There are now several faith-based exchange-traded funds (ETFs). Recently launched: FaithShares Baptist Values (trading symbol: FZB), Lutheran Values (FKL), FaithShares Catholic Values Fund (FCV), Methodist Values (FMV) and Christian Values (FOC) funds. Each follow the investment guidelines of each denomination, typically avoiding pharmaceutical or hospital stocks (to stay away from abortion and contraceptives), alcohol stocks and the the pornography industry.
The largest Catholic values mutual fund is Ave Maria Catholic Values with $166 million in assets. It's up 37% this past year (the average midcap blend fund is up 36%).
There is also Dow Jones Islamic Market International Index Fund (JVS) which tries to be consistent with Islamic religious laws. With more than $14 million in assets, JVS is up more than 16% since it started this summer which is slightly behind the Standard & Poor's 500-stock index.
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