The American Conservative Values ETF has added Tesla and Paramount Skydance back into its portfolio, saying both companies have stepped away from the kind of politicized behavior that punishes shareholders and distorts markets.

The Gaithersburg, Maryland–based fund, which trades under the ticker ACVF, announced the move after a Dec. 5 portfolio rebalance conducted as part of its ongoing risk and governance review.

An ETF, or exchange-traded fund, trades like a stock while holding a diversified basket of companies, and ACVF explicitly markets itself as "an investment alternative for politically conservative investors whose priority is shareholder returns."

With more than $135 million under management, ACVF has built its brand around refusing to invest in corporations it believes are more focused on ideological activism than profit, accountability, or fiduciary duty.

Tesla was removed from the portfolio earlier this year after ACVF concluded that CEO Elon Musk's increasing political involvement was injecting volatility and unnecessary risk into the stock.

That warning was laid out in a blunt op-ed arguing that when corporate leaders chase political relevance, investors end up footing the bill.

"We are pleased that this concern rapidly corrected itself," said ACVF co-founder William Flaig, pointing to Musk's pullback from politics and Tesla's subsequent rebound.

Flaig said the episode underscored a core reality for conservative investors: Markets punish political grandstanding, even when it comes from high-profile CEOs.

ACVF also ended its boycott of Paramount Skydance following major ownership and leadership changes, including shakeups at CBS News that the fund said signal a meaningful departure from left-leaning editorial activism.

"As we noted in our Daily Caller op-ed, we are willing to give the company the benefit of the doubt and reinvest," said ACVF co-founder Tom Carter.

Carter said cosmetic changes are not enough and argued that real reform only happens when ideological leadership is removed and replaced with executives focused on credibility and shareholders.

ACVF's methodology excludes companies it says are hostile to conservative values, including firms engaged in Big Tech censorship, DEI-driven priorities, media propaganda, CEO political crusades, or actions that undermine religious liberty, the Second Amendment, or the sanctity of life.

The fund currently excludes 37 companies — roughly 30% of the S&P 500 — while favoring firms committed to meritocracy, neutrality, and long-term shareholder value.

"Conservative investors are tired of being forced to bankroll companies that openly work against their beliefs," Flaig said. "ACVF exists to stop that."