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Horizons ETFs to Launch World’s First U.S.-Focused Marijuana ETF
First American Cannabis ETF to be Offered by Horizons as HMUS to Begin Trading on the NEO Exchange. HMUS will be the World’s First U.S.-Focused Marijuana ETF
Horizons US Marijuana Index ETF will begin trading on April 18, 2019
Horizons ETFs Management (Canada) Inc. (“Horizons ETFs”) is pleased to announce that it has filed its final prospectus to launch the Horizons US Marijuana Index ETF. Units of the exchange traded fund (“HMUS” or the “ETF”) have been conditionally approved for listing by the NEO Exchange (“NEO”) and are slated to begin trading on April 18, 2019, under the ticker symbols HMUS (Canadian dollar units) and HMUS.U (U.S. dollar units). It will be the World’s First U.S.-Focused Marijuana ETF
HMUS will be the first ETF in the world that is solely focused on providing exposure to companies with significant business activities in, or significant exposure to, the United States marijuana or hemp industries. HMUS is an index (or passively managed) ETF, which seeks to replicate, to the extent possible, the performance of the US Marijuana Companies Index (the “Underlying Index”), net of expenses.
The ETF will make its units available on NEO in both Canadian and U.S dollars
While marijuana remains federally illegal for medical and recreational usage in the United States, the number of legal cultivators and distributors at the U.S. state level continues to grow. Many of these companies have chosen Canadian stock exchanges to list their stocks in order to raise capital to meet growing investor demand.
Steve Hawkins, President and CEO of Horizons ETFs
HMUS will be the first index ETF solution to focus solely on identifying, and investing directly in, U.S. marijuana and hemp companies. As the U.S. continues to further liberalize its marijuana regulations, we anticipate that more investors will be looking to invest in companies with significant business operations in the U.S. market and HMUS will provide a diversified and liquid way to gain that exposure in one ETF.
The Underlying Index is designed to provide exposure to the performance of a basket of publicly-listed companies having significant business activities in, or significant exposure to, the marijuana or hemp industries in the United States. Constituent companies will primarily include those with business activities as a producer, developer, or supplier of marijuana or hemp-based products, and can also include investment companies focused on investments in the Marijuana or Hemp industries, or companies with businesses ancillary to the Marijuana or Hemp industries.
Constituents of the Underlying Index are selected from Canadian and U.S. exchanges. While some securities may be listed on major North American exchanges, the majority of the securities currently trade on North American exchanges that include but are not limited to the Canadian Securities Exchange and NEO.
The Underlying Index is market-capitalization-weighted
The Underlying Index is market-capitalization-weighted, subject to a cap for each constituent issuer of a maximum of 10% of the net asset value of the Underlying Index at the time of any rebalance. For a security to be eligible for the Underlying Index, the issuer will generally need to have a market capitalization of greater than $75 million.
The top-20 constituents and weights of the Underlying Index as at April 15, 2019, are in the table below. Please note that the weights of the Underlying Index and the actual portfolio weights of HMUS could be different. Horizons ETFs will not invest the assets of HMUS on a discretionary basis except to the extent it may select securities of issuers in the course of employing a stratified sampling strategy to seek to closely match the investment characteristics of the Underlying Index.
Only stocks that meet minimum size and liquidity thresholds are eligible for inclusion in the Underlying Index. The composition of the Underlying Index is rebalanced at least quarterly on a market-capitalization basis, and capped so that no single stock can exceed 10% of the weight of the Underlying Index when rebalanced. Further information about the Underlying Index is available at website at www.solactive.com.
“The Horizons Marijuana Life Sciences Index ETF (HMMJ) was the first Marijuana ETF listed in the world. We launched that ETF shortly before cannabis was fully legalized in Canada,” said Mr. Hawkins. “We see a lot of similarities with the regulatory environment in the U.S. to what we saw in Canada, three years ago. If the U.S. were to enact any type of federal legalization, either medical or recreational, that would immediately make the U.S. the largest federally approved cannabis market in the world. HMUS will give investors direct diversified access to this early stage sector which has the potential of future U.S. regulatory change.”
HMUS will close the initial offering of units to its designated broker after the close of business on April 17, 2019, prior to its initial listing of units on NEO on April 18, 2019.
About Horizons ETFs Management (Canada) Inc
Horizons ETFs is an innovative financial services company and offers one of the largest suites of exchange traded funds in Canada. The Horizons ETFs product family includes a broadly diversified range of solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $10 billion of assets under management and 87 ETFs listed on major Canadian stock exchanges. Horizons ETFs is a member of the Mirae Asset Global Investments Group.
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Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
Since President Trump appointed Mark Uyeda as acting SEC chair two months ago, many investigations into crypto businesses have been dropped, as the SEC moves away from regulation by enforcement and works to create a framework for digital assets. As regulations become clearer and news flow turns more positive, crypto prices—which dropped sharply this week—should begin to better reflect the new regulatory landscape in the US.
We believe this regulatory shift could ultimately help trigger the next leg of the current bull run, as investors better understand the significance of regulatory clarity and seek to acquire bitcoin and altcoins at what we believe are currently very favorable levels.
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