Alternative Investments/ESG: An “Anti-ESG” ETF, Backed By Thiel And Ackmann, To Gun For Fossil Investing
The Strive US Energy ETF (DRLL) will invest in energy, for example drilling for oil.
Strive Asset Management announced the launch of the Strive US Energy ETF (NYSE: $DRLL) which seeks to take advantage of a likely bull run in US energy stocks from an unfolding demand-supply imbalance in the global energy markets. Taking an anti-ESG stance, the ETF will mandate U.S. energy companies to reject shortsighted political agendas and to focus on long-term profitability, including through increased investment in oil and gas production. (Businesswire)
Strive US Energy ETF (NYSE: $DRLL)
In a statement, Strive said US energy companies were shackled from adequately addressing the current energy crisis in some measure due to ESG mandates imposed by large asset managers, at the cost of financial interests of all shareholders.
“Strive intends to use its shareholder engagement and proxy voting power to unlock the potential of the U.S. energy sector by delivering this “post-ESG” mandate to U.S. energy companies – rejecting shortsighted political agendas that have caused companies to underinvest in American oil, natural gas, and other promising forms of energy,” it said in a statement.
The Strive U.S. Energy ETF ($DRLL) seeks to track a subset of the Solactive GBS United States 1000 Index composed of U.S.-listed equities in the energy sector. The Solactive index exhibits 99.7% historical correlation with BlackRock’s U.S. Energy Index.
The ETF has an expense ratio of 0.41%
“The largest U.S. asset managers have shackled U.S. energy companies with so-called ‘Scope 3 emissions caps’ and other destructive mandates that contributed to the American energy crisis today,” said Vivek Ramaswamy, executive chairman and co-founder of Strive Asset Management. “The right answer isn’t to complain about it, but to solve the problem. We’re proud to offer investors a new choice to align their voice and vote with how U.S. energy companies behave – by helping maximize long-run profits over short-run social fads.”
Related Story: New ESG Gold ETF From Sprott To List August 2
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