Tom Lee, managing companion and the pinnacle of analysis at Fundstrat World Advisors, speaks on CNBC’s “The Trade” on Oct. 31, 2023.
Adam Jeffery | CNBC
An ETF pushed by Tom Lee, an unabashed bull on Wall Road with a giant on-line fandom, simply hit one other milestone.
His first exchange-traded fund Fundstrat Granny Photographs US Giant Cap ETF (GRNY) has surpassed $2 billion in belongings underneath administration in lower than 9 months since its inception in November.
It marks a uncommon success story in an business the place elevating simply 10% of that degree can take years.
GRNY, an actively managed ETF, invests in round 35 high-quality shares within the S&P 500. The fund, with prime holdings reminiscent of Robinhood and Oracle, is up greater than 18% 12 months so far, outperforming the S&P 500 by over 9 proportion factors.
The Fundstrat co-founder and former JPMorgan strategist gained an enormous on-line following by making daring calls available on the market and speaking with traders regularly and well timed.
“We need to make investing in our ETF comprehensible and clear,” Lee stated in a press release.
“Granny shot” is a reference to capturing a basketball underhand on the free throw line the place the participant releases the ball from under the waist. For Fundstrat, it means figuring out shares that fall underneath a number of key funding themes over the subsequent 5 to 10 years. These themes embody power and cyber safety, an AI-category known as international labor suppliers, and the impression of millennials.
The Granny Photographs fund has an expense ratio of 0.75%.
Disclosure: Tom Lee is a CNBC contributor.
