Set of moral values held by Elizabeth, I conclude (5)
I believe the answer is:
ethic
'set of moral values' is the definition.
(I've seen this in another clue)
'held by elizabeth i conclude' is the wordplay.
'held by' indicates the answer is hidden within the clue.
'ETHIC' is hidden in the letters of 'elizabeth i conclude'.
(Other definitions for ethic that I've seen before include "Code of principles" , "Principles accepted by a social group" , "System of principles" , "An unusual factor in morals" , "Moral rule" .)