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.
Kaiser Aluminum supplies fabricated aluminum plate to the F-35 Joint Strike Fighter program, a purpose-built weapons platform. The company is listed as a supplier of specialized aluminum components for military aircraft in Department of Defense procurement documentation. While aluminum is a dual-use material, the company's direct inclusion in weapons system supply chains, specifically for advanced fighter jets, meets the threshold for exclusion under military contracting. The provided sources reference the company's historical and ongoing role in defense manufacturing, though specific, current revenue figures from military contracts are not detailed in the gathered evidence.
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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.