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An unpopular real estate ETF is remaking itself as a cannabis fund

An exchange-traded fund has seen strong performance but little adoption this year is giving itself a makeover, and is turning to cannabis to do it.

The Tierra XP Latin America Real Estate ETF LARE, -0.60% which, as the name implies, tracks companies involved in Latin America’s real-estate market, is filing to change the focus of its holdings. The new focus amounts to a massive overhaul in exposure, strategy, region, and sector: it will now track an index of cannabis companies.

According to an October filing with the Securities and Exchange Commission, the fund, which has traded since 2015, hasn’t only decided to change its name, but in an unusual step, also “its underlying index and investment objective.”

via