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.
Israel requested 18,000 Colt M4/MK18 rifles for Gaza operations and settlement security. Colt holds $753.5M in DOD contracts from 2008–2024 and has been the standard-issue Israeli military rifle supplier since 1973. The Gaza request was documented during active hostilities in 2023–2024.
Of the 18,000 Colt rifles requested by Israel, a portion was designated for West Bank settlement security squads. B'Tselem documented use of Colt rifles against Palestinian civilians in the occupied territory. This overlaps substantially with the conflict_zones record; the settlement security designation is the occupied_territories nexus.
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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.