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Evolve to Shut Down Cannabis ETF – New Cannabis Ventures

January 27, 2020

Evolve ETFs announced this morning that it will close its Evolve Marijuana Fund (TSX: SEED) next month. The firm, which is also closing the Evolve North American Gender Diversity Index Fund, has requested that the funds be delisted in March.

The Evolve Marijuana Fund listed in February, 2018 and has just C$6 million in assets. It had tried to differentiate itself by being actively managed and by having the ability to invest up to 10% of its portfolio in private companies. In 2019, the ETF returned -34.06%, which trailed the North American Marijuana Index, which returned -31.51%. Over the past month, it averaged just 2982 shares of trading per day. The fund had 31 holdings at year-end, and its top 10 holdings included nine Canadian LPs and a U.S. CBD company.