Is a Backlash Brewing Against ‘Woke’ ETF Giants?
BlackRock and Vanguard own about 15% of every US company. But one upstart ETF issuer contends they aren’t voting their shares the way investors want.
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BlackRock and Vanguard collectively own about 15% of every US company, but are they voting their shares in a way that aligns with investors in their funds? One new exchange-traded fund company, Strive Asset Management, says they aren’t, claiming they’ve gone against their fiduciary duty by becoming too “woke” and forming an “ideological cartel.” Now it has plans to offer alternatives.