For many investors, the relationship with an ETF begins and ends with a ticker symbol: buy, hold, and watch the line — hopefully — trend upward. But for those holding the Adasina Social Justice All Cap Global ETF (JSTC), the firm’s 2025 Impact Report suggests a different angle. Adasina is increasingly moving away from simple divestment in favor of a “collective action” model that seeks to influence corporate policy from the inside.

The $1.14 Trillion Coalition

The core of Adasina’s strategy is not its own balance sheet, but its ability to organize larger institutional players. JSTC is a relatively small fund. However, it operates as a primary coordinator for a coalition of 173 institutional members representing $1.14 trillion in assets.

This network includes a mix of values-aligned asset managers (such as Zevin Asset Management and Nia Impact Capital), social justice advocacy groups (like the Trans Women of Color Collective and Friends of the Earth), and research and data partners (including Surveillance Watch and FreeCap Financial).

By acting as a “central hub” for these diverse stakeholders, Adasina gains entry to boardroom discussions typically reserved for “Big Three” asset managers. This collective scale allows the firm to effectively pressure companies on social policy, turning a niche ETF into a significant influencer in the public markets.

Adasina positions JSTC not as a passive, “set-and-forget” index fund, but as a catalyst for active transformation. This impact-first strategy seeks to reimagine the global core of an investor’s portfolio, using strategic alliances to amplify its voice beyond its individual assets under management.

See More: An Impact-First Strategy That Reimagines the Global Core

Proxy Voting and Compensation Pushback

The 2025 data reveals a highly aggressive proxy voting record. Over the last fiscal year, Adasina voted against more than 600 management compensation packages, citing a misalignment between executive pay and broader stakeholder outcomes. Additionally, it supported 110 social justice-related shareholder proposals, a high volume that reflects the fund’s focus on non-financial metrics.

Targeted Corporate Campaigns

The report details specific instances where Adasina leveraged its investor status to influence corporate behavior. One notable campaign targeted lobbying transparency. Following McDonald’s exit from the National Restaurant Association — a group that has historically lobbied against minimum wage increases — Adasina organized an investor response to pressure other fast-casual chains to follow suit. The goal was to frame trade association memberships as a material risk to brand reputation.

On the labor front, Adasina activated a specialized subset of its network, partnering with the Trans Women of Color Collective to organize a $4 billion investor coalition. While smaller than the firm’s total signatory base, this targeted group focuses exclusively on strengthening workplace protections for transgender employees — arguing that inclusive policies are essential for mitigating legal risk and improving talent retention.

Structural Changes: From Firm to Employee-Owned

In a shift from standard corporate governance in the asset management industry, Adasina moved to a broad-based employee ownership model in 2025. This transition is framed in the report as an effort to align the firm’s internal wealth distribution with the economic justice principles it advocates for in its portfolio companies.

Navigating the “Anti-ESG” Environment

The report arrives during a period of significant legal and political friction for DEI and ESG frameworks. Rather than scaling back, Adasina is pivoting toward emerging risks, specifically identifying artificial intelligence and surveillance systems as new areas for investor advocacy.

The firm’s outlook suggests that as political pressure on ESG increases, it will lean more heavily on shareholder rights as a legal defense, asserting that investors have a fiduciary right to address social issues they deem to be systemic risks to the market.

The Shift from Passive to Assertive

The 2025 report clarifies Adasina’s position in the market: it functions less like a traditional investment fund and more like a specialized governance firm. For JSTC shareholders, the return is measured not just in NAV growth, but in the fund’s ability to act as a megaphone for specific social and economic policy changes within the public markets. In this framework, ownership is a lever, capital is the fuel, and collective action is the only way to move the needle.

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