Subversive Cannabis ETF
LGLZ
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- Subversive Cannabis ETF (LGLZ) is an actively managed exchange-traded fund that seeks long-term capital appreciation by investing at least 80% of its net assets in securities of U.S. companies directly involved in legal tetrahydrocannabinol (THC)-related businesses, including cultivation, production, distribution, and retail of cannabis products; the fund targets companies of any market capitalization, such as mid-, small-, and micro-cap firms deriving at least 50% of revenue from THC-related sales, and may employ derivatives for exposure. Launched in September 2023 and listed on the Cboe BZX Exchange, the ETF is advised by Tidal Investments LLC with Subversive Capital Advisor LLC as sub-adviser; it operates within the financial services and asset management industry, focusing on the U.S. cannabis sector for investors seeking targeted exposure to legal THC markets. Headquartered in New York, New York, through its sub-adviser at addresses including 42 Crosby Street and 217 Centre Street, the fund charged a 0.75% expense ratio and catered to institutional and retail investors interested in the emerging cannabis economy. In a significant operational change, the Board of Trustees of Tidal ETF Trust approved the liquidation and closure of the Subversive Cannabis ETF on March 20, 2024, following recommendations from Tidal Investments and Subversive Capital Advisor; trading ceased and purchases were halted as of the close of regular trading on March 28, 2024, with final distributions to remaining shareholders completed by April 5, 2024, marking the fund's termination due to low assets under management and market conditions. Prior to closure, the ETF held concentrated positions in leading U.S. cannabis operators, including Green Thumb Industries, Verano Holdings, and Curaleaf Holdings, reflecting its non-diversified strategy amid regulatory optimism around marijuana rescheduling. No recent partnerships, acquisitions, funding rounds, or new product launches were reported for the fund in 2024 or 2025, as its brief operations ended with the liquidation process.