PHOENIX (Jewish News of Greater Phoenix/JTA) — An Arizona investment firm created a “terror-free” mutual fund.

The Patriot Fund, created by Empower Financial in Scottsdale in partnership with Houston-based Ascendant Advisors, does not invest in any company doing business with nations identified by the US State Department as state sponsors of terror, such as Iran, Syria and North Korea.

“Even today, 11 percent of the S&P 500 does business with state sponsors of terror — that equals $1.4 trillion in market cap,” said Mark Langerman, CEO of Empowerment and managing director of the Patriot Fund. “The significance of that fact to me is that despite sanctions and all the rhetoric, Iran’s still getting what they need to build a nuclear program and sponsor terrorism.”

The Patriot Fund consists of large-cap US equities.

The firm previously had offered its terror-free concept through a separately managed account that applied a screen to an existing fund.