Strive Asset Delays US Technology ETF

By Douglas A. McIntyre Published Oct 24, 7:30AM EDT

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Strive Asset Delays US Technology ETF — © Mario Tama / Getty Images News via Getty Images

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.

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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.