FaithShares Trust has unveiled two funds based on Christian teachings and recommendations for investing.
The FaithShares Baptist Values fund and Lutheran Values fund, listed on NYSE Arca, track indices created by FTSE Group in conjunction with KLD Research and Analytics, a provider of environment, social and governance research and indices.
The funds offer exposure to the broad market, while complying with the tenets of investors' faith.
The portfolios are screened to exclude companies that benefit from gambling, alcohol, tobacco, pornography, weaponry and other activities included in each denomination's criteria.
FaithShares president Thompson Phillips says: "As an ETF, 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."
FaithShares Advisers, the management company of FaithShares, will rebalance the funds annually and give a minimum of ten percent of its net income to a ministry associated with the respective denominations.
The two funds join the existing Values range, comprising a Catholic Values fund, Christian Values fund and Methodist Values fund.
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