Adasina Updates Racial Justice Impact Data to Include Publicly-Traded Companies that Own Prison Bonds

The full data set is publicly available for investors and asset managers who choose not to profit from companies that contribute to systemic racial injustice

San Francisco, California, UNITED STATES

San Francisco, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Adasina Social Capital (“Adasina”), an investment and financial activism firm that serves as a critical bridge between financial markets and social justice movements, today announced an important update to the acclaimed Racial Justice Impact Data Set, a list of publicly-traded companies whose practices exacerbate systemic racial injustice. 

In addition to updating their public list of companies that fail Adasina’s racial justice investment criteria, the data set has been expanded to include new metrics and data for companies invested in prison bonds, which are also used to fund detention center infrastructure and services, and lobby for racially unjust policies such as harsher policing and longer sentencing for non-violent offenders.

All of the companies included on Adasina’s Racial Justice Impact Data Set are believed to contribute to systemic racism through practices identified by social justice movements, such as prison involvement, money bail, surveillance, and other practices. A total of 71 companies were flagged for prison bond investment (labeled as Prison Funding within the data set), resulting in 31 additional companies being added to the list and, as such, are now excluded from Adasina investment portfolios. 

“If people are asking what they can do to fight for racial justice, one of the most immediate and accessible steps they can take is to stop giving their investment dollars to companies that exacerbate racial inequities,” said Rachel Robasciotti, Founder and CEO of Adasina. “We’ve continued to make this data set available to the public to mobilize investors and others to use their money, and their voices, to influence companies and governments who are on the wrong side of history.”

In addition to conducting their own research from SEC Form 10-Q filings, stock exchange market activity, and media reviews, Adasina compiled this data set using research from social justice partner AFSC (American Friends Service Committee), a Quaker organization that promotes a world free of violence, inequality, and oppression.

Data aggregation and list construction were performed by Adasina in partnership with YourStake, an ESG/Impact data platform that equips financial advisors and asset managers with the tools, data, and reporting metrics to serve impact investing clients, and EQM Indexes, a women-owned index development firm – both of which helped create the Adasina Social Justice Index (JUSTICE) as a standard for all stock portfolios that seek to advance social justice. 

How investors and advisors can use the Adasina Racial Justice Impact Data Set:





  • Talk to your financial advisor about how you’re invested: Investors should consider excluding these companies from their investment portfolios or conducting shareholder engagement to urge companies to end racially unjust practices. 



For more information about Adasina, visit To learn more about the Adasina Social Justice All Cap Global ETF (JSTC), visit For media inquiries, contact


About Adasina Social Capital

Adasina Social Capital (“Adasina”) is an investment and financial activism firm that serves as a critical bridge between financial markets and social justice movements for the benefit of people and our planet. Adasina uses four interlocking levers to enact large-scale, systemic change: People, Investments, Campaigns, and Education.

We believe that community-sourced impact data should set the standards for how publicly traded companies participate in racial, gender, economic, and climate justice. With Adasina, investors can seek both financial and social returns that are accountable to the well-being of the people and planet they impact. 

We are majority-owned and operated by women, people of color, and members of the LGBTQ+ community. Adasina is headquartered in San Francisco and maintains client relationships throughout the United States. For more information visit




Important Information

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by calling (833)743-0080 or visiting Please read the prospectus carefully before you invest.

Investing involves risk, including the potential loss of principal. There is no guarantee that the Funds investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and the fund's holdings and returns may deviate from those of its index. These variations may be greater when markets are volatile or subject to unusual conditions. The Fund is new and has a limited operating history. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund; and there may be a limited number of market makers or other liquidity providers in the marketplace. 

Foreign and emerging market investing involves currency, political and economic risk. Applying climate, economic, gender, racial, and movement aligned justice domain criteria to the Fund's investment selection process may exclude securities of certain issuers for non-financial reasons and therefore, the Fund may underperform the broader equity market or other funds that do not utilize similar criteria when selecting investments. 


Adasina Social Capital is a newly registered investment advisor and has no long-term track record that an investor may judge. Investments made in small and mid-capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

It is not possible to invest directly in an index. 

Shares of the Fund are distributed by Foreside Fund Services, LLC.



Adasina Social Capital

Contact Data