Marijuana buyers have a brand new fund to observe as the brand new yr approaches.
ETFMG Alternative Harvest ETF – a cannabis-focused exchange-traded fund – made its debut on NYSE Arca this week with 31 holdings.
NYSE Arca buyers commerce each shares and choices. An ETF owns and tracks sure belongings and, in contrast to a mutual fund, could be traded like a daily inventory.
ETFMG Alternative Harvest ETF – whose ticker image is MJX – was created by New Jersey-based ETF Managers Group, which filed plans with the U.S. Securities and Exchange Commission in February.
The fund’s underlying index is the Prime Alternative Harvest Index, which follows corporations which may profit from the rising mainstream acceptance of marijuana.
The Alternative Harvest ETF is believed to be one of many first of its sort aimed toward U.S. buyers.
A Canadian marijuana-centric ETF, Horizons Medical Marijuana Life Sciences, started trading on the Toronto Stock Exchange in April.
Alternative Harvest ETF’s holdings are largely targeted on the buyer staples and health-care sector within the marijuana business.
Its most important holdings are Canadian hashish corporations, together with Cronos Group (MJN), a medical marijuana provider; CannTrust Holdings (TRST), which additionally offers within the MMJ sector, and Canopy Growth Corp. (WEED), a marijuana manufacturing and distribution firm.
Another of the fund’s vital holdings is GW Pharmaceuticals of Cambridge, United Kingdom.