Alternative Investments/ESG: Strive, Which Scooped $250M On The DRLL Anti-ESG ETF, To Launch Four New ETFs
Strive’s aim is to pressurize board members to step away from social or political agendas that do not benefit the shareholders.
Strive Asset Management, which is backed by investors including Peter Thiel and Bill Ackman, has filed for four new ETFs on Tuesday. The firm has likely been encouraged by the success of its flagship US Energy ETF (NYSEARCA: DRLL) which has exceeded $238 million in assets under management and over $320 million in traded volume in its first two full weeks of launch.
“We hope to unlock the potential of the U.S. energy sector by mandating U.S. energy companies to focus exclusively on excellence over social agendas imposed by ESG-linked asset managers,” said Vivek Ramaswamy, executive chairman of Strive Asset Management, in a recent statement on the performance of DRLL.
The filings are for the following new ETFs to be listed on the NYSE ARCA:
· Strive 1000 Growth ETF Ticker Symbol: [STXG]
· Strive 1000 Value ETF Ticker Symbol: [STXV]
· Strive 2000 ETF Ticker Symbol: [STXN]
· Strive 1000 Dividend Growth ETF Ticker Symbol: [STXD]
More power to shareholders
In its filing disclosure relating to Proxy voting, Strive said it would generally “vote in favor of and advocate for board members and proposals that focus companies exclusively on the pursuit of excellent products and services for customers over all other agendas.”
“The Firm will generally vote against board members and proposals that advance social or political agendas unrelated to providing excellent products and services to customers,” it said.
It also said it “may take an activist approach with respect to companies included in the Fund, potentially in coordination with other institutions, individuals, and parties affiliated with the firm.”
Related Story: An “Anti-ESG” ETF, Backed By Thiel And Ackmann, To Gun For Fossil Investing
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