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Evolve ETFs announced this morning that it will close its Evolve Marijuana Fund (TSX: SEED) next month. The firm, which is also closing Evolve U.S. Marijuana ETF (NEO: USMJ) and the Evolve North American Gender Diversity Index Fund, has requested that the funds be delisted in March.

The Evolve Marijuana Fund listed in February 2018 and has just C$6 million in assets. It had tried to differentiate itself by being actively managed and by having the ability to invest up to 10% of its portfolio in private companies. In 2019, the ETF returned -34.06%, which trailed the North American Marijuana Index, which returned -31.51%. Over the past month, it averaged just 2982 shares of trading per day. The fund had 31 holdings at year-end, and its top 10 holdings included nine Canadian LPs and a U.S. CBD company.

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