ShariahShares ETF Trust last week applied to register the two Sharia-law-compliant U.S.-traded ETFs.

[Correction: An earlier version of this article suggested that the new ShariahShares would be the first Shariah ETFs in the U.S.  The Javelin ETF (NYSE Arca: JVS) launched in June of this year and provides exposure to the global ex-U.S. markets.]

ShariahShares FTSE USA Fund and the ShariahShares FTSE Developed ex-U.S. Fund will invest in foreign and domestic companies that meet the stringent requirements of Sharia law.

ShariahShares FTSE USA Fund will track the FTSE Shariah USA Index, which comprises 241 mid- and large-cap U.S.-traded shares.

ShariahShares FTSE Developed ex-U.S. Fund will track the FTSE Shariah Developed ex-U.S. Index, a market-cap weighted index which comprises stocks from 25 of the 48 countries in the FTSE