The socially responsible investing niche is being sliced and diced even further.
U.S.-based FaithShares Advisors LLC Wednesday launched three New York Stock Exchange-listed exchange-traded funds (ETFs) that target Christian investors. And it looks like no denomination is being left out.
The ETFs include FaithShares Catholic Values ETF ; FaithShares Methodist Values ETF and FaithShares Christian Values ETF, which is aimed at non-denominational church members.
Two more, including FaithShares Baptist Value ETF and FaithShares Lutheran Values ETF, are expected to be launched around Dec. 15.
The portfolios will be screened to exclude companies that benefit from gambling, alcohol, tobacco, pornography, weaponry, and other activities depending on the denomination's published criteria.
"We created these funds to meet the needs of investors who want to participate in the potential of the stock market, yet be good stewards of their money," said FaithShares president Thompson S. Phillips Jr.
"Each of our funds will include 100 stocks of large, well-known companies but specifically exclude those considered to be 'objectionable industries' by a specific denomination."
The funds, which are managed by Oklahoma City-based FaithShares Advisors, worked with FTSE Group , a global index provider, and KLD Research & Analytics to create the indexes on which the funds are based.
In Canada, the only ETF that comes close is the iShares CDN Jantzi Social Index ETF , which screens for firms which have a high standard of social and environmental performance.