Stay informed with free updates
Simply log in to the Exchange traded funds myFT Digest – delivered straight to your inbox.
Latest news about ETFs
Visit our ETF Hub to learn more and explore our in-depth data and comparison tools
Strive Asset Management, the activist exchange-traded fund manager founded by Republican US presidential candidate Vivek Ramaswamy, plans to roll out model portfolios and a collective investment trust “in the near term”, according to a filing with regulators.
The models would use the manager’s approach to shareholder proposals, shareholder votes and public and private engagement, the manager announced.
“Strive engages in advocacy designed to encourage publicly traded companies to focus on economic factors in maximizing shareholder value,” the filing said.
“This may include submitting or supporting shareholder proposals at publicly traded companies, advocating for changes in management or corporate structure at publicly traded companies, and a wide range of corporate and/or public involvement.”
The models would use Strive ETFs and a third-party ETF that was “selected due to the need for investment exposure where a Strive ETF does not currently exist,” according to a Strive spokesperson. She did not identify the third-party ETF.
Strive would also soon launch its first CIT, the Submission Notes.
The manager would only receive fees for the underlying Strive ETFs in each model portfolio and would not charge additional model-specific fees, the filing said. Strive would also charge a “sliding scale” of up to 49 basis points for CIT fees, meaning the charges would include up to 49 basis points of underlying ETF fees.
Strive’s eleven ETFs have expense ratios between 5 and 49 basis points, prospectuses show.
To strive launched its first ETF – the now $365 million US Energy ETF – in August 2022. The ETF was touted by Strive as promoting investments in fossil fuels, as opposed to mandates focused on environmental, social and governance investments.
The company’s ETF suite was released last month refilled $1 billion in combined assets. According to Morningstar Direct, investors poured $613 million into these products during the year ended September 30.
Ramaswamy stepped from his role as executive chairman in February to run for president. Two months later, the company called former California Public Employees’ Retirement System investment manager Matt Cole as its first CEO.
Company announced in March, the company announced it was rolling out a bundled employer plan for small and medium-sized businesses, for employees who “want to opt out of the politicization of their retirement accounts.” The company launched a website for the PEP at the time, but that website now redirects to Strive’s homepage.
Strive’s spokesperson declined to comment on when any of the new product lines, including the PEP, would be launched. However, she noted that announcements on both were “coming soon.”
*Ignites is a news service published by FT Specialist for professionals working in the asset management sector. Trials and subscriptions are available at ignites.com.