Strive Asset Launches FAANG 2.0 ETF

By Douglas A. McIntyre Updated Oct 26, 12:56PM EDT · Published Oct 26, 11:55AM EDT

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Strive Asset Launches FAANG 2.0 ETF — © Nastassia Samal / iStock via Getty Images

FAANG traditionally stood for the big six tech companies: Facebook, Amazon, Apple, Netflix and Google (though Google is now Alphabet and Facebook is Meta Platforms). An anti-ESG EFT from Strive Asset Management has a new take on the list. It has launched a FAANG 2.0 product, but none of the tech companies is in it. Rather, the companies are in energy, aerospace, metals and agriculture. The twist is clever and has gotten the kind of press coverage that can attract investors.

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According to CityWire, “Its current largest holdings include the parent company of John Deere, Exxon Mobil, Enphase Energy, and Raytheon Technologies.” This is in keeping with Strive’s philosophy. Its first fund, the Strive U.S. Energy ETF (NYSE: DRLL), has Exxon and Chevron among its largest investments. Energy companies are usual targets of ESG proponents, primarily because of their environmental impact.

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Strive has launched exchange-traded funds at a rapid pace. However, it recently delayed the date investors can buy its U.S. Technology ETF. Across all its ETFs, Strive has net assets of about $350 million. One test of the firm’s future is how quickly this can grow and if it can top $1 billion.

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Strive has caught the wave of the anti-ESG movement. Companies and many politicians have attacked the premise behind the investment approach. Among other things, there is no single yardstick for ESG rankings. Several research firms, proxy firms and consultancies offer ratings. However, each does not entirely disclose its formula for determining grades, which leaves the system open to criticism.

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Several states, led by Florida, have stopped investment of their funds in pro-ESG investment vehicles. This has hurt the revenues of these investment firms.

Strive has gotten more exposure than any ETF firm in recent memory. Now, it needs to turn that exposure into an increase in net assets.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.