At a glance
CNBS charges 0.76% a year. It has $84.1M in assets. Over the past year it returned −16.8% with distributions reinvested; over three years it returned −5.5% a year. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 59.9% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 99.2% of the fund, out of 18 in all.
The short version
Amplify Seymour Cannabis ETF (CNBS) is an actively managed fund that invests in U.S. cannabis and hemp businesses through stocks and through swap contracts. As of June 30, 2026, Treasury bills made up 77.6% of its assets, and Curaleaf was its biggest stock at 15.8%. It charges 0.76% a year and pays no income. From its February 2021 peak to June 2025, it lost 95.7%.
Price history
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CNBS -16.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CNBS official prospectus, to Dec 31, 2024 | — | +18.63% | — | -27.54% | — | -26.10% |
| CNBS price data to Oct 27, 2026 | -16.7% | -16.8% | -5.5% | -30.2% | — | -25.3% |
- Over the year to Oct 27, 2026, CNBS returned -16.8%.
- Its 5-year annualized return was -30.2%.
- In the 2020 COVID crash it fell 46.1% and regained its old high 5.1 months after the low.
- Its worst full calendar year was 2022 (-64.0%); its best was 2020 (+32.0%).
- The deepest fall in its price history was 95.7% (Feb 10, 2021 to Jun 23, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -16.7% | — |
| 2025 | +14.9% | +18.63% |
| 2024 | -29.2% | -31.82% |
| 2023 | -16.1% | -16.43% |
| 2022 | -64.0% | -63.72% |
| 2021 | -19.0% | -18.57% |
| 2020 | +32.0% | +31.61% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.2% over that stretch · deepest drop along the way 46.1%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 57.2% over that stretch · deepest drop along the way 59.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $10.7229 | +45724.4% |
| 2021 | $0.0234 | -98.1% |
| 2020 | $1.2048 |
What's inside
As of Jun 30, 2026, the fund held 18 securities; the ten largest made up 99.17% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 38.81% | |
| TREASURY BILL Bonds and notes | 37.39% | |
| Curaleaf Holdings Inc | 15.77% | |
| Innovative Industrial Properti | 2.91% | |
| TREASURY BILL Bonds and notes | 1.40% | |
| GrowGeneration Corp | 0.98% | |
| WM Technology Inc | 0.68% | |
| Cronos Group Inc | 0.43% | |
| Chicago Atlantic Real Estate F | 0.43% | |
| RYTHM Inc | 0.37% | |
| Chicago Atlantic BDC Inc | 0.35% | |
| SNDL Inc | 0.25% | |
| Organigram Global Inc | 0.15% | |
| Charlottes Web Holdings Inc | 0.04% | |
| Hydrofarm Holdings Group Inc | 0.00% |
By country
United States 99.13%Canada 0.82%By issuer
US Treasury 77.59%Companies 22.36%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $12.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +35.73%, -2.88%, +1.92%.
How it works
CNBS has no index. Amplify Investments is the adviser, and portfolio manager Tim Seymour picks the investments. Sub-adviser Tidal Financial Investments builds and trades the portfolio. At least 80% of net assets must go into U.S. companies that earn 50% or more of their revenue from cannabis and hemp, or into derivatives that behave like those stocks. Holdings fall into three groups: the plant itself (drugmakers, growers, retailers and hemp products), support (farm technology, real estate and commercial services) and ancillary businesses (devices, finance, technology and media).
Seymour looks at big-picture factors such as regulatory changes and political events. He also studies each company's growth, cash flow, balance sheet and management. No formula sets the weights and no rebalancing schedule applies. He moves money among the groups as he sees opportunities. Stocks the fund owns directly must pass size and trading tests. For example, 90% of the U.S. stock weight must be in companies worth at least $75 million. Portfolio turnover was 42%.
The fund owns shares directly only in companies whose business is legal where they operate. It reaches U.S. cannabis operators through total return swaps, contracts in which a bank pays the fund a stock's return. As of June 30, 2026, its swaps referenced Verano, Curaleaf, MariMed and Cresco Labs. Swaps add counterparty risk: if the bank fails to pay, the fund can lose money.
What it really costs
- CNBS charges 0.76% a year.
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.33% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $78 in the first year and $1,299 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CNBS | $78 | $314 | $569 | $1,299 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
CNBS is a concentrated, actively managed bet on a single volatile industry, and its one-year volatility was 88.4%.
CNBS adds a targeted stake in U.S. cannabis businesses, which broad stock funds barely hold. Its history shows the risk. It fell 46.1% in the 2020 COVID crash and recovered in about five months. In the 2022 bear market it dropped 59.9% and has not recovered, and 2022 was its worst calendar year at -64%. From February 10, 2021, to June 23, 2025, it lost 95.7%, and it had not regained that peak as of October 27, 2026. It launched in 2019, so it has no record from 2008. Anyone who has to sell in a bad year could lock in deep losses. It made no distributions in the year to October 27, 2026, and it charges 0.76% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting U.S. cannabis stocks picked by manager Tim Seymour, at a 0.76% yearly fee (expense ratio), $78 in year one on $10,000.
- Investors comfortable with derivatives: as of June 30, 2026, 77.6% sat in Treasury bills, plus swaps (stock-return contracts) on companies like Verano.
- Very risk-tolerant investors holding a small position; one-year volatility, a gauge of price swings, was 88.4% as of October 27, 2026.
Look elsewhere if
- Retirees needing income: no distributions in the year to October 27, 2026, and an average annual loss of 27.54% over five years through 2024.
- Anyone who can't absorb deep losses: it fell 95.7% from February 2021 to June 2025 and had not recovered by October 27, 2026.
- Investors seeking a diversified core holding: as of June 30, 2026, stocks were 22.4% of assets, with Curaleaf alone at 15.8%.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does CNBS pay a dividend?
No. CNBS made no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. The fund's stated goal is capital appreciation, meaning growth in share price rather than income. Its holdings are mostly cannabis-related companies and Treasury bills that back its swap positions. Anyone who needs regular cash from this holding would have to sell shares to get it.
Why does CNBS hold so many Treasury bills?
As of June 30, 2026, Treasury bills made up 77.6% of CNBS's assets and stocks made up 22.4%. The fund gets much of its exposure to U.S. cannabis operators, such as Verano and Cresco Labs, through total return swaps. A swap pays the fund a stock's return without the fund owning the stock, so the fund can keep its cash in short-term government debt. The fund still swings like a cannabis stock fund: its one-year volatility was 88.4%.
What are CNBS top holdings?
Leaving out Treasury bills, the largest holding as of June 30, 2026, was Curaleaf Holdings at 15.8% of assets. Next came Innovative Industrial Properties, a real estate company, at 2.9%, then GrowGeneration at 1.0% and WM Technology at 0.7%. Swaps added exposure to Verano, Curaleaf, MariMed and Cresco Labs. The fund had 38 positions in total, and its 10 largest made up 99.17% of assets.
What is the CNBS expense ratio?
CNBS's expense ratio is 0.76% a year, according to its prospectus filed January 28, 2026, and that includes a 0.65% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, costs would be about $78 after one year, $314 after three, $569 after five and $1,299 after ten. That is far more than many broad index funds charge.
Has CNBS ever recovered from its losses?
Not from its biggest loss. CNBS fell 95.7% from February 10, 2021, to June 23, 2025, and it had not regained that peak as of October 27, 2026. It has had sharp rebounds: it gained 92.84% in the quarter ended September 30, 2025, and returned 18.63% in 2025. Even so, over the five years to October 27, 2026, it lost 83% in total, or 30.2% a year.