Tom Lee, managing partner and head of research at Fundstrat Global Advisors, spoke on October 31, 2023 on CNBC’s “The Exchange.”
Adam Jeffrey | CNBC
The ETF, driven by Tomley, an embarrassing bull with a big online fandom on Wall Street, hit another milestone.
Granny Shot US Large Cap ETF (GRNY), a fund fund strut traded on his first exchange, surpassed its $2 billion in managed assets in less than nine months since its establishment in November.
It marks a rare success story in an industry that can take years to source just 10% of that level. According to data from Morningstar and FactSet, the rate of $2 billion out of the 258 US list actively managed large-cap ETFs ranked number one out of the 258 US list.
A proactively managed ETF, Grny invests in around 35 high quality stocks on the S&P 500. Funds including top holdings such as Robinhood and Oracle have grown more than 18% so far, 9% points ahead of the S&P 500.
The co-founder of Fundstrat and former JPMorgan strategist has continued to be online on a large scale by making bold calls in the market and communicating frequently and timely with investors.
“We want to make ETF investments easier to understand and transparent,” Lee said in a statement.
“Granny Shot” refers to the player shooting basketball underhand at the free throw line where the ball is released from under the waist. For Fundstrat, it means identifying stocks that fall under multiple major investment themes over the next five to ten years. These themes include energy and cybersecurity, the AI category known as global labor suppliers, and millennial influence.
The cost ratio for the Granny Shots Fund is 0.75%.
Disclosure: Tom Lee is a CNBC contributor.
