seekingalpha.com · Dec 8, 2025
WEED: Concentrated, Swap-Heavy, And Too Illiquid For Comfort
The Roundhill Cannabis ETF provides targeted exposure to the cannabis sector via total-return swaps, circumventing federal restrictions on direct stock ownership. WEED's portfolio is anchored by 63% in a Treasury bill and additional cash-like holdings, stabilizing fund value and serving as swap collateral. Core cannabis exposure comes from swaps linked to major U.S. multi-state operators: GTBIF, TCNNF, CURLF, CRLBF, and VRNO, each with distinct geographic and strategic strengths.
