As reported by CNBC, on Oct. 27, ETF Managers Group filed for a new ETF, the Alternative Agroscience ETF. This ETF will mimic an index as closely as possible that tracks cannabis cultivators, producers and distributors, cannabinoid drugmakers, fertilizer producers, and tobacco companies.
But there's an interesting catch behind its "inception." The Alternative Agroscience ETF won't really be a new ETF at all. ETF Managers Group is switching the focus and tracking index of an existing ETF, the Tierra XP Latin America Real Estate ETF (NYSEMKT: LARE), which tracks the Solactive benchmark of real estate in Mexico and Brazil, to an ETF that predominantly follows cannabis companies.
[...] According to a Securities and Exchange Commission filing, the switch to a cannabis-based index will occur on Dec. 26, so there's still a few weeks to go before investors will have an ETF that truly tracks marijuana stocks.
What is an ETF? "An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange. ETFs experience price changes throughout the day as they are bought and sold. ETFs typically have higher daily liquidity and lower fees than mutual fund shares, making them an attractive alternative for individual investors."
https://www.investopedia.com/terms/e/etf.asp
(Score: 2) by frojack on Saturday November 25 2017, @12:03AM (1 child)
Although it can be said about any stock market play, this one seems more than a little suspect.
Most Legal Grow ops are state corporations at best, and as likely to be partnerships that do not issue stock. Those that do issue stock are likely to be traded over the Cafe Table at 3pm on any random Tuesday by invitation only.
So where are they getting stock quote data?
No, you are mistaken. I've always had this sig.
(Score: 2) by MichaelDavidCrawford on Saturday November 25 2017, @07:56AM
cannibus is all the rage these days over an angel.co. I Am Absolutely Serious.
None have gone public yet, but this ETF will be prepared when some do.
Yes I Have No Bananas. [gofundme.com]