Last week, the ETFMG Alternative Harvest ETF (NYSEArca: MJ) celebrated one month of trading and changed its ticker to “MJ.”
“Since its first day of trading on December 26, 2017, the ETFMG Alternative Harvest ETF has seen rapid market adoption and strong asset growth. Just 30 days after the fund began trading the AUM grew from $5.7 Million to $417 Million,” according to a statement from New Jersey-based ETFMG.
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 ETF slid 10% last week and is now lower by 3% year-to-date.