Tom Lee, managing partner and the head of research at Fundstrat Global Advisors, speaks on CNBC’s “The Exchange” on Oct. 31, 2023. Adam Jeffery | CNBC
An ETF driven by Tom Lee, an unabashed bull on Wall Street with a big online fandom, just hit another milestone.
His first exchange-traded fund Fundstrat Granny Shots US Large Cap ETF (GRNY) has surpassed $2 billion in assets under management in less than nine months since its inception in November.
It marks a rare success story in an industry where raising just 10% of that level can take years. The speed to reach $2 billion ranks no.1 out of 258 U.S.-listed actively managed large-cap equity ETFs, according to Morningstar and FactSet data.
GRNY, an actively managed ETF, invests in around 35 high-quality stocks in the S&P 500. The fund, with top holdings such as Robinhood and Oracle, is up more than 18% year to date, outperforming the S&P 500 by over 9 percentage points.
The Fundstrat co-founder and former JPMorgan strategist gained a huge online following by making bold calls on the market and communicating with investors frequently and timely.
“We want to make