Wedbush Securities has taken a minority stake in thematic exchange traded funds issuer ETF Managers Group, a continuation of the existing collaboration the companies have on three thematic equity ETFs, including the ETFMG Alternative Harvest ETF (MJ), the pure-play marijuana fund, which Wedbush custodies assets for.
Wedbush also has two co-branded ETFs with ETFMG, including the Wedbush ETFMG Video Game Tech ETF (GAMR), launched in 2016, and the Wedbush ETFMG Global Cloud Technology ETF (IVES), launched in early April. That fund was named for Wedbush tech analyst Dan Ives.
“Wedbush has thrived in the financial industry because of an appetite for innovation, creativity and efficiency,” said Gary Wedbush, co-president and CEO of Wedbush Securities. “ETF ‘technology’ is case in point as we see it as next generation asset management in the early innings of growth. ETFMG is a proven leader in ETF product innovation particularly in the area of creative thematic investment opportunities.”