At a glance
WEED charges 0.41% a year. It has $9.2M in assets. Over the past year it returned −1.5% with distributions reinvested; over three years it returned −4.2% a year.
The short version
Roundhill Cannabis ETF (WEED) is an actively managed fund seeking growth from cannabis and hemp companies via stocks and total return swaps, contracts tracking shares it doesn't own. As of June 30, 2026, a Treasury bill was 65% of the $9.2 million fund and Curaleaf 26%, with swaps linked to Trulieve, Verano, Cresco Labs and Green Thumb. It charges 0.41% a year but dropped 87.8% from April 2022 to June 2025.
Price history
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WEED -1.5% 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 | |
|---|---|---|---|---|---|---|
| WEED official prospectus, to Dec 31, 2025 | — | +22.64% | — | — | — | -30.46% |
| WEED price data to Oct 27, 2026 | -2.6% | -1.5% | -4.2% | — | — | -25.6% |
- Over the year to Oct 27, 2026, WEED returned -1.5%.
- Its worst full calendar year was 2024 (-44.9%); its best was 2025 (+19.4%).
- The deepest fall in its price history was 87.8% (Apr 21, 2022 to Jun 23, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.6% | — |
| 2025 | +19.4% | +22.64% |
| 2024 | -44.9% | -45.98% |
| 2023 | +0.9% | +0.71% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 91.42% of assets, and 7.51% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 65.26% | |
| Curaleaf Holdings Inc | 26.17% |
By country
United States 91.42%By issuer
US Treasury 65.26%Companies 26.17%The bonds mature in 0 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 $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +48.55%, -3.64%, +1.48%.
How it works
WEED, from Roundhill Investments, does not track an index; its adviser picks holdings. A company or real estate investment trust (REIT) qualifies if it earns at least half its net revenue from the cannabis and hemp industry, or invests most of its assets there. The adviser judges relevance from public filings and research, then weights holdings roughly by company size (market value). The fund expects to keep at least 25% in pharmaceuticals, biotechnology and life sciences.
WEED expects to get exposure mainly through total return swaps: contracts that pass a stock's gains and losses to the fund, without it owning the shares, in return for interest payments. If the other party (the counterparty) defaults, the fund can lose money. The prospectus notes marijuana is illegal under US federal law, and the fund won't directly own a company unless its cannabis business is legal under national and local law. Swaps need little cash up front, so much of the money can sit in Treasury bills.
As of June 30, 2026, a Treasury bill made up 65% of assets, Curaleaf Holdings 26% and cash 7.5%, with swaps tied to Trulieve, Verano, Curaleaf, Cresco Labs and Green Thumb. The fund may handle large redemptions in cash rather than securities, which can force trades that create capital gains, taxable for holders outside retirement accounts.
What it really costs
- WEED charges 0.41% a year.
- Of that, 0.39% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $516 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| WEED | $40 | $130 | $228 | $516 |
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
It offers targeted exposure to cannabis companies, but its narrow focus and extreme swings limit it to a small add-on beside a diversified core.
WEED launched in April 2022, so it has no record through the 2008 crisis or the 2020 COVID crash, and it missed the start of the 2022 bear market. Its own record shows the risk: it lost 45.98% in 2024, its worst calendar year, and its share price fell 87.8% from April 2022 to June 2025 without recovering as of October 27, 2026. Annualized volatility, a measure of how widely returns swing, was 93.3% over the year to that date. Anyone who needed to cash out during a slump like that would have locked in steep losses. The fund has recorded no distributions, so it provides no income. It charges 0.41% a year: $40 in the first year and $516 over 10 years on $10,000, using the SEC's standard example.
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 a small, targeted position in cannabis companies such as Curaleaf, Trulieve, Verano, Cresco Labs and Green Thumb.
- People who can tolerate extreme swings: it lost 45.98% in 2024, then gained 105.33% in the quarter ending September 30, 2025.
- Investors comfortable with derivatives, since the fund expects to invest mainly through total return swaps rather than owning shares outright.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its stated objective is capital growth.
- Anyone who may need this money in a downturn: shares fell 87.8% from April 2022 to June 2025, still unrecovered as of October 27, 2026.
- Those wanting a large, diversified fund: as of June 30, 2026, it had $9.2 million in assets and held just two securities directly.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does the WEED ETF pay dividends?
No. The fund has recorded no distributions, so it provides no regular income. Its stated objective is capital growth from companies in the cannabis and hemp business. A Treasury bill made up 65% of assets as of June 30, 2026, but it sits alongside the swaps that provide much of the fund's stock exposure; it is not an income strategy. Investors who need regular cash from their holdings would have to get it from other parts of a portfolio.
Why does the WEED ETF hold so many Treasury bills?
Because the fund expects to get much of its cannabis exposure through total return swaps, which pass along a stock's gains and losses without the fund paying the full share price up front. That leaves money to hold in short-term government debt. As of June 30, 2026, a US Treasury bill made up 65% of assets and cash 7.5%, while swaps were tied to Trulieve, Verano, Curaleaf, Cresco Labs and Green Thumb Industries. Curaleaf Holdings shares were also held directly, at 26% of assets.
How has the WEED ETF performed since launch?
It has lost money overall, with huge swings. According to its prospectus, the fund returned 0.71% in 2023, lost 45.98% in 2024 and gained 22.64% in 2025, an average of -30.46% a year from its April 2022 launch through December 31, 2025. Its strongest quarter gained 105.33% (ending September 30, 2025) and its weakest lost 45.79% (ending December 31, 2024). Year to date through October 27, 2026, its share price was down 2.6%.
Is WEED a good investment for retirement?
It is better described as a small, high-risk side holding than a core retirement investment. Its share price fell 87.8% from April 2022 to June 2025 and had not recovered as of October 27, 2026, and annualized volatility was 93.3% over the year to that date. It has recorded no distributions. Someone who needs to withdraw money in a bad year could lock in deep losses. Past results don't predict future ones, and any role depends on the rest of the portfolio.
What is the WEED ETF expense ratio?
WEED's expense ratio is 0.41% a year, according to its prospectus filed April 30, 2026, including a 0.39% management fee. Under the SEC's standard example, which assumes $10,000 invested, a 5% annual return and cashing out at the end of each period, costs would total about $40 after one year, $130 after three, $228 after five and $516 after 10. Those figures exclude trading costs inside the fund; the prospectus reports 23% portfolio turnover.