TOM LEE: As we approach mid-year, the driver for S&P 500 so far is 'E' not 'PE'

TOM LEE: As we approach mid-year, the driver for S&P 500 so far is 'E' not 'PE' $GEV $HOOD $VST $CAT $ETN 📈📈 Granny ETFs Performance: For the week ending 6/18/2026, GRNY rose 1.07% vs. a gain of 0.96% for the S&P 500 (+11 bps relative). GRNJ rose 1.84% vs. a gain of 0.82% for the Russell 2500 (+102 bps relative), and GRNI rose 1.34% vs. a gain of 0.96% for the S&P 500 (+38 bps relative). 🌐 Earnings Over Multiples: The S&P 500 is being driven by earnings, not multiples, leaving the market cheaper than it was on January 1, and the one-day drop in semis and memory looks like a dip to buy in AI infrastructure. 📌 Themes Driving Performance: The primary themes contributing to performance this week were Millennials, followed by Energy/Cyber Security, with additional support from Global Labor Suppliers. GRNY holdings and performance: https://grannyshots.com/grny/ GRNJ holdings and performance: https://grannyshots.com/grnj/ GRNI holdings and performance: https://grannyshots.com/grni/ About Fundstrat Capital: Fundstrat Capital is an investment management firm led by Chief Investment Officer Tom Lee, specializing in thematic, research-driven equity strategies. The firm applies in-depth macroeconomic, industry, and market trend analysis to develop actively managed investment solutions for a broad range of investors. About the Granny Shots Strategy: The Fundstrat Granny Shots strategy, grounded in Fundstrat’s evidence-based research, identifies the macro forces shaping markets and applies them through a disciplined, rules-based investment approach. By integrating longer-term structural drivers with shorter-term tactical factors, the strategy seeks to deliver long-term capital appreciation. Connect with Fundstrat Capital for daily insights: X: https://x.com/FundstratCap LinkedIn: / fundstrat-capital Instagram:   / fundstrat_cap   Sign up for news and updates: https://grannyshots.com/sign-up/ For media inquiries, contact [email protected] Basis points (bps) – A unit of measurement equal to 1/100th of one percentage point; 100 bps = 1%. Earnings per share (EPS) – A company’s profit divided by its number of shares; a core measure of profitability. P/E ratio (price-to-earnings) – A stock’s price divided by its earnings per share; a common gauge of how expensive it is. Russell 2500 – A stock market index tracking about 2,500 smaller U.S. companies; GRNJ’s benchmark index. S&P 500 – A stock market index tracking the 500 largest publicly traded U.S. companies; GRNY and GRNI’s benchmark index. Win ratio – The share of past instances that produced a positive return. Bloomberg Memory Index: A proprietary measure that tracks the market’s tendency to revisit and react to historically significant price levels and events. BEFORE INVESTING, CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES. FOR THIS AND OTHER IMPORTANT INFORMATION, PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. BIT.LY/GRNYPRO THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR’S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR THE MOST RECENT MONTH-END PERFORMANCE, PLEASE CALL (212) 293-7132. The Fundstrat ETFs are distributed by Foreside Fund Services, LLC.