Local financial advisors from Cary Street Partners will be ringing the closing bell at the New York Stock Exchange Thursday.
The firm, which is headquartered in Richmond but has a large presence in Fredericksburg, partnered with Fairlead Strategies to start an Electronically Traded Fund called the Fairlead Tactical Sector ETF (Symbol TACK). Fairlead, based in Stamford Connecticut, is a well-known technically based provider of market research. Technical analyst Katie Stockton, who contributes to CNBC, is the portfolio manager for TACK, and Cary Street Partners provides business infrastructure for the ETF.
TACK launched March 23 with a listing on the NYSE. Through Friday, the ETF has assets under management of approximately $186 million, making it one of the most successful ETF launches this year.
The TACK strategy seeks to limit drawdowns during periods of market distress, such as 2022.
The NYSE has invited the Fairlead Tactical Sector ETF to ring the closing bell on December 22nd. Joining Katie Stockton on the podium will be representatives from Cary Street, including Chief investment Officer Tom Herrick and Fredericksburg advisors Doug Stewart, Walter Bayne, Dan Clendenin, Andre Pineda and Lee Murray.
