Evolve ETFs To Shutter USMJ, SEED Cannabis Funds

Evolve Funds Group announced this morning that it will be shuttering a number of its current electronically traded funds (ETF’s), which include two cannabis-focused funds. The funds are expected to close by March 30, 2020, with no reason being provided for the closure.

Collectively, the funds to close will be that of Evolve North American Gender Diversity Index Fund (TSX: HERS, HERS.b), Evolve Marijuana Fund (TSX: SEED), and Evolve U.S. Marijuana ETF (NEO: USMJ). Evolve Funds Group will request the respective exchanges to delist the funds by March 26, after which redemption of units will occur. No further funds will be accepted into the ETF’s as of February 26, 2020.

All assets of the funds will be redeemed for cash prior to the termination date. After all liabilities have been covered, the remaining cash will be distributed to all unitholders of the funds on the termination date.

Final details of the funds will be provided on the termination date.

No reason was provided for the closure.

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