Innovation Shares LLC said late Monday that a cannabis-focused exchange traded fund will begin to trade on the New York Stock Exchange under the ticker symbol THCX beginning Tuesday. The Cannabis ETF will hold 35 stocks and includes some of the world's largest Canadian marijuana companies by market capitalization such as Canopy Growth Corp. (WEED.T), Aurora Cannabis Inc. (ACB.T) and Tilray Inc. (TLRY). It also includes operators in the U.S. such as Charlotte's Web Holdings Inc. and Innovative Industrial Properties (IIPR), which is a real estate investment trust. Innovation Shares said that the ETF will re-balance monthly. The fund's management fee is set at 0.7%. According to The Wall Street Journal ( /) the average expense ratio for an ETF is 0.44%, though narrowly focused funds tend to be more expensive. AdvisorShares Pure Cannabis ETF (YOLO) and ETFMG Alternative Harvest ETF (MJ) also track the cannabis sector and trade in the U.S.
-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 08, 2019 17:08 ET (21:08 GMT)
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