Earlier this year, it was reported that U.S. Bancorp was reviewing its custodial relationship with MJ’s issuer. Potential investors should be aware that while MJ’s underlying index may cover businesses that are legally engaged in activities related to cannabis, the benchmark does not include those that directly cultivate, produce or distribute marijuana or products derived from marijuana, unless such activities become legal under U.S. federal and state laws.

The Spinnaker fund’s selection universe “consists of publicly listed companies that are involved in the legal United States and Canada cannabis industry or otherwise derive some revenue from the legal cannabis industry,” according to the filing.

Spinnaker made its ETF debut with the actively managed Fieldstone Merlin Dynamic Large Cap Growth ETF (NYSEArca: FMDG) and Fieldstone/UVA Unconstrained Medium-Term Fixed Income ETF (NYSEArca: FFIU). Those funds debuted in August 2017.

For more information on new fund products, visit our new ETFs category.

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