Evolve Closes Down Poorly Performing Cannabis ETF
TORONTO, Jan. 27, 2020 /CNW/ – Evolve Funds Group Inc. (“Evolve” or the “Manager”) announces that it will terminate Evolve North American Gender Diversity Index Fund (TSX: HERS and HERS.B), Evolve Marijuana Fund (TSX: SEED) and the Evolve U.S. Marijuana ETF (NEO: USMJ) on or about March 30, 2020 (the “Termination Date”). Evolve will request the Toronto Stock Exchange (“TSX”) and the NEO Exchange Inc. (“NEO”) to de-list the units of the Funds from the TSX and NEO on or about March 26, 2020,
Here’s the full press release
TORONTO,Jan. 27, 2020/CNW/ – Evolve Funds Group Inc. (“Evolve” or the “Manager”) announces that it will terminate Evolve North American Gender Diversity Index Fund (TSX:HERSand HERS.B), Evolve Marijuana Fund (TSX:SEED) and the Evolve U.S. Marijuana ETF (NEO: USMJ) on or aboutMarch 30, 2020(the “Termination Date”). Evolve will request the Toronto Stock Exchange (“TSX”) and the NEO Exchange Inc. (“NEO”) to de-list the units of the Funds from the TSX and NEO on or aboutMarch 26, 2020, with all units still held by investors being subject to a mandatory redemption as of the Termination Date. EffectiveFebruary 26, 2020, no further subscriptions for units of the Funds will be accepted.
Prior to the Termination Date, the Manager will, to the extent reasonably possible, convert the assets of each Fund to cash and after paying or making adequate provision for all of the Fund’s liabilities, as soon as practicable following the Termination Date distribute the net assets of the Funds pro rata among the unitholders of record of the applicable Fund on the Termination Date.
Evolve will issue an additional press release on or about the Termination Date confirming final details of the terminations. Further details of termination have also been mailed to unitholders of the applicable Funds.
Commissions, management fees and expenses all may be associated with exchange traded funds (ETFs). ETFs are not guaranteed, their values change frequently and past performance may not be repeated. There are risks involved with investing in ETFs. Please read the prospectus for a complete description of risks relevant to ETFs. Investors may incur customary brokerage commissions in buying or selling ETF units.Please read the prospectus before investing.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolveundertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
About Evolve Funds Group Inc.
Evolve is one ofCanada’sfastest growing ETF providers since launching its first suite of ETFs via the Toronto Stock Exchange in September 2017. Evolve is a leader in thematic ETFs and specializes in bringing innovative ETFs to Canadian investors. Evolve’s suite of ETFs provide investors with access to: (i) long term investment themes; (ii) index-based income strategies; and (iii) some of the world’s leading investment managers. Established by a team of industry veterans with a proven track record of success, Evolve creates investment products that make a difference. For more information, please visitwww.evolveetfs.com.
Further background from MJ Biz