Fundstrat arrives in Europe: the “Granny Shots” UCITS ETF, worth over $4 billion, launches today on Borsa Italiana, the LSE and Xetra

Thomas “Tom” Lee, CFA, Chief Investment Officer at Fundstrat Capital and co-founder of Fundstrat Global Advisors

The fund replicates the “Granny Shots” strategy in UCITS format, which in the United States has reached assets of $4.1 billion (approximately €3.8 billion) less than two years after its launch in November 2024 on the New York Stock Exchange. The European version, with a TER of 0.75%, is an actively managed, accumulation-style ETF, built around a concentrated portfolio of 20–50 large-cap US equities, which are equally weighted and rebalanced on a quarterly basis.

The strategy: structural themes and quantitative screening

The investment process revolves around seven structural themes identified by Fundstrat’s research team. These include demographic shifts, energy security, cybersecurity, the economic impact of millennials and the productivity cycle driven by artificial intelligence. Each theme is subject to ongoing review and represents, according to the firm, a force set to shape the US economy over the next decade.

The selection rule is clear: a stock is only included in the portfolio if it aligns with at least two of the seven themes. In a subsequent stage, candidates are filtered through quantitative models that assess their fundamental quality, earnings momentum and factor characteristics. Final equal-weighting reduces the risk of concentration on individual stocks, whilst quarterly rebalancing prevents the portfolio from drifting due to price movements, keeping it aligned with current thematic convictions.

The fund uses the S&P 500 exclusively as a benchmark for performance comparison, with no replication constraints.

The team: Tom Lee and Ken Xuan

At the helm of the strategy is Thomas “Tom” Lee, CFA, Chief Investment Officer at Fundstrat Capital and co-founder of Fundstrat Global Advisors. Lee has over thirty years’ experience on Wall Street: before founding Fundstrat in 2014, he was Chief U.S. Equity Strategist at J.P. Morgan and, prior to that, Chief Strategist at Salomon Smith Barney. He is the creator of the “Granny Shots” thematic framework, which has helped make Fundstrat one of the most closely followed voices in the American financial debate.

The quantitative work is led by Ken Xuan, CFA, FRM, Head of Data Science at Fundstrat Capital, who oversees the stock screening process and the development of factor models.

The context: a launch in a rapidly expanding European market

Fundstrat’s arrival in Europe comes at a time of strong growth for the European ETF industry. An increasing number of US asset managers are opting for the UCITS structure to offer their strategies to institutional and private wealth investors in Europe. The London-based platform HANetf, which specialises in incubating white-label ETFs, has been chosen by Fundstrat as its operational partner for the launch.

Performance and positioning

In the US, the sister fund GRNY has significantly outperformed the main benchmarks. According to FactSet data, since November 2024 the fund has returned 13.7% compared to 7.8% for the MSCI USA Large Cap Index. In the 2025 calendar year, the ETF gained 28%, compared to 19.5% for the Invesco QQQ Trust and 15.8% for the Vanguard S&P 500 ETF. As of July 2025, the fund ranked in the top 3% of its Morningstar category, which comprises around 1,400 comparable funds.

Inflow growth was equally rapid: GRNY reached $1.5 billion in eight months, surpassed $2 billion in July 2025 and $3 billion by October of the same year, before settling at over $4 billion in the spring of 2026.

Thomas Lee, CIO and Lead Portfolio Manager at Fundstrat Capital, commented: “Our flagship Granny Shots US Large Cap ETF allows investors to gain exposure to the companies most closely linked to the seven key themes driving earnings and price growth in the S&P 500. Since its launch in November 2024, this approach has led the ETF to attract over $4 billion in assets under management. We are now committed to extending the same research-backed strategy to investors across Europe”.

Hector McNeil, Co-Founder and Co-CEO of HANetf, added: “We are delighted to be partnering with Fundstrat Capital to bring Fundstrat’s flagship Granny Shots ETF, listed in the US, to Europe via a UCITS structure. By offering exposure to Fundstrat’s Granny Shots strategy, previously available only through US products, European investors now have access to the same research that has made Fundstrat one of Wall Street’s most trusted sources.”

With this launch, the European active ETF landscape is enriched by a product that brings with it a proven track record, a methodologically transparent strategy and the direct oversight of one of the most recognisable names in global equity research.