MutualFundWire.com: Lee Takes Two More ETF Granny Shots

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Wednesday, September 3, 2025

Lee Takes Two More ETF Granny Shots

Less than a year after entering the ETF business, the folks at a Gotham boutique are teaming up with a familiar ally to build two more funds.

On August 20, the Fundstrat Capital and Tidal Investments [profile] teams filed to launch the Fundstrat Granny Shots U.S. Small- & Mid-Cap ETF and the Fundstrat Granny Shots U.S. Large Cap & Income ETF. Milwaukee-based Tidal will serve as the planned ETFs' investment advisor, while New York City-based Fundstrat will serve as the ETFs' sponsor and subadvisor.

The filing indicates that the Fundstrat and Tidal folks plan to debut the two new ETFs sometime in 2025 but offers no further details on launch timing. Also currently unrevealed are the ETFs' expense ratios, tickers, primary listing exchanges, and independent accounting firm.

Fundstrat's Tom Lee, managing director and head of research, and Ken Xuan, portfolio manager will serve on the PM teams for both new ETFs. The large cap and income ETFs' other PMs will include:

Christopher Mullen, PM at Tidal; and

Scott Snyder, senior vice president of trading at Tidal.

The small & mid cap ETF's other PMs will include two other Tidal PMs:

Qiao Duan; and

Ben McCaig.

Xuan, McCaig, Lee, and Duan already PM Fundstrat's current ETF, the Fundshot Granny Shots U.S. Large Cap ETF (GRNY on the NYSE Arca), with Tidal also serving as advisor and Fundstrat as subadvisor and sponsor. GRNY debuted on November 6, 2024, grew to $1.046 billion in AUM by May 13, 2025, and has more than doubled in in less than four months to $2.411 bilion in AUM*. Lee, who also serves as Fundstrat's chief investment officer, highlights the "astonishing success of GRNY.

"We have been asked to offer additional ETF products including making our Fundstrat SMID Granny Shots into a tax efficient ETF and also offer a Granny Shots income-oriented product," Lee states. "We listen to our clients and these are very complementary to our flagship Granny Shots ETF."

"We have received clear demand from clients for expanded opportunities to incorporate Fundstrat's research into their portfolios," states John Bai, co-founder and managing partner of Fundstrat.

The two planned Fundstrat ETFs will each be actively managed, diversified series of Tidal Trust III. Their other service providers will include:

ACA's Foreside Fund Services, LLC as distributor;

Sullivan & Worcester LLP as counsel;

Tidal ETF Services LLC as administrator;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant and transfer agent; and

U.S. Bank N.A. as custodian.