First Trust Is Intending To Price It At The Same Initial Price That Horizons Etf Used, $10.00, And It Will Have A Maximum Sales Charge Of 2.75%.

$100 Billion Fund Manager and BNY Mellon Greenlight Cannabis Stocks First Trust Files Prospectus for FT 6766 Medical Cannabis Portfolio Series Illinois-based fund manager First Trust, which manages over $100 billion in aggregate across a range of retail and institutional investment products, has filed a S-6 prospectus for a medical cannabis unit investment trust (UIT), FT 6766, which consists of a single portfolio known as Medical Cannabis Portfolio Series. A UIT is a pooled investment vehicle with a defined lifespan that is invested in a fixed portfolio of securities. While Horizons ETF Managers was the first fund manager to launch a cannabis portfolio with its Horizons Medical Marijuana Life Sciences ETF  (TSX: HMMJ) (OTC: HMLSF), which now has C$115mm in net assets, FT 6766 could become the first U.S. listed cannabis fund. First Trust is intending to price it at the same initial price that Horizons ETF used, $10.00, and it will have a maximum sales charge of 2.75%. The Bank of New York Mellon will serve as Trustee. The prospectus describes the objective as “above-average capital appreciation”. Stocks will be selected from the Indxx Cannabis Index, which is not yet listed on the provider’s website . Its team of analysts will “thoroughly evaluate each company for inclusion in the portfolio based upon each company’s association with the medical aspects of cannabis as well as their analysis of other screens for liquidity constraints.” Importantly, the Trust has “mandatory termination date” of June 28, 2019. Before this cannabis stock news is here, it’s published to subscribers on 420 Investor.

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