Without a detailed explanation, Strive Asset Management, the promising anti-ESG ETF management company, has delayed its US Technology ETF (STXT) launch. It is not available to outside investors for the time being. Strive probably needs to launch a series of exchange-traded funds to become larger and eventually reach profitability. It already has an impressive track record with its Strive US Energy ETF (DRLL), which has over $300 million in net assets.
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Strive’s new ETFs may have fewer net assets than its energy ETF. The Strive 500 ETF is based on tracking a specific measurement of the S&P 500. So far, its net asset total is $53 million. The energy ETF is more easily understood as an anti-ESG investment. Energy companies, particularly oil companies, are a frequent target of ESG proponents. Many investors find it harder to see how an S&P 500-based ETF fits Strive’s primary goal, although it has articulated the reasons.
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Strive made the point that the delay would not be permanent. It told Citywire that the US Technology ETF would be launched “in due course.”
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Strive’s visibility has been extraordinary given its size. Part of the reason is the wave of anti-ESG investing sentiment. Several states have said they will not use money management firms that invest based on pro-ESG standards. This already has cost these money managers billions of dollars in assets as state officials pull money from them.
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Strive has had impressive momentum. New ETFs are a key to keeping that going.
Strive Asset Delays US Technology ETF
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