How it works

Getting started, methodology, and military weapon company lists

Weapon Free Funds sources financial data from Morningstar, an investment research company. We use Morningstar’s mutual fund and stock data to analyze funds and find military weapon and civilian firearm investments. Our database covers thousands of the most popular mutual funds, the type of investments most common in retirement plans like employer-offered 401(k)s.

How to make your investments match your values
Step one icon
Search for mutual funds and exchange-traded funds (ETFs) by name, ticker, or asset manager. Our database covers 3,000 stock funds available in the U.S.
Step two icon
See your results. For each fund, we track investments in major military contractors and arms manufacturers, as well as a range of other environmental and social risks.
Step three icon
Look for cleaner options. Sort and compare to find funds that fit your investing needs.

Getting started

Video tutorial

Mutual funds

Mutual funds are collections of stocks bundled together, sometimes hundreds or thousands of companies. They are some of the most popular investment products for retirement plans, because owning so many company stocks at once helps diversify investment risk. But unless you're a financial professional, it can be difficult to find out just what companies are inside the funds you're invested in. That's where we come in. We examine every holding in thousands of funds to determine if there are investments in weapon stocks.

Sustainable investing

Some funds actively choose to invest sustainably, by considering environmental or social issues when choosing companies to invest in. If you're thinking about weapon free investing, sustainably-mandated funds can be a good place to start, because they often deliberately avoid investments in arms manufacturers and military contractors.

Sustainable investing can offer competitive returns

While people may become interested in sustainable investing because of personal values and goals, that doesn't mean they're not looking for a competitive financial return on their investments. Fortunately, the evidence is clear: sustainable investors do not have to pay more to align their investments with their values, or to avoid companies with poor environmental, social or governance practices. The Forum for Sustainable and Responsible Investment has collected the research.

Finding funds

Weapon Free Funds sources financial data on equities and mutual funds from Morningstar. Our database contains information on thousands of U.S. open-end and exchange traded mutual funds, some of the most common funds held in 401(k)s, 403(b)s, and other retirement plans.

Search for mutual funds using name, ticker symbol, or asset manager. Use the search page to filter funds by investing style, fund family, and more. When you find a fund you're looking for, click on it to see the full results.

We don't have everything in our database — we only screen mutual funds that are at least 50% invested in stock investments, and our data license restricts us to displaying only 3,000 portfolios.

Looking for your favorite fund and can’t find it? With more resources, we could include more funds — make a gift today to make a difference.


Identifying military weapon stocks

Our analysis checks funds for direct stock investments in military contractors. This list includes two sub-categories: manufacturers and servicers of nuclear weapons; and current and recent manufacturers of controversial weapons, such as cluster munititions, anti-personnel landmines, incendiary weapons, and depleted uranium.

To build these exclusion lists, we used data from over 20 sources, including investment firms and pension funds with ethical investment guidelines; data from industry news outlets; and research from non-profit advocacy groups.

The full lists of flagged companies are below. Click a company name to see the source data we used to include the company on that list.

Military contractors

Military contractors — Arms manufacturers and military contractors fuel global warfare through the international arms trade. Concerns about social impact, human rights, reputation risk, and regulatory risks are just a few of the reasons companies like these are avoided by sustainable investors.

Nuclear weapons

Nuclear weapons — The financing of companies contributing to the build-up and modernization of nuclear arms undermines efforts to achieve nuclear disarmament. Any use of nuclear weapons would violate fundamental rules of international law and have catastrophic humanitarian and environmental consequences.

Controversial weapons

Controversial weapons — Weapons like cluster munititions, anti-personnel landmines, incendiary weapons, and depleted uranium are considered particularly controversial because of their indiscriminate impacts. Unexploded cluster bomblets and landmines kill and maim civilians for years after conflicts end. The use of depleted uranium ammunition is linked to increased cancer rates and birth deformities. These weapons are banned by hundreds of companies under various treaties.


Calculating exposure to military weapon companies

Mutual funds can have a varying number of holdings, from less than one hundred to several thousand. We calculate the total number of flagged holdings in the fund, and the total amount and percentage of the fund’s assets that are invested in those companies.

We only look for direct stock holdings in weapon companies. That means that holdings that are not stocks, like cash holdings or bonds, are not rated. In the fund's investment profile, we show a "Percent Rated" metric, equivalent to the percent of the fund that is invested in stocks. The higher a fund’s Percent Rated value, the more holdings we were able to examine. A fund with a lower Percent Rated value may have hidden weapon-related investments that our tool cannot account for, in the form of bond holdings or other asset types.

Military weapon grades

Based on the fund's military weapon exposure, it earns one of five military weapon grades.


No holdings flagged for our military weapon screens. Assigned a grade of A.


Fund is not invested in nuclear weapons or controversial weapons, but is invested in military contractors, below the threshold of 2.5%. Assigned a grade of B.


Fund is invested in nuclear weapons and/or controversial weapons below the threshold of 2.5%. Assigned a grade of C.


Fund is invested in military contractors above the threshold of 2.5% and below the threshold of 4%. Assigned a grade of D.


Fund is invested in military contractors above the threshold of 4%. Assigned a grade of F.

Details on military weapon exposure

Along with the military weapon grade, we show details on the fund portfolio's flagged holdings.

The number of flagged holdings, the amount invested by the fund, and the percent of the fund's portfolio those holdings make up are shown. The same figures are available for the sub-categories of nucler weapons and controversial weapons, and for each individual flagged holding.

Clicking on any flagged holding will show the source data used to include that company on the military weapons company list.

Sustainable funds

Sustainably-mandated  fund

We use Morningstar's "sustainability mandate" indicator to determine which funds are displayed as sustainably-mandated. Sustainably-mandated funds make investment decisions based on issues like environmental responsibility, human rights, or religious views. A sustainably-mandated fund may take a proactive stance by selectively investing in, for example, environmentally-friendly companies, or firms with good employee relations. They may also avoid investing in companies involved in promoting alcohol, tobacco, or firearms, or in the defense industry. Look for this symbol to find funds that are designated sustainably-mandated.

Member of US-SIF, the Forum for Sustainable and Responsible Investment

The Forum for Sustainable and Responsible Investment is a group advancing sustainable, responsible, and impact investing. Asset managers who are members of US-SIF often have policies to exclude or restrict investments in companies involved in the production, licensing, and/or retailing of weapons. Look for this symbol to find funds that are members of US-SIF.

Weapon free action toolkit

When you're done looking up funds and finding the data you need, what's next? You can learn how to make a change and move your money with our weapon free action toolkit. Whether you’re an individual investor or if your investments are in your employer-sponsored plan at work, our step-by-step toolkit can help. There's an in-depth guide to responsible investing, links to external resources, a sample letter to send to your employer 401(k) manager, and more — everything you need to make a change and get started investing your money weapon free.

Fund managers

Fund manager ratings

Mutual funds and ETFs are offered by fund managers. These companies manage anywhere between one and several hundred fund portfolios, offered to investors as vehicles to save for their futures.

To rate fund managers, we take all the funds in our research universe offered by that fund manager and combine them, treating them as one big portfolio. We then apply the same grading system used for individual funds to this set of combined holdings. What we've found is that the largest fund managers are heavily invested in arms manufacturers, including nuclear and controversial weapons. But sustainable and socially responsible fund managers - firms that have at least 50% of assets invested in funds with a sustainable investing mandate, per Morningstar - often have less weapons exposure, with many having no investments in nuclear weapons, and almost all avoiding investments in controversial weapons. See our analysis of fund managers here.


Download dataset as spreadsheet
We update Invest Your Values data once a month. Each month, we use the most recent fund holdings data available from our data provider Morningstar. We also use the most recent versions of our various company lists. Any changes to the company lists or fund rating methodologies will be reflected below.
Current dataset: Apr 26, 2024
Description: April 2024 dataset. Screen list updates: Fossil Free Funds "Carbon Underground 200" screen updated to use latest Fossil Free Indexes data (2024 Q1). Prison Free Funds prison industry and border industry screens updated to use latest American Friends Service Committee data (Apr 2024).

Find sustainably-invested mutual funds and ETFs

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See how mutual funds and ETFs are rated on issues ranging from fossil fuels, to deforestation, gender equality, guns, prisons, weapons, and tobacco

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As You Sow is not an investment adviser as that term is defined under federal and state (California) laws and regulations. As You Sow is a tax-exempt, nonprofit organization dedicated to educating and empowering shareholders to change corporations for the good through the collection, analysis and dissemination of relevant information to the public, free of charge. As You Sow does not provide financial planning, legal or tax advice. Nothing on this website shall constitute or be construed as an offering of financial instruments, or as investment advice or investment recommendations.
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