$4.5 Billion Large-Cap ETF Surprised by Crypto-Sensitive Holdings
A large-cap ETF called Fundstrat Granny Shots US Large Cap ETF (GRNY) has seen its top two holdings shift to crypto-sensitive companies Strategy and Robinhood Markets, respectively.
The $4.5 billion fund's Sept. 4 holdings snapshot ranked Strategy (MSTR) first at 3.02% and retail financial platform Robinhood Markets (HOOD) second at 2.99%, representing a combined 6.01% of the portfolio.
This move is not necessarily an indication that mainstream managers are replacing direct crypto allocations with proxy stocks, as Strategy holds a large corporate Bitcoin treasury and its shareholders also take on financing and capital-structure risk.
Roland's equal-weight reset and MSTR rally contributed to the change in holdings. The fund sponsor's full rebalance announcement listed the additions and removals from the portfolio, which included Freeport-McMoRan and Intel being added, while Air Products and Chemicals were removed.