American Jewish University (AJU) has announced a significant investment in the first-ever Jewish advocacy exchange-traded fund (ETF), TOV ETF. This move aligns the university’s endowment holdings with its commitment to Jewish values.
The newly launched TOV ETF is managed by JLens, a Jewish advocacy investment firm, and backed by the Anti-Defamation League (ADL). Trading on the New York Stock Exchange (NYSE) under the ticker TOV — a nod to the Hebrew word for “good” — the ETF evaluates companies through the lens of Jewish values, prioritizing ethical business practices, social responsibility and advocacy for Jewish communities worldwide.
Several U.S. Jewish organizations, along with the ADL Foundation, have committed over $100 million in seed capital to launch the fund. Supporting organizations include the Atlanta Jewish Foundation, Goodman Family Foundation, Jewish Community Partners (Memphis), Jewish Federation of Greater Pittsburgh, Jewish United Fund of Metropolitan Chicago, and in California, the Goodman Family Foundation, Libitzky Family Foundation and the Newton and Rochelle Becker Charitable Trust.
“AJU has long been dedicated to ethical leadership and Jewish values and this investment reflects our mission in action,” said Dr. Jeffrey Herbst, president of American Jewish University. “By supporting the TOV ETF, we are ensuring that our endowment is not only financially sustainable but also aligned with two of our core values of connection and innovation.”
AJU’s investment highlights the university’s dual commitment to financial responsibility and values-driven decision-making.
“We have great financial responsibility to manage our endowment, but as a Jewish institution, we also want to invest ethically,” Herbst said. “The ADL initiative struck us as the right balance between our investment goals and our ethical goals.”
Herbst emphasized that AJU’s investment was carefully considered by the board of directors. He also underscored the fund’s dual purpose.
“It’s designed to be an investment vehicle that produces returns for institutional and individual investors but also tries to identify companies that may be problematic in terms of people who are concerned about the Jewish community in North America.”
The university hopes that this decision will inspire other Jewish institutions to follow suit.
“I know that an impressive number of Jewish institutions have joined in the investment vehicle. We certainly hope that this will become a movement because we think it’s another way of showing that the Jewish community is very concerned about the rise in antisemitism and Jew hatred in [our] society,” Herbst said.
This investment positions AJU among other mission-driven institutions that seek to leverage financial resources for impact — not only generating returns but also advancing Jewish advocacy in the global economy. Furthermore, AJU expects the returns from this investment to be in line with its other index fund holdings.
“We always want to send a message to our community that we’re financially responsible, which we think this investment is, but also that we believe there are moments when responsibilities as a Jewish institution and financial responsibilities aligned and we are happy that this is such a case.”
