CANNABIS GROWTH ETF

Providing investors access to a growing, emerging industry via a
professionally managed ETF

OVERVIEW

The Cannabis Growth ETF is one of the first to invest primarily in companies related to the cannabis industry.

Strategy

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-traded equity securities of companies around the globe engaged in legal cannabis-related businesses (“Cannabis Companies”). For purposes of this investment policy, the Fund may invest in shares of exchange-traded funds (ETFs) that have a policy to invest at least 80% of their assets in securities of Cannabis Companies and in derivatives that have economic characteristics similar to such securities.1,2

Why Professional Management?

Today the cannabis industry is growing quickly, with a universe of over 300 small-, mid- and large-cap companies that participate in medicinal or recreational use of cannabis. As this new industry changes and expands, we believe active management has advantages over purchasing individual companies or a passive ETF. In our opinion, knowledgeable and dedicated professionals help investors mitigate inherent volatility and identify favorable growth opportunities, such as initial public offerings. The Fund also has the flexibility to use options in an attempt to enhance the Fund’s return and reduce volatility.

Asset Allocation and the Cannabis Growth ETF

The ETF is a specialty and actively managed portfolio focused on investing in the cannabis industry, providing potentially small-cap, aggressive growth exposure. When including the ETF in an overall portfolio, investors should consider their long-term objectives and goals and place the Fund appropriately within an equity portfolio.3

1 The companies are engaged exclusively in legal activities under national and local laws, including U.S. federal and state law, as applicable. Controlled substance legislation differs between countries, which may limit the ability of cannabis industry companies to sell their products.

2 Pronouncements from the current Administration suggest the Department of Justice may take action against states to prevent them from implementing laws that authorize medical marijuana use, possession, distribution, and cultivation. This action may have a material effect on investment in companies involved in the cannabis industry.

3 Fund investments will be concentrated in an industry or group of industries, and the value of Fund shares may rise and fall more than more diversified funds.

HOLDINGS

as of 1/21/2022

Net Assets % Ticker Name Description Market Price ($) Shares Held Market Value ($) CUSIP
17.35% MSOS ADVISORSHARES PURE US CANN POOLED INVESTMENTS 21.4200000000 27762.00 594662.04 00768Y453
8.71% SMG SCOTTS MIRACLE-GRO CO COMMON STOCK 149.2300000000 2000.00 298460.00 810186106
8.53% VFF VILLAGE FARMS INTERNATIONAL COMMON STOCK 5.2200000000 56002.00 292330.44 92707Y108
8.41% AFCG AFC GAMMA INC REIT - Real Estate Invesment Trust 19.2100000000 15008.00 288303.68 00109K105
7.92% IIPR INNOVATIVE INDUSTRIAL PROPER REIT - Real Estate Invesment Trust 188.1000000000 1443.00 271428.30 45781V101
7.73% TLRY TILRAY BRANDS INC COMMON STOCK 5.7900000000 45742.00 264846.18 88688T100
5.27% MSOS240119C00045000 C/O ADVISOR SHARES JAN 45.000 OPTIONS 3.8000000000 475.00 180500.00 8IX99EH84
4.17% HITI HIGH TIDE INC COMMON STOCK 4.0800000000 35013.00 142853.04 42981E401
3.88% CRON CRONOS GROUP INC COMMON STOCK 3.4300000000 38735.00 132861.05 22717L101
3.84% FAF FIRE & FLOWER HOLDINGS C /CAD/ COMMON STOCK 4.4800000000 36950.00 131591.88 318108305
3.62% CGC CANOPY GROWTH CORP COMMON STOCK 7.2900000000 17000.00 123930.00 138035100
3.45% OGI ORGANIGRAM HOLDINGS INC COMMON STOCK 1.4400000000 82073.00 118185.12 68620P101
2.52% GRWG GROWGENERATION CORP COMMON STOCK 7.7500000000 11146.00 86381.50 39986L109
2.39% JAZZ JAZZ PHARMACEUTICALS PLC COMMON STOCK 136.7600000000 600.00 82056.00 G50871105
2.37% MAPS WM TECHNOLOGY INC COMMON STOCK 4.6500000000 17494.00 81347.10 92971A109
2.23% VLNCD VALENS CO INC/THE /CAD/ COMMON STOCK 2.3300000000 41223.00 76354.06 91914P603
2.03% HYFM HYDROFARM HOLDINGS GROUP INC COMMON STOCK 18.9600000000 3675.00 69678.00 44888K209
1.99% PW POWER REIT REIT - Real Estate Invesment Trust 67.1200000000 1015.00 68126.80 73933H101
1.55% AGFY AGRIFY CORP COMMON STOCK 6.7000000000 7925.00 53097.50 8.53E+109
1.27% CRDL CARDIOL THERAPEUTICS INC /CAD/ COMMON STOCK 2.2700000000 24134.00 43550.36 14161Y200
0.61% CWEB CHARLOTTES WEB HOLDINGS /CAD/ COMMON STOCK 1.1600000000 22623.00 20861.47 16106R109
0.16% CASH CASH 5348.72 5348.72 CASH
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4th QUARTER 2021 PREMIUM/DISCOUNT

 

Days traded at premium
62
Days traded at discount
4
 

PREMIUM/DISCOUNT

 

PREMIUM/DISCOUNT
Since Inception of ETF
(September 27, 2021)
Days traded at premium
78
Days traded at discount
4
 

As of October 7, 2021, the PREMIUM (market price versus the net asset value) was 2% higher for more than 7 consecutive trading days. The Fund launched on September 27, 2021, and the higher PREMIUM was due to increased demand and a limited number of outstanding shares.

As of October 29, 2021, the PREMIUM (market price versus the net asset value) was 2% higher for more than 7 consecutive trading days. The Fund launched on September 27, 2021, and the higher PREMIUM was due to increased demand and a limited number of outstanding shares.

As of December 3, 2021, the PREMIUM (market price versus the net asset value) was 2% higher for more than 7 consecutive trading days. The Fund launched on September 27, 2021, and the higher PREMIUM was due to increased demand and a limited number of outstanding shares.

As of December 14, 2021, the PREMIUM (market price versus the net asset value) was 2% higher for more than 7 consecutive trading days. The Fund launched on September 27, 2021, and the higher PREMIUM was due to increased demand and a limited number of outstanding shares.

As of January 13, 2022, the PREMIUM (market price versus the net asset value) was 2% higher for more than 7 consecutive trading days. The Fund launched on September 27, 2021, and the higher PREMIUM was due to increased demand and a limited number of outstanding shares.

* “Other expenses” and “Acquired fund fees and expenses” have been estimated for the current fiscal year. Actual expenses may differ from estimates.

The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.65% of the Fund’s average daily net assets. This agreement is in effect until May 31, 2031, and it may be terminated before that date only by the Trust’s Board of Trustees.

**The ETF’s 30 Day Median Bid-Ask Spread is calculated by identifying the ETF’s national best bid and national best offer (“NBBO”) as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

The Facts

 
Symbol
BUDX
Primary Exchange
NYSE
CUSIP
46141T 125
Annual Operating Expense
Gross Annual Operating Expenses
11.95%*
Net Annual Operating Expenses
0.79%*
Inception Date
February 22, 2019
Benchmark
S&P 500
Cannabis World Index
NAV Share
as of 1/21/2022
Market Price
as of 1/21/2022
11.321500000
Premium (Discount)
as of 1/21/2022
2.920000000
30-Day Median
Bid/Ask Spread
as of 1/21/2022
8.239154210000000