Marijuana ETF Appoints New Custodian After Tumultuous 12 Months
- U.S. Bancorp previously ran the fund’s back-office operations
- Adviser names itself as administrator, Wedbush as custodian
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After a year of controversy, an exchange-traded fund that invests in marijuana companies is shaking up its back-office team.
The $560 million ETFMG Alternative Harvest ETF, which trades under the ticker MJ, is getting a new custodian, administrator and transfer agent, according to a filing by its adviser, ETF Managers Group. U.S. Bancorp previously performed those roles, which included housing shares of cannabis producers.