American Conservative Values ETF (NYSE: ACVF) Terminates New Purchases of Apple, Amazon, and Google Due to Their Collective Efforts to Censor Free Speech in America
The Fund’s Management has long held the belief that politically active companies negatively impact their shareholder returns.
Washington, January 12, 2021—Recent actions this week by several big technology companies, such as Amazon, Apple, and Google to shut down consumer access to the social network Parler is an example of why we built the American Conservative Values ETF (NYSE: ACVF).
When we launched The American Conservative Values ETF in October 2020, we gave ‘Big Tech’ a fair chance, targeting our boycotts at the worst of the worst –in our opinion, Facebook and Twitter. Although Apple, Amazon, and Google have historically been hostile to conservative values, given their importance to the economy and systemic risk to a diversified large-cap portfolio, we placed these companies on probation, under review for a boycott.
However, based on fresh evidence of their current character, the management team of ACVF has decided to revoke probation. As a result, ACVF will immediately terminate new purchases of Apple, Amazon, and Google, while we determine the best course of action to sell our existing holdings under the most favorable conditions.
This means no new investor money into the ACVF ETF will be used to purchase those companies. No new money that comes into the fund will be used to buy stock of any of these three ‘Big Tech, Big Brother’ companies that seek to silence free speech. Current stock owned by the fund will be removed from the portfolio in a way that seeks to maximize investor outcomes.
The notion that these ‘Big Tech’ companies believe that they can anoint themselves defacto censors of free speech not only assaults the rights and freedoms upon which America was built, but also (ironically) the very underpinnings of the United States Constitution that enabled these politically left-leaning Silicon valley companies to become the billion dollar juggernauts they are today. Even the American Civil Liberties Union (ACLU) warned in a statement that “it should concern everyone when companies like Facebook and Twitter wield the unchecked power to remove people from platforms that have become indispensable for the speech of billions— especially when political realities make those decisions easier. President Trump can turn his press team or Fox News to communicate with the public, but others … who have been censored by social media companies—will not have that luxury.”
ACVF seeks to boycott ownership of companies which the adviser determines support liberal causes, charities, advocacy groups, campaigns, candidates, PACs, and think tanks. The fund is designed to be a core holding replacement for Large Cap Index ETFs and Mutual Funds. Its portfolio is broadly diversified and seeks to manage active risk to capitalization-weighted benchmarks such as the Russell 1000 and S&P 500.
Baker Wright Group, Crystal Wright, 202-549-8072
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The ACVF Fund is distributed by Foreside Fund Services, LLC.
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