(JNS) – Those who advocate boycotting the Jewish state have put Israel Bonds squarely in their sights, urging municipalities that have long invested in the security to put their money elsewhere. So far, however, those efforts do not appear to have negatively affected that investment in Israel.

The latest to take aim is the anti-Israel group Democracy for the Arab World Now, which recently issued a memorandum arguing against investing in Israel Bonds. A pro-Israel investment-focused group, JLens, is now issuing its response, countering each of DAWN’s arguments.

The anti-Israel group, which also lobbies the U.S. government against sending foreign aid to Israel, stated that “New York State and New York City officials should immediately cease new purchases and divest any holdings of Israel Bonds, because such investments breach their international and domestic legal obligations and expose citizens to unnecessary legal, financial and reputational harms.”

In its memorandum, DAWN cited decisions by the International Criminal Court, an independent judicial body in The Hague which is not part of the United Nations, to issue arrest warrants for Israel’s prime minister and former defense minister for war crimes, and an advisory opinion of the International Court of Justice, the principal U.N. judicial organ, that Israel’s continued presence in the “occupied Palestinian territory” is unlawful.

It also pointed to a U.N. General Assembly resolution that required all member states to avoid sustaining Israel’s presence in Judea, Samaria or Gaza.

DAWN refers only to “the occupied Palestinian territories” and does not recognize Israel as a sovereign state.

A nonprofit, DAWN does not disclose the names of its major donors in its 2024 tax filing, the most recent publicly available document. It stated that it sent “a cease and desist letter” to New York state and city officials.

Both New York City and New York State have long put part of their pension investments into Israel Bonds. That is, until the previous city comptroller, Brad Lander, who is running to represent New York’s 10th District in Congress, which includes parts of Manhattan and Brooklyn, let the city pension funds’ Israel Bonds lapse.

The current city comptroller, Mark Levine, indicated during his campaign that he would again invest part of the city’s pension funds in Israel Bonds. It is not clear on the comptroller’s website whether he has already done so, and Levine’s office did not respond to a JNS request for an update.

JLens’s managing director, Ari Hoffnung, told JNS that “the DAWN memo applies political advocacy standards, not the fiduciary standards that apply to pension funds.”

“Their duty is to the beneficiaries. The teachers, the police officers, men and women in the Fire Department,” he told JNS. “They’re not authorized to conduct foreign policy on behalf of the pension funds.”

Comptrollers often invest in foreign government bonds, he said, including those issued by China and Saudi Arabia. It is not clear whether the city’s comptroller has invested in bonds issued by those oppressive governments.

In fact, according to JNS research, Israel Bonds currently offer a better return than U.S. Treasury notes, which currently offer 4.03% interest on a 10-year investment. Chinese government-issued bonds are currently offering an exceptionally low 1.8% rate of return. Saudi Arabia’s short-term bonds are offering a 4.89% rate.

Israel Bonds’ “Maccabee Bonds” currently pay 5.13% for a 10-year commitment.

During the Gaza war, ratings agencies including Moody’s, S&P and Fitch, downgraded Israel’s reliability as an investment. Since then, they have returned Israel’s rating to “stable.”

Even the lowered ratings didn’t significantly impact sales, said an Israel Bonds spokesman.

“Despite the geopolitical pressures of the Gaza war and last year’s credit rating actions, Israel Bonds recorded three consecutive years of more than $2 billion in global sales and has raised more than $5.7 billion since Oct. 7, 2023,” Nate Miller told JNS in a statement on behalf of Israel Bonds.

“Local governments and municipalities have accounted for almost half of that,” he said. “That is a historic level of institutional commitment.”

“Israel Bonds investors from around the world continue to demonstrate strong confidence in Israel’s economy,” he told JNS. “This consistent performance reflects continued investor confidence in Israel’s economic resilience and long-term strength” and “the strength of the U.S.-Israel relationship.”

Asked if efforts to boycott Israel are damaging Israel Bonds, Dani Naveh, president and CEO of Israel Bonds, said that they have not.

“Despite a disinformation campaign driven by antisemitism, the continued and growing inclusion of Israel Bonds in portfolios represents a tremendous success,” Naveh, a former Israeli politician who served as a cabinet minister, wrote to JNS.

“Israel Bonds has long weathered attempts by the BDS movement and other anti-Israel campaigns to delegitimize this support,” he said. “Their efforts have failed, as evidenced by the billions raised globally. Our reputation is built on 75 years of delivering strong rates and steady returns and being the most direct way to support Israel.”

“No disinformation campaign changes that,” he added.