YOLO - Outperforming cannabis mutual fund converts to an ETF

Foothill Capital Management is converting its Cannabis Growth Fund (CANIX) mutual fund into the Cannabis Growth ETF (NYSEARCA:BUDX). The move comes as the traditional mutual fund found itself outperforming many Cannabis ETFs, yet not garnering the amount of fund flows one would expect. BUDX has returned investors +94.5% over the 12 months ended June 30, but only attracted $5.05M assets under management despite launching in May 2019. So, the fund is becoming an actively managed ETF that will trade on the New York Stock Exchange. In addition, BUDX will have an expense ratio of 0.79%, down from the 1.32% ratio it had as CANIX. BUDX will presumably have the same top holdings as CANIX did. As of June 30, that included Innovative Industrial Properties (NYSE:IIPR) at 10.41%, Tilray (NASDAQ:TLRY) weighted at 7.85% and GrowGeneration Corp (NASDAQ:GRWG) at 7.81%. For additional information, see the funds complete fact sheet. BUDX will compete with the

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Outperforming cannabis mutual fund converts to an ETF