Michael Monaghan
Goldman Sachs, Riverstone; 2x Founder
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Founders 100 ETF (FFF)For Investment Professionals
Founder-Led US Large-Cap Growth Allocation
Why It’s Different
Founder-Led companies outperformed.
3.1×1990-2014
2.1×2015-2024
Source: Bain & Company
Yet most ETFs have limited exposure:
SPY16%
QQQ20%
FFF100%
By weight, as of 6/30/26, subject to change
Investment Process
01
~1,000 Founder-Led, US-listed stocks & REITs → 200 largest by free-float market cap → 100 selected
02
Proprietary fundamental criteria applied within a systematic, repeatable framework
03
Max 7.5% position size at quarterly rebalance
04
10 GICS sectors | 37 industries
People
Significant personal investment; 50+ years combined experience
Lauren Cassidy, CFA
Columbia MBA; equity research & portfolio management
Key Risks
01
Equity market volatility (5+ year horizon)
02
Growth/style headwinds (rates, multiple compression)
03
Sector concentration (e.g. software, capital markets)
04
Active management risk
Cost
0.75% expense ratio (active ETF)
Daily liquidity; predominantly large cap
Active discretion (buy select Founder IPOs, sell Founder exits, reconstitute quarterly)
Why Replace QQQ?
Portfolio Characteristics
QQQ
FFF
Founder-Led Exposure (% weight)
20%
100%
Overlap with SPY (% weight)
54%
11%
Investment Approach
Passive (index-based)
Active
IPO Inclusion
Rules-based
Valuation-driven
Buying
Rules-based
Discretionary
Portfolio Composition
100 Nasdaq-listed (non-financials)
100 Founder-Led companies
Exposure to Innovative Non-Nasdaq
No
Yes
Exposure to Innovative Financials
No
Yes
Reconstitution / Rebalance
Annually / Quarterly
Quarterly / Quarterly
Rules-based indexes may buy large IPOs as they become eligible, often when demand is highest.
FFF has the discretion to wait for lock-up expiration, price discovery, and a more attractive valuation.