June 22, 2024

Global X ETFs to liquidate cannabis funds following assessment

The decision is expected to impact less than 1% of its total assets under management.

New York-based exchange-traded funds provider Global X ETFs has declared the closure of several of its funds.

The Jan. 19 decision is part of the company’s regular review process and is expected to impact less than 1% of its total assets under management.

The selection of funds marked for closure includes those focused on various sectors like cannabis, carbon credits, Chinese biotech, green building, and the metaverse. Specific funds such as the Global X Cannabis ETF and the Global X China Biotech Innovation ETF are among those listed for liquidation.

Investors in these funds are advised to divest their shares by Feb. 16 before trading ceases. The process of liquidation is scheduled for completion on February 23, 2024. Shareholders retaining their shares until the liquidation date will receive cash payments based on the net asset value of their shares at that time.

Global X Management Company LLC, which advises Global X Funds, along with the Board of Trustees, has indicated that the decision aligns with the best interests of the funds and their shareholders. The company has also announced that it will absorb all costs associated with the liquidation, apart from brokerage fees and other related transaction expenses.

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