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Roundhill Investments announced a reverse split for its Roundhill Cannabis ETF (WEED) and Roundhill MEME ETF (MEME) on April 28, 2023. The reverse split will be executed in a 1-for-5 ratio, meaning every five shares will convert into one. Despite the increase in per share value, the total market value of the funds will remain unchanged, with adjustments made for fractional shares. The new trading prices and adjusted shares will take effect on May 1, 2023.
Following the split, shareholders may receive cash for any held fractional shares, which may have tax implications. CUSIP changes for both ETFs will also occur, with the Roundhill Cannabis ETF and Roundhill MEME ETF changing to new identifiers on May 1, 2023.
Roundhill Investments has launched the Roundhill MEME ETF, the first ETF globally designed to track meme stocks. This ETF aims to mirror the performance of the Solactive Roundhill Meme Stock Index, which consists of 25 U.S.-listed equities that showcase high social media engagement and short interest. Notably included in the portfolio are GameStop, AMC Entertainment, and BlackBerry. The ETF features bi-weekly rebalances, increasing its volatility compared to traditional equity funds. Investors should be cautious of the inherent risks associated with meme stocks, including potential market manipulation.
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