Tom Lee's Fundstrat Capital Announces May 2026 Rebalance for Granny Shots US Small- & Mid-Cap ETF

Rhea-AI Summary

Fundstrat Granny Shots US Small- & Mid-Cap ETF (NYSE Arca: GRNJ) completed its May 2026 quarterly rebalance, adding 10 stocks (CRDO, DKS, FSLR, MOD, NBIX, NTRA, RMBS, TTMI, ZETA, ZM) and removing 8 (ARRY, AWI, CARR, DCI, H, IBP, ITT, UHS).

GRNJ applies Fundstrat Capital’s Granny Shots framework to small- and mid-cap U.S. equities, is equally weighted, and rebalances quarterly. As of June 5, 2026, GRNJ holds over $476 million AUM within the Granny Shots ETF suite’s approximately $4.8 billion in total assets.

News Market Reaction – GRNI

-0.91%

-0.91% Session close to close

In the Jun 9 session, GRNI declined 0.91%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details GRNJ’s May 2026 quarterly rebalance, adding 10 names and removing 8 within...

Analysis

This announcement details GRNJ’s May 2026 quarterly rebalance, adding 10 names and removing 8 within a systematic framework tied to seven macro and thematic factors. GRNJ reached $476 million in AUM since its November 17, 2025 inception, contributing to Fundstrat’s $4.8 billion across the Granny Shots suite. Investors may focus on how these allocation shifts, equal-weighting, and quarterly rebalances interact with broader themes like PMI recovery, energy & cybersecurity, and easing financial conditions.

Key Figures

GRNJ AUM: $476 million Fundstrat total AUM: $4.8 billion GRNY AUM: $4.28 billion +5 more

8 metrics

GRNJ AUM $476 million Assets under management as of June 5, 2026

Fundstrat total AUM $4.8 billion Across Granny Shots ETF suite as of June 5, 2026

GRNY AUM $4.28 billion Flagship large-cap ETF AUM cited in suite description

GRNI AUM $49 million Large Cap & Income ETF AUM in suite overview

GRNJ inception date November 17, 2025 Stated fund inception date

Rebalance additions 10 securities May 2026 GRNJ quarterly rebalance additions

Rebalance deletions 8 securities May 2026 GRNJ quarterly rebalance deletions

Granny Shots themes 7 themes Number of fundamental investment themes in framework

Historical Context

5 past events · Latest: Jun 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 03	Large-cap rebalance	Positive	-0.7%	Completed May 2026 rebalance for GRNY with updated holdings and AUM data.
May 27	Monthly distribution	Positive	+0.1%	Declared May 2026 monthly distribution of $0.17700 per GRNI share.
May 22	UCITS launch	Positive	+1.0%	Launched GRNY UCITS ETF in Europe, mirroring Granny Shots strategy with large AUM.
Mar 27	Monthly distribution	Positive	-1.8%	Announced GRNI monthly distribution of $0.15958 per share with March dates.
Feb 25	Small/mid-cap rebalance	Positive	+0.9%	Completed Feb 2026 GRNJ rebalance with $384M AUM and significant turnover.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

News flow has been generally constructive, with three positive reactions and two instances where positive news coincided with a price pullback.

Recent Company History

Over the past several months, Fundstrat’s Granny Shots platform has expanded and refined its product suite. Recent updates highlighted a large-cap rebalance with GRNY AUM at $4.4B and suite assets near $5.02B, recurring monthly income distributions for GRNI, and a European UCITS launch for GRNY with over $4.3B AUM. GRNJ-specific history showed AUM at $384M in February 2026 and significant turnover. Today’s GRNJ rebalance continues this pattern of systematic, rules-based portfolio updates.

Key Terms

exchange-traded fund (ETF), options overlay, purchasing managers' index (PMI)

3 terms

exchange-traded fund (ETF) financial

"GRNJ (NYSE Arca: GRNJ) is an actively managed exchange-traded fund (ETF)..."

An exchange-traded fund (ETF) is a collection of different investments, like stocks or bonds, that can be bought and sold easily on a stock exchange, similar to how shares are traded. It allows investors to diversify their holdings with a single purchase, making it a flexible and convenient way to invest in a broad range of assets without buying each one individually.

View in glossary

options overlay financial

"adds an actively managed options overlay designed to generate monthly income..."

An options overlay is a set of option contracts added on top of an existing stock or portfolio to change its risk and return profile without buying or selling the underlying holdings. Like putting a removable roof or awnings on a house, it can generate extra income, limit potential losses, or let you pursue upside with less capital, so investors use it to tailor protection and returns while keeping core positions intact.

purchasing managers' index (PMI) technical

"PMI Recovery — Positioning for a rebound in the Purchasing Managers' Index (PMI)..."

A purchasing managers' index (PMI) is a monthly survey-based score that measures whether business activity in manufacturing or services is expanding or contracting; readings above 50 indicate growth and readings below 50 indicate shrinkage. Investors use the PMI like a quick economic health check — similar to a dashboard light — to anticipate changes in demand, corporate profits and interest-rate trends, so sharp moves can affect stock prices, bond yields and market sentiment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Fundstrat Granny Shots US Small- & Mid-Cap ETF (NYSE Arca: GRNJ) applies the Granny Shots framework to small- and mid-capitalization U.S. equities, with $476 million in assets under management.¹

Fundstrat Granny Shots US Small- & Mid-Cap ETF (NYSE Arca: GRNJ) extends the same thematic, multi-tailwind methodology behind flagship GRNY to the small- and mid-cap segment of the U.S. equity market.

NEW YORK, June 9, 2026 /PRNewswire/ -- Fundstrat Capital, the New York–based investment management firm led by Chief Investment Officer Thomas "Tom" Lee, today announced the completion of the May 2026 quarterly rebalance for the Fundstrat Granny Shots US Small- & Mid-Cap ETF (NYSE Arca: GRNJ). With more than $476 million in assets under management (AUM) as of June 5th, 2026, GRNJ applies the firm's Granny Shots framework to the small- and mid-cap segment of the U.S. equity market. The rebalance added 10 names and removed 8, tilting the portfolio toward quality, durable growth, and defensive resilience heading into what Fundstrat Capital views as a challenging but ultimately constructive year for equities.

"Every quarter, we revisit our key macro themes and tactical style allocations and identify the strongest stocks to reflect these real-time updated views. We are executing this rebalance to dynamically adapt Granny Shots to the fast-changing world and market conditions," said Thomas "Tom" Lee, Chief Investment Officer of Fundstrat Capital. "For this particular rebalance, our macro, quantitative, and fundamental analysis resulted in 10 additions and 8 deletions. Our evidence-based research points to a challenging but ultimately constructive 2026 for equities and we keep this timing in mind when we rebalance."

May 2026 Rebalance Summary

Additions: CRDO, DKS, FSLR, MOD, NBIX, NTRA, RMBS, TTMI, ZETA, ZM
Deletions: ARRY, AWI, CARR, DCI, H, IBP, ITT, UHS

The rebalance reflects updated positioning across Fundstrat Capital's proprietary Granny Shots investment framework, which identifies small- and mid-cap equities positioned to benefit from multiple structural themes spanning macroeconomic trends, monetary policy, demographics, behavioral shifts, and technology adoption.

Fundstrat Capital is the asset management affiliate of Tom Lee's research platform, Fundstrat Global Advisors, the institutional research firm Lee co-founded. Fundstrat Capital issues and manages the Granny Shots ETF suite, which includes GRNY, GRNI, and GRNJ. Each fund is listed on NYSE Arca.

The Granny Shots strategy combines Fundstrat's top-down macroeconomic research with bottom-up quantitative screening. To qualify for the portfolio, a security must appear in at least two of Fundstrat's seven fundamental investment themes, a dual-signal methodology that targets positions supported by multiple potential tailwinds. The portfolio is equally weighted and rebalanced quarterly.

¹Source: Morningstar and FactSet as of May 19, 2026; data includes actively managed U.S. small- and mid-cap equity ETFs.

The Seven Granny Shots Themes

The May 2026 portfolio is constructed from securities appearing in at least two of the following seven themes.

Shorter-term themes

Style Tilt — Positioning aligned with leading style factors (e.g., value vs. growth) in the current regime.

Seasonality — Calendar-based positioning informed by historical monthly and quarterly return patterns.

PMI Recovery — Positioning for a rebound in the Purchasing Managers' Index (PMI), favoring cyclical exposure tied to manufacturing and services activity.

Longer-term themes

Millennials — Companies positioned to benefit from the consumer, housing, and investing behaviors of the largest U.S. generation.

Global Labor Supply — Companies positioned for persistent labor scarcity, including beneficiaries of automation, robotics, and productivity-enhancing technology.

Energy & Cybersecurity — The physical energy infrastructure powering the modern economy and the cybersecurity layer that protects it.

Easing Financial Conditions — Transition in monetary policy, rate adjustments, and more accommodative credit conditions.

The Granny Shots ETF Suite

Fundstrat Granny Shots US Large Cap ETF (NYSE Arca: GRNY) — Flagship thematic large-cap U.S. equity strategy. AUM: $4.28 billion.

Fundstrat Granny Shots US Large Cap & Income ETF (NYSE Arca: GRNI) — Holds the same core equity positions as GRNY and adds an actively managed options overlay designed to generate monthly income distributions. AUM: $49 million.

Fundstrat Granny Shots US Small- & Mid-Cap ETF (NYSE Arca: GRNJ) — Applies the Granny Shots framework to small- and mid-cap U.S. equities. AUM: $476 million.

Why Investors Are Allocating to Granny Shots

Since its inception date on November 17, 2025, GRNJ has reached more than $476 million in AUM as of June 5th, 2026. The fund extends Fundstrat's thematic research into the small- and mid-cap segment, translating that research into a systematic, actively managed equity strategy.

The Granny Shots ETF suite, which includes GRNY, GRNI, and GRNJ, gives investors a research-driven toolkit spanning market capitalizations and income preferences. To learn more, visit grannyshots.com.

Frequently Asked Questions

What is the Granny Shots Small- & Mid-Cap ETF (GRNJ)?

GRNJ (NYSE Arca: GRNJ) is an actively managed exchange-traded fund (ETF) that uses Fundstrat Capital's proprietary thematic investment framework to identify small- and mid-cap U.S. equities positioned at the intersection of multiple macroeconomic and fundamental tailwinds.

Where does GRNJ trade?

GRNJ trades on NYSE Arca under the ticker symbol GRNJ. GRNY and GRNI also trade on NYSE Arca.

Who manages the Granny Shots ETFs?

The Granny Shots ETF suite is issued by Fundstrat Capital, led by Chief Investment Officer Thomas "Tom" Lee. The funds are series of Tidal Trust III and distributed by Foreside Fund Services, LLC.

How does the Granny Shots strategy select stocks?

A security must appear in at least two of Fundstrat's seven investment themes to qualify for the portfolio. This dual-signal methodology combines top-down macro research with bottom-up quantitative screening. The portfolio is equally weighted and rebalanced quarterly.

What are the seven Granny Shots themes?

Style Tilt, Seasonality, PMI Recovery, Millennials, Global Labor Supply, Energy & Cybersecurity, and Easing Financial Conditions.

How often does GRNJ rebalance?

GRNJ rebalances quarterly. The most recent rebalance is the May 2026 rebalance announced in this release.

What is GRNJ's inception date?

November 17, 2025.

What is the difference between GRNY and GRNI?

GRNY provides pure thematic equity exposure to the Granny Shots strategy. GRNI holds the same core equity positions as GRNY and adds an actively managed options overlay designed to generate monthly income distributions.

What is the total AUM of Fundstrat Capital?

As of June 5th, 2026, Fundstrat Capital manages approximately $4.8 billion across the Granny Shots ETF suite.

About Fundstrat Capital

Fundstrat Capital is a New York–based investment management firm (registered investment adviser) led by Chief Investment Officer Thomas "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. Tom Lee is widely recognized for his market research, macro commentary, and pioneering work in thematic investing across equities and digital assets.

Headquarters: New York, NY

Chief Investment Officer: Thomas "Tom" Lee

ETF Suite: GRNY, GRNI, GRNJ (NYSE Arca)

Total AUM: $4.8 billion (as of June 5, 2026)

Distributor: Foreside Fund Services, LLC

To learn more, visit fundstratcapital.com.

GRNY holdings and performance: grannyshots.com/grny

GRNJ holdings and performance: grannyshots.com/grnj

GRNI holdings and performance: grannyshots.com/grni

Follow Fundstrat Capital

X: @FundstratCap

X: @fundstrat

LinkedIn: Fundstrat Capital

YouTube: @FundstratCapital

Subscribe for Updates

To receive weekly market updates and commentary from Thomas "Tom" Lee and Fundstrat Capital, visit grannyshots.com/sign-up.

Media Inquiries

Email: inquiry@fundstratcapital.com

Disclosures

BEFORE INVESTING, YOU SHOULD CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES. THIS AND OTHER INFORMATION IS CONTAINED IN THE PROSPECTUS, WHICH CAN BE ACCESSED AT GRANNYSHOTS.COM/FUND-DOCUMENTS/ OR BY CALLING (212) 293-7132. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

Investing involves risk. Principal loss is possible.

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its investment objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund — Principal Risks of Investing in the Fund."

Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers.

Small- and Mid-Capitalization Companies Risk. The securities of small- and mid-capitalization companies may be more volatile and less liquid than the securities of large-capitalization companies. Small- and mid-capitalization companies may have limited product lines, markets, or financial resources, may depend on a smaller management team, and may be more vulnerable to adverse general market or economic developments than larger, more established companies.

Models and Data Risk. The composition of the Fund's portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete.

Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors of the Fund's service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Distributed by Foreside Fund Services, LLC. Foreside is not related to Tidal or Fundstrat.

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SOURCE Fundstrat Capital

FAQ

What is the Fundstrat Granny Shots US Small- & Mid-Cap ETF (NYSE Arca: GRNJ)?

GRNJ is an actively managed ETF focused on small- and mid-cap U.S. equities using Fundstrat’s Granny Shots framework. According to Fundstrat Capital, it targets stocks benefiting from multiple macro and fundamental themes, combining top-down research with bottom-up quantitative screening.

What changes were made in the May 2026 rebalance of GRNJ (ticker GRNJ)?

The May 2026 GRNJ rebalance added 10 stocks and removed 8 from the portfolio. According to Fundstrat Capital, additions included CRDO, DKS, FSLR and others, while deletions included ARRY, AWI, CARR and several additional names.

How large is the GRNJ ETF as of June 2026?

As of June 5, 2026, GRNJ has more than $476 million in assets under management. According to Fundstrat Capital, the broader Granny Shots ETF suite manages approximately $4.8 billion across GRNY, GRNI, and GRNJ combined.

How does the Granny Shots strategy select stocks for GRNJ (symbol GRNJ)?

GRNJ holds stocks that appear in at least two of seven Granny Shots investment themes. According to Fundstrat Capital, this dual-signal process blends macroeconomic research with quantitative screening, creating an equally weighted portfolio that is rebalanced quarterly.

How often does the Fundstrat GRNJ ETF rebalance its portfolio?

GRNJ rebalances its portfolio on a quarterly schedule. According to Fundstrat Capital, the most recent completed rebalance was the May 2026 update, which adjusted holdings based on refreshed macro themes and the seven Granny Shots investment factors.

What is the difference between GRNY and GRNI in the Granny Shots ETF suite?

GRNY offers large-cap Granny Shots equity exposure, while GRNI adds an actively managed options overlay. According to Fundstrat Capital, GRNI holds GRNY’s core positions but seeks to generate monthly income distributions through this options-based income strategy.