SUMMIT, N.J.--(BUSINESS WIRE)--As of today’s market open the ETFMG Alternative Harvest ETF has evolved its NYSE ticker by dropping the “X” to go from the previous MJX to the simpler MJ. This change came about as a response to market feedback. The fast growing first-to-market ETF product can now be found under the ticker MJ and all ETF product information is available at the new URL www.etfmj.com.
Since its first day of trading on December 26, 2017, the ETFMG Alternative Harvest ETF has seen rapid market adoption and strong asset growth. Just 30 days after the fund began trading the AUM grew from $5.7 Million to $417 Million1. In addition to fund performance, there continues to be overwhelming medical breakthroughs from the cannabis pharmaceutical world. Various forms of medicinal cannabis products are currently used to treat illnesses such as Multiple Sclerosis, HIV, Parkinson’s Disease, Glaucoma, and Cancer. GW Pharmaceuticals, a portfolio company within MJ, has the leading treatment for children’s epileptic seizures derived from the cannabis plant.
ETFMG CEO and Founder Sam Masucci said, “We have believed in the investor appetite and need for a US based pure play marijuana ETF product for a long time and it is great to see an over 7,000% growth in AUM in just 30 days of trading.” Sam continued by saying, “The marijuana industry is a multi-billion-dollar industry, we will continue focusing on product education while highlighting in particular the amazing medicinal applications for cannabis products. We greatly look forward to seeing where MJ goes from here.”
In the first 30 days of trading the ETFMG Alternative Harvest ETF enjoyed an average daily volume of approximately 2.1 million shares. Given the growing acceptance of marijuana, especially on the medicinal front, it stands to reason that this is just the beginning for the first and only US based ETF product to give investors direct access to the marijuana industry. For more information on MJ please visit us at www.etfmj.com.
Carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s statutory and summary prospectus, which may be obtained by calling 1-844-383-6477 or by visiting www.etfmj.com. Read the prospectus carefully before investing.
Past performance does not guarantee future results. Short term performance, in particular, is not a good indication of the fund’s future performance, and on investment should not be mode based solely on returns.
The ETFMG Alternative Harvest ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Prime Alternative Harvest Index.
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility.
The possession and use of marijuana, even for medical purposes, is illegal under federal and certain states’ laws, which may negatively impact the value of the Fund’s investments. Use of marijuana is regulated by both the federal government and state governments, and state and federal laws regarding marijuana often conflict. Even in those states in which the use of marijuana has been legalized, its possession and use remains a violation of federal law. Federal law criminalizing the use of marijuana pre-empts state laws that legalizes its use for medicinal and recreational purposes. Cannabis companies and pharmaceutical companies may never be able to legally produce and sell products in the United States or other national or local jurisdictions.
The Fund’s investments will be concentrated in an industry or group of industries to the extent that the Index is so concentrated. In such event, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.
The consumer staples sector may be affected by the permissibility of using various product components and production methods, marketing campaigns and other factors affecting consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable factors.
As of 1/25/2018, the Fund held GW Pharmaceuticals. For complete holdings information, please visit www.etfmj.com/fund.
The fund is distributed by ETFMG Financial LLC. ETF Managers Group LLC and ETFMG Financial LLC are wholly owned subsidiaries of Exchange Traded Managers Group LLC (collectively, "ETFMG").
1 As of 1/25/2018.