Tom Lee, managing companion and the top of analysis at Fundstrat World Advisors, speaks on CNBC’s “The Change” on Oct. 31, 2023.
Adam Jeffery | CNBC
An ETF pushed by Tom Lee, an unabashed bull on Wall Avenue with an enormous on-line fandom, simply hit one other milestone.
His first exchange-traded fund Fundstrat Granny Photographs US Massive Cap ETF (GRNY) has surpassed $2 billion in property beneath administration in lower than 9 months since its inception in November.
It marks a uncommon success story in an trade 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 corresponding to Robinhood and Oracle, is up greater than 18% 12 months thus far, outperforming the S&P 500 by over 9 share 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 buyers continuously and well timed.
“We wish 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 beneath a number of key funding themes over the following 5 to 10 years. These themes embody vitality and cyber safety, an AI-category known as world labor suppliers, and the influence of millennials.
The Granny Photographs fund has an expense ratio of 0.75%.
Disclosure: Tom Lee is a CNBC contributor.