Strive Asset Management has announced that its first ETF exceeded USD100 million in assets under management (AUM) and over USD160 million in traded volume in its first full week of launch, representing the largest non-seeded ETF launch in 2022, the firm says.
The fund, DRLL, is a passively managed US energy index fund that is designed to deliver a new ‘post-ESG’ shareholder mandate to US energy companies through shareholder engagement and proxy voting, the firm says.
“This represents an important milestone and it’s just the first step of our journey,” says Vivek Ramaswamy, executive chairman of Strive Asset Management. “Our goal is to unlock the potential of the US 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 says: “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 USD4,055 per trade, compared to an average trade size of USD5.7 million for other 2022 ETF launches that generated over USD100 million in assets under management in their first week.
Strive writes that it exceeded the trading volume of BlackRock’s passively managed US energy index fund, IYE, over the past week and aims to exceed the AUM of IYE by the end of 2023.