MutualFundWire.com: A Startup Launches Its Third Fund In Two Months

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Monday, October 10, 2022

A Startup Launches Its Third Fund In Two Months

A startup, activist, anti-ESG fund firm's team is rolling out their third fund, two months after launching their first.

Vivek Ganapathy Ramaswamy
Strive Asset Management, LLC
Co-Founder, Executive Chairman

Today, Vivek Ramaswamy, executive chairman and co-founder of Strive Asset Management, LLC, unveiled the launch of the Strive U.S. Semiconductor ETF (SHOC on the NYSE Arca, Inc.). The new fund's inception date was Thursday, and as of Friday it had $1.4 million in AUM.

SHOC comes with an expense ratio of 40 basis points. It is designed to track the Solactive United States Semiconductors 30 Capped Index.

Like Strive's first two funds, SHOC is a passively managed ETF, with Empowered Funds, LLC (dba EA Advisers, aka ETF Architect) serving as investment advisor, Strive serving as subadvisor, Solactive AG as index provider, and Strive's own Matthew Cole as PM.

Ramaswamy puts launching SHOC in the context of fears over tensions between China and Taiwan. He pledges to use Strive's voice as a shareholder of U.S. semiconductor companies to push them to prepare for the possibility of Taiwan being invaded or blockaded (and notes that Taiwan is a big manufacturer of semiconductors).

The new fund's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Practus, LLP as counsel; Quasar Distributors, LLC as distributor; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, fund accountant, and transfer agent; and U.S. Bank National Association as custodian.

Printed from: MFWire.com/story.asp?s=64982

Copyright 2022, InvestmentWires, Inc.
All Rights Reserved