Should investing and religion mix?

FaithShares thinks so, and that's why, as SeekingAlpha reports, the company has unveiled five exchange-traded funds geared toward particular Christian beliefs. Now you can take your pick from Faith Shares Baptist Values, FaithShares Catholic Values, FaithShares Lutheran Values, and FaithShares Methodist Values -- or, if those particular denominations don't quite suit you, FaithShares Christian Values (NYSE:FOC).

Religion-based ETFs aren't new -- an Islamic-focused ETF, the Javelin Dow Jones Islamic Market International Index Fund (NYSE:JVS), focuses on sharia-compliant companies. As we told you last week, ETFs offer a convenient way for investors to gain exposure to a wide variety of stocks and markets, and they also help socially responsible investors focus on investments they either want to support or avoid.

To that end, the Christian Values ETF weeds out any investments related to abortion, alcohol, tobacco, gambling, violent media, pornography, and fetal stem-cell applications. The denominational ETFs are similarly focused but slightly alter their investing philosophies according to the groups they set out to represent. For example, the Catholic Values ETF doesn't exclude alcohol or gambling stocks, but it specifically eliminates companies that have links to sweatshops and predatory lending.

The first ETFs, such as SPDR Trust (NYSE:SPY) and Diamonds Trust (NYSE:DIA), allowed investors an easy way to track the S&P 500 and the Dow and gain exposure to stocks such as AT&T (NYSE:T), 3M (NYSE:MMM), and IBM (NYSE:IBM). But as ETFs have risen in popularity, they've continued to drill down into more specialized areas.

How granular can ETFs get? And where would you draw the line? Would you invest in an ETF that reflected your religious beliefs? Let us know in the comments box below.

Fool online editor Adrian Rush figures a Zen ETF would invest in nothing. He has no position in any of the stocks or ETFs mentioned here. 3M is a Motley Fool Inside Value recommendation. Try any of our Foolish newsletter services free for 30 days. The Fool's disclosure policy is more saint than sinner.