JLens 500 Jewish Advocacy U.S. ETF invests in the 500 largest U.S. public companies while aligning the portfolio with Jewish values through a three-step, advocacy-driven process. It first screens out companies whose business activities conflict with Jewish principles, then scores the remaining companies against Jewish-values scorecards inspired by the Mitzvot, and finally engages with corporate leaders to promote Jewish values, combat antisemitism, support Israel, and encourage Tikkun Olam (repairing the world). The fund pairs broad-market exposure with values-based screening and active shareholder advocacy.
Strategy Profile
JLens 500 Jewish Advocacy U.S. ETF (TOV): Broad-Market Exposure With Jewish-Values Advocacy
Book a MeetingA profile of the strategy, the firm behind it, and the people who run it, written for advisors evaluating whether a Section 351 exchange is worth exploring with a client. Nothing here is an offer, a solicitation, or a recommendation of any security or investment product.
The Strategy
Strategy characteristics are targets described by the manager, not limits or guarantees, and may change without notice. Information on this page is provided by the manager and has not been independently verified by ExchangiFi.
See If A Client Portfolio Qualifies
Create a free ExchangiFi account, upload holdings, and run the diversification and liquidity tests before you raise the idea with a client. Free to register, free to use, no credit card.
Create A Free AccountAbout The Firm
JLens is a 501(c)(3) nonprofit and registered investment adviser, founded in 2012 and based in New York. The organization empowers investors to align their capital with Jewish values and advocates for Jewish communal priorities in the corporate arena, combining broad-market investing with shareholder engagement on antisemitism, support for Israel, and Tikkun Olam.
A GIPS compliant, independently verified track record refers to the presentation and verification of historical composite performance. It is not a statement about future results, and past performance does not guarantee future results. No performance data is presented on this page. Firm diligence materials, Form ADV and composite performance are available directly from the manager.
The Team
The fund is overseen by JLens’ Managing Director and its Senior Director of Operations & Investments.
Ari Hoffnung
Managing Director
Ari Hoffnung leads the JLens team and oversees the organization’s strategic direction. He previously served as COO of Goodness Growth Holdings and as New York City Deputy Comptroller, where he oversaw the city’s $70 billion budget. He holds an MBA from NYU’s Stern School of Business.
Eric Martin
Senior Director of Operations & Investments
Eric Martin oversees JLens’ administrative, managerial, and operational functions and assists with strategic planning. He previously served as Chief Administrative Officer and General Counsel at a private New York City company, bringing more than 20 years of investment management and legal experience. He holds a J.D. from Hofstra School of Law.
Biographical information is provided by the manager. References to prior firms and roles describe individual professional history only. They are not representations about results achieved at those firms and should not be read as an indication of future performance.
What Is A Section 351 Exchange?
Section 351 of the Internal Revenue Code is a long standing rule: when one or more persons transfer property to a corporation solely in exchange for that corporation’s stock, no gain or loss is recognized on the transfer. It is the same principle founders rely on when they contribute assets to a newly formed company, applied to portfolios of marketable securities. Advisors often describe it as the 1031 exchange of the equity world, though the two provisions are separate and work differently.
In practice, an investor holding appreciated securities contributes those securities in kind to a newly organized entity and receives shares of that entity in return. Because nothing is sold, no capital gain is realized at the moment of the exchange. The investor’s original cost basis and holding period carry over to the new shares, so the deferred gain travels with them and is recognized when the shares are eventually sold. Deferral is the benefit. Elimination is not on offer.
A short walkthrough of the software: uploading holdings, running the diversification and liquidity tests, and reading the results.
What A Contributed Portfolio Has To Clear
80 / 100
Strategy alignment
At least 80 percent of contributed positions should align with the fund's intended portfolio, and 100 percent should sit within the universe of positions the strategy could hold.
25 / 50
Diversification test
Under Section 351(e), no single issuer above 25 percent of contributed value, and the five largest together no more than 50 percent.
Alignment is the manager’s call. The diversification test is the tax question, and missing it can cause the transfer to be treated as a taxable sale in full. Other conditions matter in practice as well. The exchange cannot be a pre arranged sale in substance, post contribution changes to the portfolio are examined, tax law can change, and the Internal Revenue Service may look past the form of a transaction to its substance. This is why the work is done with counsel and a tax advisor rather than on the strength of a marketing page.
More detail, including common questions on qualification, timing and cost, is answered on our Section 351 exchange FAQs.