Strive's First ETF Reaches $100 Million Within First Week of Launch
Strive Asset Management announced that its first exchange-traded fund (ETF) exceeded $100 million in assets under management (AUM) and over $160 million in traded volume in its first full week of launch, representing the largest non-seeded ETF launch in 2022.
August 17, 2022. By News Bureau
The fund, DRLL, is a passively managed U.S. energy index fund that delivers a new post-ESG shareholder mandate to U.S. energy companies through shareholder engagement and proxy voting.
“This represents an important milestone and it's just the first step of our journey,” said Vivek Ramaswamy, executive chairman of Strive Asset Management. “Our goal is to unlock the potential of the U.S. energy sector by mandating companies to focus on excellence, including through greater oil and gas production, instead of social agendas imposed by large ESG-linked asset managers."
Matt Cole, head of products & investments at Strive Asset Management added, “We believe our message and mandates to US companies are already resonating with Americans. Unlike typical ETF launches where you see a small number of high dollar trades, the success of DRLL has been driven by smaller dollar trades.”
DRLL had an average trade size of $4,055 per trade, compared to an average trade size of $5.7 million for other 2022 ETF launches that generated over $100 million in assets under management in their first week.
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