Greg Borofsky responds to Jordan C. Hirsch on a Jewish sovereign wealth fund

To the Editor:

The proposal that American Jews establish a sovereign wealth fund rests on a flawed premise of parallel sovereignty. Unintentionally, it implies the troubling trope of Jewish dual loyalty. While Jews are unquestionably a people, a definition that transcends modern categories, our national identity is unambiguously American.

That semantic error should not distract from a real need that Hirsch advocates for: a more intentional and values-driven Jewish approach to communal investing. The question, however, is not whether Jewish capital should be mobilized with purpose, but where it can be deployed most effectively.

Unlike the author, I believe the public market — not private equity — is the proper arena. Investor advocacy for Jewish values is most visible, transparent, and accountable in the public markets. It is also where the long-term contest over corporate governance and the normalization of BDS will be decided.

Encouragingly, 2025 saw the launch of the first Jewish advocacy ETF that places Jewish values at the center of investment selection and shareholder engagement. It is early innings, but it reflects a communal imperative grounded in the institutions we share as Americans.