One of the first Shariah focused exchange traded funds(ETFs) is going to close down in about one month, due to lack of investor interest.
Javelin Investment Management, the New Jersey based exchange-traded fund firm, will close its Shariah ETF on Oct. 19. The fund failed to attract major assets despite the fact that there are 7 million Muslims living in the United States. [5 Signs An ETF May Close Up Shop.]
Olivier Ludwig for Index Universe reports that this is the second ETF closing announcement by an ETF company in as many days; Geary Advisors is closing the doors on its Texas and Oklahoma ETFs for the same reason.
The JETS Dow Jones Islamic Market International Index Fund (NYSEArca: JVS) was launched in July 2009. [ETF Closings of Late.]
Tisha Guerrero contributed to this article.
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