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The Adasina Social Justice Index (JUSTICE) is an index which seeks to track the price movements of a portfolio of global companies whose business practices are aligned with Adasina’s Social Justice Investment Criteria.


1. Companies are screened for inclusion or exclusion based on Adasina’s Social Justice Investment Criteria in the following categories:

A) Racial Justice – Criteria aim to uproot systems that reinforce, perpetuate, and exacerbate racial inequities. The Index seeks to exclude companies that Adasina determines participate in, or benefit from, those unjust systems. These criteria include:

● Prison Involvement
● Prison Investment
● Prison Labor
● Money Bail Involvement
● Immigrant Detention
● Citizen & Immigrant Surveillance
● Occupied Territories
● Indigenous Peoples Rights
● Diversity & Inclusion Policies
● For-Profit Colleges

B) Gender Justice – Criteria aim to ensure safe and fair opportunities for all people, regardless of their gender identity. The Index seeks to exclude companies with policies and practices that Adasina determines do not support gender equity or LGBTQ+ equality. These criteria include:

● Sexual Harassment
● Reproductive Rights
● Board Representation
● LGBTQ+ Equal Employment Opportunity

C) Economic Justice – Criteria aim to create a fair and equitable financial future for all people and communities. The Index seeks to exclude companies who fail to deal fairly with the public or their employees. These criteria include::

● Subminimum Wages for Employees
● Forced Labor & Child Labor
● Worker Protections & Rights
● Working Conditions
● Excessive Executive Pay
● Predatory Lending

D) Climate Justice – Criteria aim to advance the goals of environmental sustainability in partnership with social justice movements. The Index seeks to exclude companies that Adasina determines significantly contribute to climate change, lack environmentally sustainable practices, or negatively impact air and water quality. These criteria include:

● Fossil FuelsI
● Fossil Fuel Funding
● Extractive Agriculture
● Energy Usage
● Rainforests & Deforestation
● Carbon Emissions
● Mining
● Pollution
● Water Management
● Product Waste

E) Movement Aligned – Criteria take direction from a variety of causes that advance social equity and the welfare of people and the planet. The Index seeks to exclude companies that Adasina has determined negatively impact animal welfare and human safety, as well as companies that lack adequate corporate accountability. These criteria include:

● Fur & Leather Products
● Non-Medical Animal Testing
● Humane Animal Treatment
● Tobacco
● Weapons & Firearms
● Social Conservatism & Political Support
● Corporate Governance
● Accounting & Management
● Customer Impact
● Data Privacy & Security

2. Listing on a regulated stock exchange in the form of shares tradable for foreign investors without restrictions.

3. Market capitalization of at least $300 million USD at time of inclusion.

4. Average daily traded value of at least $1 million USD over the last six months at time of inclusion, or adequate constituent liquidity and accessibility for an exchange listed product as determined by the Index Provider.

5. Non-US companies will be U.S. exchange traded ADR versions if available, provided their liquidity is comparable to locally traded shares.

The daily price and return of the Adasina Social Justice Index (JUSTICE) is calculated and published by Refinitiv, a leading index developer, and calculation/publication agent for the ETP industry.

The Adasina Social Justice Index is tracked by an ETF sponsored by Tidal ETFs. For information, click here.

Quotes for the Adasina Social Justice Index can be found under the ticker JUSTICE on Bloomberg and on Refinitiv as .JUSTICE, on the website and from other financial data providers. Quotes, returns, historical prices, and constituent weightings will be updated daily on the website.

The company did not meet the selection criteria when the index was last reconstituted and/or did not satisfy the risk optimization process.

Eligible initial public offerings will be considered for inclusion on the index’s next scheduled semi-annual reconstitution date.  In the event of an IPO which the index committee deems has “high importance” for the Index, the index committee can decide to include these companies on an extraordinary adjustment event basis.

If an index component’s stock is discontinued due to a merger or acquisition, the index committee may, at its sole discretion, replace the discontinued component at the time of discontinuation if more than 30 calendar days remain until the next reconstitution date. The discontinued component will either be deleted entirely or be replaced with another eligible security that meets exclusion and optimization criteria. If there are not more than 30 calendar days remaining until the next reconstitution date, the index committee will wait until the next reconstitution date to make the replacement. In this scenario, any funds received from the discontinued security will be distributed to the remaining index components pro rata.

The index is rebalanced semi-annually and is scheduled for reconstitution on the last trading day of May and November.

On each Adjustment Day each Index Component of the Adasina Social Justice Index (JUSTICE) investable universe is optimization weighted using the Bloomberg Global Risk Model to minimize active risk relative to a global benchmark. Each global equity market capitalization category (Large, Mid, and Small) is optimized relative to its respective global market capitalization benchmark to minimize active risk.  The three optimized constituent baskets are then recombined, targeting the following aggregate market capitalization weights:  70% Global Large Cap, 20% Global Mid Cap, and 10% Global Small Cap to provide broad market capitalization exposure, subject to a minimum 2 basis point position size constraint.