By Greg Moses
According to Kantian ethical principles what counts is good will. This means that one acts in accordance with principles that can be willed as universal principles (the categorical imperative). For Kant, there is no moral content in actions that are based upon some estimation of return (hypothetical imperatives). So I just want to make it clear that what I am about to say has nothing to do with investment advice for anyone seeking return.
But if one might be interested in putting money into circulation in equities markets where it can be put to work by employers. And if one wants to select employers who will not be turning out military weapons, then here’s something to consider.
There are two ETFs which would yield participation in a broad global portfolio excluding the manufacture of military weapons. The iShares KLD 400 Social Index ETF that trades under the ticker symbol DSI offers broad coverage of US equities roughly equivalent to the S&P 500 but excludes military weapons manufacturers. The KLD Domini 400 Social Index which underlies DSI is a path breaker in the history of socially responsible investing.
In addition, the JETS Dow Jones Islamic Market International Index Fund that trades under the ticker JVS offers broad coverage of international (ex-US) equities with an active screen against military weapons manufacturers. JVS is also a pathbreaking investment tool, since it is the first “Sharia-Compliant” ETF in the USA, based upon one of the many Dow Jones Islamic Market indexes (the International Titans 100).
If combined as a “good will” investment strategy, DSI and JVS would offer global participation in large cap equities that do not (by and large in their core businesses) produce military weapons.
Disclosure: the author owns a few shares of DSI and JVS.
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