This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
NOTE: This record references Crane Aerospace & Electronics (Integrated Microwave Assemblies for military radar and electronic warfare), but Crane NXT (CXT) is the payments and authentication technology spin-off created in April 2023. The defense aerospace business remained with Crane Company (ticker CR), whose Aerospace & Electronics segment derives approximately 40% of revenue from military customers. Crane A&E manufactures custom Integrated Microwave Assemblies for radar, electronic warfare, signals intelligence, and satellite systems, with over 60 years of defense heritage and a Raytheon partnership on the LTAMDS missile defense sensor. This exclusion record may need re-mapping to Crane Company (CR) rather than Crane NXT (CXT).
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Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.