Strive Asset Management has launched its second index fund, the Strive 500 ETF (NYSE: STRV, expense ratio: 0.0545 per cent), which seeks to track the returns of the Solactive GBS United States 500 Index.
The firm writes that STRV provides diversified large-cap exposure to established US corporations at a competitive rate.
Strive, through its approach to proxy voting and shareholder engagement, aims to unlock value for investors by mandating companies to focus on maximising value over all other agendas. Strive believes that pro-fiduciary shareholder engagement can positively impact the risk-return profile of a corporation for investors. Strive’s priority is to serve its clients’ financial interests without regard to social or political objectives.
“Our message to America’s largest companies is simple: focus on your mission, not someone else’s social agenda. Hire talent based on merit over other social factors. We hope to drive positive change through our shareholder engagement,” says Vivek Ramaswamy, executive chairman and co-founder of Strive.
Strive sent shareholder letters to Disney and Apple, two of the world’s largest companies. This follows Strive’s September 6th shareholder letter to the board of directors of Chevron. These three companies are included in the holdings of the Strive 500 ETF.
The Solactive GBS United States 500 Index highlights the largest 500 companies in the US stock market and is based on the Solactive Global Benchmark Series. Constituents are selected based on company market capitalisation and weighted by free-float market capitalization. The index is calculated based on price return in USD and is reconstituted quarterly. The benchmark does not pursue any environmental, social, governance (ESG) objectives, nor does it align with the objectives of the Paris Agreement.