans 100
Index. The index is composed of 100 companies located outside the
United States, comprising some twenty-three countries and exposure
to eighteen different trading currencies. The fund anticipates a
gross expense ratio of 0.68%. "Adherence to Islamic law leads to a
sound investment strategy with an emphasis on concrete assets and
services," notes Javelin President and Founder Brint Frith. "By
avoiding such areas as gaming and alcohol, the results are often
similar to those of the socially responsible investment funds."
Islamic finance rules are said to originate with the Prophet
Mohammed in the 7th century. In addition to alcohol and gaming,
Islamic law prohibits investment in pork products and certain forms
of entertainment. Because Shar'iah law also objects to borrowing or
lending at interest, financial stocks are reduced as are highly
leveraged companies. The index's largest sector weighting as of May
29, 2009 was oil & gas, followed by basic materials, health
care, technology and telecommunications. As of that date, the
United Kingdom showed the highest country allocation at 21.04% of
the index, followed by Canada (10.71%), Japan (9.83%) and France
(9.82%). "With over seven million Muslims in the United States,"
Frith adds, "we were surprised to discover that the investment
needs of this vital population were not being met. Javelin is
pleased to be serving this market." Javelin Investment Management
was founded for the purpose of introducing a series of new and
compelling ETFs. The JETS Dow Jones Islamic Market International
Index Fund is its first offering. An investment in the Fund is
subject to investment risk, including the possible loss of
principal amount invested. The risks associated with the fund are
detailed in the prospectus and include stock market risk, index
risk, tracking error risk, replication management risk, small and
mid cap company risk, market price risk, trading halts risk,
foreign securities risk, foreign currency risk, emerging markets
risk, foreign settlement and clearance and Islamic Shari'ah
investment risk. The Dow Jones Islamic Market International Titans
100 Index (the "target index") is an index maintained by Dow Jones
Indexes based on a stringent and published methodology. The target
index is a float-adjusted, market capitalization-weighted index
consisting of 100 securities, each of which is a foreign security.
Before investing you should carefully consider the Fund's
investment objectives, risks, charges and expenses. This and other
information is in the prospectus which can be obtained by visiting
http://www.jetsetfs.com/. Please read the prospectus carefully
before you invest. "Dow Jones" and "Dow Jones Islamic Market
International Titans 100 Index TM" are trademarks of Dow Jones
& Company, Inc. and have been licensed for use for certain
purposes by Javelin Investment Management, LLC. Javelin Investment
Management, LLC's JETS Dow Jones Islamic Market International Index
Fund based on the Dow Jones Islamic Market International Titans 100
Index is not sponsored, endorsed, sold or promoted by Dow Jones,
and Dow Jones makes no representation regarding the advisability of
trading in such products. Foreside Fund Services, LLC, Distributor
DATASOURCE: Javelin Investment Management CONTACT: Charles Tennes,
Javelin Investment Management, +1-202-445-4130 Web Site:
http://www.foreside.com/
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