Fundstrat Capital has completed the May 2026 quarterly rebalance of its Fundstrat Granny Shots US Small- & Mid-Cap ETF (GRNJ  ), adding 10 stocks and removing eight as the firm positions the portfolio for what Chief Investment Officer Tom Lee describes as a "challenging but ultimate ly constructive" environment for U.S. equities.

Since launching on November, 2025, the ETF rapidly attracted investor assets by extending Fundstrat's thematic research-driven approach beyond large-cap equities.

According to Lee, the quarterly rebalance reflects updated macroeconomic, quantitative and fundamental analysis. The strategy seeks companies benefiting from multiple structural tailwinds, combining top-down macro research with bottom-up quantitative screening. To qualify for inclusion, a stock must appear in at least two of Fundstrat's seven investment themes. The portfolio is equally weighted and rebalanced every quarter.

The latest rebalance introduced several well-known names across technology, renewable energy, retail and healthcare while removing positions that no longer met the firm's thematic criteria.

Key Changes, May 2026 Rebalance

-Added: Credo Technology Group Holding Ltd (CRDO  ), Dick's Sporting Goods Inc (DKS  ), First Solar Inc (FSLR  ), Modine Manufacturing Co (MOD  ), Neurocrine Biosciences, Inc (NBIX  ), Natera Inc (NTRA  ), Rambus Inc (RMBS  ), TTM Technologies Inc (TTMI  ), Zeta Global Holdings Corp (ZETA  ) and Zoom Communications Inc (ZM  ).

-Removed: Array Technologies Inc (ARRY  ), Armstrong World Industries Inc (AWI  ), Carrier Global Corp (CARR  ), Donaldson Company Inc (DCI  ), Hyatt Hotels Corporation (H  ), Installed Building Products, Inc (IBP  ), ITT Inc. (ITT  ) and Universal Health Services Inc (UHS  ).

  • AUM: More than $476 million as of June 5.
  • Strategy: Stocks must qualify under at least two of seven proprietary investment themes.
  • Short-term themes: Style Tilt, Seasonality and PMI Recovery.
  • Long-term themes: Millennials, Global Labor Supply, Energy & Cybersecurity and Easing Financial Conditions.
  • Portfolio construction: Equal-weighted and rebalanced quarterly.
GRNJ is part of Fundstrat Capital's Granny Shots ETF suite, which also includes the Fundstrat Granny Shots US Large Cap ETF (GRNY  ) and income-oriented Fundstrat Granny Shots US Large Cap & Income ETF (GRNI  ). As of June 5, Fundstrat Capital managed approximately $4.8 billion across the three ETFs, with flagship GRNY accounting for $4.28 billion and GRNI managing roughly $49 million.