Thiel-Backed Firm Debuts Anti-ESG ETF to Urge More Drilling
- DRLL holds US energy companies in hopes of ending ESG mandates
- Principles-based funds have struggled to attract assets
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An anti-activism exchange-traded fund of sorts has launched to supposedly “unshackle” energy companies from climate concerns that some investors have forced them to reckon with.
The aim of the Strive US Energy ETF (ticker DRLL), which began trading Tuesday, is to accumulate enough assets for the Ohio-based manager to have say in the boardroom, according to co-founder Vivek Ramaswamy. Strive launched in 2022 with backing from billionaire investors including Peter Thiel and Bill Ackman.