PRESS RELEASE – August 26th, 2021

American Conservative Values ETF Announces Boycott of Lowes, Bank of America, & other Proponents of Critical Race Theory

Washington, D.C. – American Conservative Values ETF (NYSE: ACVF) announced today that as of August 26, it will divest its holdings and initiate a boycott of Bank of America Corp. (BAC), Lowe’s Co., Inc. (LOW), American Express Co. (AXP) and Nasdaq, Inc. (NDAQ) as part of its periodic portfolio reconstitution and rebalancing. Recent actions by Bank of America Corp. (BAC), Lowe’s Co., Inc. (LOW), American Express Co. (AXP), and Nasdaq, Inc. (NDAQ) have caused considerable concern and outrage among politically conservative investors.

Lowe’s, Bank of America, and American Express have embraced and begun teaching their employees Critical Race Theory (CRT), an educational philosophy that teaches the United States is hopelessly racist. CRT also insists that certain Americans will always be oppressors, while others can never rise above an oppressed status and will forever remain victims.

Such ideas are antithetical to American values, and to those conservative investors who look to ACVF for guidance.

“The Fund’s Management has long held the conviction that politically active companies negatively impact their shareholder returns, as well as supporting issues and causes, which conflict with our conservative political beliefs and values,” said founder and CEO William Flaig. “In light of the news that these companies have instituted employee training based on Critical Race Theory, which teaches that America is an inherently racist and evil country, we cannot in good faith continue investments into these with our shareholders’ money.”

In a similar abuse of corporate power, specifically by a U.S. government-sanctioned oligarchy, NASDAQ, the second-largest stock exchange, late last year sought and has since received approval from the Securities and Exchange Commission for new rules that force companies with listed shares on NASDAQ to meet racial and gender requirements in the name of forced diversity quotas.

“Giving conservative investors the power to respond to such concerns is an example of why we built ACVF,” ETF President Tom Carter said. “We are a free-market society where everyone should have options available, and we will continue to provide the service for the shareholders who have chosen to put their trust in us.”

To facilitate this increase in ACVF’s activism, particularly in the financial services sector while remaining confident that it can provide predictable large-cap performance, ACVF is ending its boycott of Wells Fargo & Co. (WFC) and 3M Co. (MMM).

To schedule an interview with Mr. Flaig or Mr. Carter, please contact Will Hadden at or call 703.739.5920

Will Hadden

Account Executive

Shirley & McVicker Public Affairs

O: 703.739.5920

C: 706.594.8199

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