The American Conservative Values ETF (ACVF) has divested its holdings of, and has put a “Refuse to Buy” rating on, Costco and Allstate — at the same time removing its longstanding boycott of Walmart.

The catalyst for the fund to sell off its Costco exposure is the warehouse retailer’s doubling down on its diversity, equity and inclusion program.

Why the American Conservative Values ETF jettisoned Allstate holdings is even more shocking. After an ISIS devotee rammed pedestrians with his truck down New Orleans’ Bourbon Street on New Year’s Day, murdering 15 people, Allstate CEO Tom Wilson issued a video message offering prayers for the victims.

But Wilson marred that sentiment by asking Americans to “overcome an addiction to divisiveness and negativity…and accept people’s imperfections and differences.”

William Flaig, CEO and co-founder of the American Conservative Values ETF, calls it reckless for Costco to “double down on DEI as other companies scale back their controversial diversity programs.”

As for the Allstate CEO’s off-kilter comments, Flaig said, “‘Accepting people’s imperfections’ apparently includes murderous terrorism. Both companies’ actions expose their shareholders to backlash from investors and their customers.

“We need to keep increasing the pressure on companies hostile to conservative values,” Flaig continued. “Playing politics is a wasteful misallocation of investors’ capital and meritocracy. Rewarding employees based on their ability is a key driver of business success.”

ACVF president and co-founder Tom Carter added that DEI is becoming increasingly discredited, predicting that President-elect Donald Trump will further increase pressure on DEI.

“We must hold companies accountable,” Carter said. “We believe that market forces are the most effective and immediate way to do so. Politically conservative investors have the ability to punish or reward companies’ decisions.

“It’s a moral imperative to stop and roll back the left’s takeover of corporate America,” Carter continued. “Giving conservative investors the power to fight back is why we built the American Conservative Values ETF.

“We do not want to give the companies that are eagerly working to destroy conservative values — Walt Disney, Blackrock, Google, Amazon, and others — our hard-earned investment dollars — and neither should you.”