JLens and ADL Condemn UN Report Targeting Companies for Israel Ties

TOV ETF Currently Holds All 13 of the U.S. Public Companies Named in Report and Reaffirms Support for Israel-Aligned Investments

JLens, a Registered Investment Advisor and sponsor of the JLens 500 Jewish Advocacy U.S. ETF (NYSE:TOV, the "TOV ETF")), along with the Anti-Defamation League (ADL), the world's leading anti-hate organization, strongly condemn the report issued by UN Special Rapporteur Francesca Albanese during the 59th session of the UN Human Rights Council. Titled "From economy of occupation to economy of genocide," the report urges companies to sever ties with Israel, halt operations, and pay reparations.

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JLens and ADL emphasized that these extreme recommendations seek to further the goals of the antisemitic Boycott, Divestment, and Sanctions (BDS) campaign and are based on distorted legal interpretations and inflammatory rhetoric. The report even goes so far as to call on governments to investigate and prosecute corporate executives whose companies do business in Israel for so-called complicity in "international crimes and the alleged laundering of related profits." JLens believes that this is not a serious human rights assessment but rather a politicized attack on the Jewish state and the businesses that operate within it.

Of the 13 U.S.-listed public companies named in the UN report, all are currently held in the TOV ETF portfolio. These companies—including leaders in defense, technology, and finance—are long-standing contributors to Israel's economy, security, and innovation ecosystem.

"This report is not a human rights analysis—it is a blatant effort to economically isolate Israel," said Jonathan A. Greenblatt, CEO and National Director of ADL. "Francesca Albanese has a long record of antisemitic rhetoric and abuse of her UN platform, and has been condemned by the US, France, and Germany for her antisemitism. Her work undermines human rights and fuels hate, not accountability."

Of the 13 TOV-held companies named in the report, five—HP Inc., Microsoft, BlackRock, Lockheed Martin, and IBM—have earned JLens' highest "metzuyan" (excellent) designation and are overweighted in the ETF.

"We helped build the TOV ETF so Jewish investors could stand up for our values and stand with companies that do the right thing, including supporting Israel," said Ari Hoffnung, Managing Director of JLens. "This report directly attacks many of TOV's top holdings. We are proud to represent shareholders in these U.S. companies and will reach out to each one to reaffirm our support and urge them to continue rejecting BDS pressure."

Since launching on the New York Stock Exchange in February 2025, the TOV ETF has grown to over $160 million in assets, reflecting strong interest from investors seeking a values-aligned strategy rooted in Jewish advocacy and shareholder engagement. The Fund tracks the 500 largest U.S. public companies and uses a proprietary screening and scoring process to assess alignment with Jewish values—including support for Israel. JLens then engages with portfolio companies through proxy voting, board-level dialogue, and other forms of shareholder advocacy to combat antisemitism, oppose BDS, and advance the Jewish value of Tikkun Olam (repairing the world).

TOV was developed in response to the alarming rise of antisemitism, and the increasing efforts to target U.S. corporations as instruments in an attempt to economically harm Israel. Anti-Israel activists are targeting companies through sophisticated tactics—including shareholder resolutions and university divestment campaigns. At the same time, many Jewish employees face challenging workplace environments, with internal employee protests taking place at major companies like Alphabet. The ETF provides a mechanism for investors to engage directly with companies on these emerging risks.

The UN report's call for divestment and reparations is part of a broader trend of politically motivated financial activism that poses real risks for investors. In a prior analysis, JLens forecast that the 100 largest U.S. university endowments would forgo $33 billion in investment gains over 10 years if they adopted BDS-aligned investment strategies. This illustrates how such ideologically driven divestment campaigns not only undermine Israel but also jeopardize long-term portfolio performance.

JLens and ADL jointly urge asset managers, trustees, university boards, and institutional investors to reject this UN report and stand firmly with the companies committed to Israel's future.

JLens' shareholder advocacy focuses on combating antisemitism and hate, supporting Israel, and promoting the Jewish value of Tikkun Olam (repairing the world). JLens has a strong track record of running campaigns which call on shareholders to reject anti-Israel shareholder proposals at top companies including Alphabet, General Dynamics, Lockheed Martin, and Intel.

Public U.S. Companies Named in the UN Report (Alphabetical with Tickers):

1. Airbnb, Inc. — (NASDAQ:ABNB)
2. Alphabet (Google) — (NASDAQ:GOOGL)
3. Amazon — (NASDAQ:AMZN)
4. BlackRock — (NYSE:BLK)
5. Booking — (NASDAQ:BKNG)
6. Caterpillar Inc. — (NYSE:CAT)
7. Chevron Corporation — (NYSE:CVX)
8. Hewlett Packard Enterprise (HPE) — (NYSE:HPE)
9. HP Inc. — (NYSE:HPQ)
10. IBM — (NYSE:IBM)
11. Lockheed Martin — (NYSE:LMT)
12. Microsoft — (NASDAQ:MSFT)
13. Palantir Technologies — (NYSE:PLTR)

Private U.S. Companies Named in the UN Report (Alphabetical):

1. Drummond Company
2. Keller Williams Realty
3. Vanguard

Empowered Funds (dba ETF Architect, LLC) is the Fund Advisor. For more information about the JLens 500 Jewish Advocacy U.S. ETF, please visit investjewishly.org.

About TOV ETF

The JLens 500 Jewish Advocacy U.S. ETF (TOV) empowers investors to combat antisemitism and hate, support Israel, and promote the Jewish value of Tikkun Olam (repairing the world) through shareholder advocacy. It aims to deliver performance comparable to index funds that track the 500 largest U.S. public companies.

About JLens

Founded in 2012, JLens is a 501(c)(3) nonprofit and Registered Investment Advisor that empowers investors to align their capital with Jewish values and advocates for Jewish communal priorities in the corporate arena. JLens' Jewish Investor Network is composed of over 30 Jewish institutions, representing $11 billion in communal capital. In 2022, JLens established an affiliation with ADL (Anti-Defamation League), the leading anti-hate organization in the world. More at www.jlensnetwork.org.

About ADL

ADL is the leading anti-hate organization in the world. Founded in 1913, its timeless mission is "to stop the defamation of the Jewish people and to secure justice and fair treatment to all." Today, ADL continues to fight all forms of antisemitism and bias, using innovation and partnerships to drive impact. A global leader in combating antisemitism, countering extremism and battling bigotry wherever and whenever it happens, ADL works to protect democracy and ensure a just and inclusive society for all. More at www.adl.org.

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