Freedom to choose.
Power to outperform.
Today’s Issue is Sponsored by USA Mutuals
Freedom to choose. Power to outperform.
Introducing The Vice Fund. By USA Mutuals.
In today’s America, freedom feels more like a fight than a guarantee.
Whether it’s what you say, how you live, or where you put your money, choices once taken for granted are now under pressure. But at USA Mutuals, we believe freedom still belongs in the hands of the people. And that includes the freedom to invest in what you believe works.
The Vice Fund (VICEX) was built for that very reason.
While other funds chase fads and follow politically correct mandates, VICEX leans into the sectors that power the real economy: defense, tobacco, alcohol, and gaming. The same industries that have long been criticized by the status quo are now delivering solid, unapologetic returns. You won’t find BlackRock investing in these sectors—but we do.
Why Defense Is Up & Still Climbing
Global tensions are escalating, and so is defense spending. The U.S. and its allies are responding to rising threats from China, Russia, and beyond with major increases in military budgets. Contractors like BAE Systems and RTX Corporation are benefiting from record order backlogs, multibillion-dollar contracts, and long-term tailwinds as nations double down on security in an increasingly unpredictable world.
Defense is more than just a sector; it’s a national priority.
Resilient in Any Economy. Rooted in American Life.
Some industries don’t just survive downturns- they thrive in them. Tobacco, alcohol, and gaming are driven by habit, emotion, and American tradition, and we believe this makes them remarkably durable across market cycles.
🚬 🍃 Tobacco: Backed by generational brand loyalty and consistent cash flow, this sector holds strong even under regulatory pressure.
🍺 🍷 Alcohol: From weeknight beers to weekend celebrations, alcohol remains a cultural constant, often seeing steady or increased demand in tough times.
🎲 🎮 Gaming & Casinos: In uncertain times, people turn to entertainment. Casinos and online gaming thrive as consumers seek escape and connection.
These aren’t just vice sectors—they’re American pastimes. And they deliver when the rest of the market pulls back.
📈 YTD PERFORMANCE AS OF 9/30/2025:
Vice Fund (VICEX): +23.82%
MSCI All World Index: +18.86%
S&P 500 TR Index: +14.83%
If you believe in freedom of choice, personal responsibility, and investing in strength, the Vice Fund gives you a place to put your dollars—and your values—to work.
VICEX is available through many major platforms, including:
✅ Schwab
✅ Fidelity
✅ Pershing
✅ and more!
Not politically correct. Just historically resilient.
Standardized performance as of (9/30/2025) Fund Inception (08/30/2002)
*Inception: 8/30/2002 (Investor), 12/08/2011 (Class A & C), 4/01/2014 (Institutional)
The gross expense ratio for the fund is: Inst – 1.90%, Investor- 2.15%, A – 2.15%, C – 2.90%. The net expense ratio for the fund is Inst – 1.48%, Investor – 1.73%, A – 1.73%, C – 2.48%. Contractual fee waivers through 07/31/2026.
Investor Class performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783. Returns over one year are annualized. The Gross and Net expenses are 2.15% and 1.73%. The Fund’s adviser, USA Mutuals Advisors, Inc. (the “Adviser”), has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until July 31, 2026, to ensure that total annual fund operating expenses after fee waiver and reimbursement will not exceed 1.48% of the Fund’s average daily net assets for each share class.
DEFINITIONS:
The MSCI All Country World Index Total Return (“MSCI ACWI TR”): Captures large and mid-cap representation across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries.
The S&P 500 TR Index (“S&P 500 TR Index”): is considered to be generally representative of the U.S. large capitalization stock market as a whole.
IMPORTANT RISK INFORMATION:
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-MUTUALS or visit our website at www.USAMutuals.com. Read the prospectus or summary prospectus carefully before investing.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. For performance data as of the most recent month-end please call 1-866-264-8783.
Important Disclosures
Click here for Prospectus.
The USA Mutuals Funds are distributed by Northern Lights Distributors, LLC.
Northern Lights Distributors, LLC and USA Mutual Advisors, Inc. are not affiliated.
Mutual fund investing involves risk; principal loss is possible. The Fund will concentrate its net assets in industries that have significant barriers to entry including the alcoholic beverages, tobacco, gaming and defense/aerospace industries, the Fund may be subject to the risks affecting those industries, including the risk that the securities of companies within those industries will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting those industries, more than would a fund that invests in a wide variety of industries. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund invests in smaller companies, which involve additional risks, such as limited liquidity and greater volatility. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could result in losing more than the amount invested. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss.
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