Investing in getting high could turn out to be the ultimate downer for buyers of a popular new exchange-traded fund.
The ETFMG Alternative Harvest ETF, which has raised more than $350 million this year under the MJX ticker, faces an abrupt closure if the institution charged with holding its assets pulls the plug and a replacement isn’t found.
It’s a big “if’’ -- custodians tend to be in it for the long haul -- but U.S. Bancorp is actively reviewing whether it will remain the fund’s custodian after the ETF shifted strategieslate last year and went from buying Latin American real estate companies to cannabis producers, a person familiar with the matter said, asking not to be identified because the details are private.
Top image courtesy of Yahoo Finance
