The first U.S. exchange traded fund to comply with Islamic law began trading today on the New York Stock Exchange under the ticker symbol JVS.

Javelin Exchange Traded Funds launched the fund to match the performance of the Dow Jones Islamic Market Titans 100 Index, which is composed of 100 companies located in 23 countries outside the U.S.
In addition to alcohol and gaming, Islamic law prohibits investments in pork products and certain forms of entertainment, according to a press release from Javelin about the new ETF. Borrowing or lending at interest is also prohibited and, consequently, financial stocks are reduced in the fund, as are highly leveraged companies.

“Adherence to Islamic law leads to a sound investment strategy with an emphasis on concrete assts and services,” said Javelin President and Founder Brint Frith in the press release. “With over seven million Muslims in the U.S., we were surprised to discover that the investment needs of this vital population were not being met,” Frith said.

The fund anticipates a gross expense ratio of .68%.