GAITHERSBURG, MD – July 9, 2025 – The American Conservative Values ETF (NYSE: ACVF) announced today it has fully divested its holdings in Tesla Inc. (NASDAQ: TSLA) and issued a formal “Refuse to Buy” rating, citing CEO Elon Musk’s increasing political activity and deteriorating business performance.
“This wasn’t an easy decision because we do support Musk’s conservative values” said William Flaig, ACVF CEO and co-founder. “We believe Musk’s distraction with political activity is damaging shareholder value. As fiduciaries, we must act.”
Musk’s political distractions, including the alleged launch of a new political party and a public break with President Trump have come alongside falling revenues and market share. Tesla stock is down approximately 18% since ACVF underweighted it in February 2025 and 40% off its December 2024 peak, as of (7/8/2025) while the broader market is hitting new highs.
Tesla’s customer base, heavily concentrated on the political left, has shown signs of revolt, while conservatives are no longer energized by Musk’s role at DOGE. We feel missed growth targets, product delays, and weakened consumer confidence are now directly tied to Musk’s personal political activity.
“Our values haven’t changed — but Tesla has,” said Tom Carter, ACVF president and co-founder. “Even when Musk’s politics aligned with ours, we were cautious. But now, it’s clear Tesla is no longer focused on shareholders.”
As part of the move, ACVF will reallocate a portion of the capital previously held in TSLA to Newsmax Media, which the fund views as better aligned with its conservative values and positioned for growth ahead of the 2026 election.
Since launching in October 2020, ACVF has performed in line with the S&P 500 while excluding dozens of companies engaged in political activism — including Disney, Google, Amazon, and BlackRock. ACVF’s Standardize Performance
ACVF targets corporations that; 1) Promote ESG/DEI mandates at the expense of shareholders 2) Silence conservatives through Big Tech and Big Banks 3) Use shareholder capital to bankroll political agendas 4) Undermine religious liberty, the Second Amendment, and life
For current holdings, Factsheet, and more information, please visit www.InvestConservative.com.
About American Conservative Values ETF (ACVF)
ACVF is an exchange-traded fund designed to reflect conservative political values in its investment strategy. ACVF is based on the conviction that politically active companies may negatively impact their shareholder returns, as well as support issues and causes which conflict with conservative political ideals, beliefs and values.
To schedule an interview with Mr. Flaig or Mr. Carter, please contact:
[email protected] 301-685-7121
[email protected] 301-685-7122
SOURCE: American Conservative Values ETF
Important Information
Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and summary prospectus, which may be obtained by visiting ACVETFS.com. Read the prospectus and summary prospectus carefully before investing.
An investment in the Fund is subject to risks, including the possible loss of the principal amount invested. Overall stock market risks may affect the value of individual securities in which the Fund invests. The Fund is actively managed, and the adviser’s investment decisions impact the Fund’s performance. The Fund and adviser are new, and the ETF has only recently commenced operations. This Fund may not be suitable for all investors.
The equity securities in which the Fund invests will generally be those of companies with large market capitalizations. Exchange-Traded Funds (ETFs) trade like stocks, are subject to investment risk, and will fluctuate in market value. Transactions in shares of ETFs will result in brokerage commissions, which will reduce returns. Unlike typical exchange-traded funds, there are no indexes that the Fund attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio manager. There is no assurance that the investment process will consistently lead to successful investing. The Fund is new and has a limited operating history.
The ACVF Fund is distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Ridgeline Research, LLC, the Fund’s Investment Adviser.
The Fund is structured as an ETF and as a result, is subject to special risks. Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 p.m. Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.
As of July 8th, 2025, the fund holds 0.00% of Walt Disney, Blackrock, Google, Amazon, Warner Bros. Discovery, and Paramount Global and 0.20% of Newsmax
The 39 companies currently excluded from the portfolio represent 30% of the S&P 500.
The fund’s holdings are subject to change. For current holdings, please visit https://acvetfs.com/fund/acv-etf-fund-data/#holdings
Note:
(1) The S&P 500® is a broad-based unmanaged index, which is widely recognized as representative of the equity market in general.
