Tom Lee’s GRNY ETF Surpasses $2 Billion in Assets Under Management
Tom Lee, managing partner and the head of research at Fundstrat Global Advisors, has seen his first exchange-traded fund, Fundstrat Granny Shots US Large Cap ETF (GRNY), reach a significant milestone. The ETF has surpassed $2 billion in assets under management in less than nine months since its inception in November.
This achievement is noteworthy in an industry where reaching such a level of assets under management can often take years. GRNY is an actively managed ETF that invests in approximately 35 high-quality stocks in the S&P 500. With top holdings such as Robinhood and Oracle, the fund has delivered a return of over 18% year to date, outperforming the S&P 500 by more than 9 percentage points.
Tom Lee, known for his bold market calls and frequent communication with investors, has built a strong online following. He emphasized the importance of making investing in the ETF transparent and understandable to investors.
The term “Granny shot” refers to shooting a basketball underhand at the free throw line, releasing the ball from below the waist. For Fundstrat, it signifies identifying stocks that align with key investment themes over the next five to 10 years, including energy, cybersecurity, global labor suppliers in AI, and the impact of millennials.
The Granny Shots fund carries an expense ratio of 0.75%. Tom Lee also serves as a CNBC contributor.
