Horizons ETFs Management (Canada) Inc. overnight Wednesday announced the upcoming launch of the Horizons US Marijuana Index ETF. Units of the exchange traded fund will begin trading Thursday morning on the NEO Exchange under the ticker symbols HMUS (Canadian dollar units) and HMUS.U (U.S. dollar units).
According to a statement, HMUS is the first index ETF to provide direct exposure to the emerging U.S. Cannabis industry and is the third addition to Horizons ETFs' suite of cannabis-focused ETFs. Horizons ETFs' other cannabis funds -- the Horizons Marijuana Life Sciences Index ETF and the Horizons Emerging Marijuana Growers Index ETF -- also use an index (or passive) management structure. Together, the statement said, they account for close to C$1 billion in assets under management.
The statement said HMUS seeks to replicate, to the extent possible, the performance of the US Marijuana Companies Index, net of expenses. It added the Underlying Index is designed to provide exposure to the performance of a basket of North American publicly-listed life sciences companies having significant business activities in, or significant exposure to, the United States marijuana or hemp industries.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
