On Wednesday, ETF Managers Group LLC (ETFMG®), a leading exchange traded fund issuer, announced that the ETFMG 2x Daily Alternative Harvest ETF (NYSE Arca: MJXL) will begin trading on the New York Stock Exchange. MJXL is designed to seek daily leveraged investment results, before fees and expenses, of two times (2x) or 200% the performance of the Prime Alternative Harvest Index, providing investors access to the global cannabis ecosystem, which is benefitting directly from widespread medicinal and recreational legalization initiatives.
The fund is ETFMG’s third cannabis investment offering, joining MJ, the first-U.S. listed and world’s largest cannabis ETF, and MJUS, which provides access to top names in U.S. cannabis, including multi-state operators (MSOs). MJXL also adds to the firm’s new suite of 2x Daily Leveraged ETFs, structured to give investors short-term, magnified exposure to high-growth themes already offered by ETFMG.
“We’re proud to be adding yet another cannabis and leveraged ETF to our fund lineup,” said Sam Masucci, CEO and Founder of ETFMG. “MJXL is a direct answer to increased investor demand for amplified exposure to global cannabis. ETFMG has become a one-stop-shop for those interested in investing in cannabis.”
Taking It Higher
“With cannabis sales on track to exceed last year’s historic levels, and several catalysts in place to drive future growth globally, it is exciting to launch an investment product that provides 2x exposure to this rapidly expanding industry,” said Jason Wilson, ETFMG Cannabis Research and Banking Expert.
The ETF seeks the daily investment results, before fees and expenses of 200% of the performance of the Prime Alternative Harvest Index. This fund does not seek to achieve its stated investment objective over a period of time greater than a single day. ETFMG recommends that prospective investors seek the advice of an investment professional before investing in ETFMG 2x Daily Leveraged ETFs.
The Prime Alternative Harvest Index has been created to provide investors with a product that enables them to take advantage of both event-driven news and long-term trends in the cannabis industry and the industries likely to be influenced by the medicinal and recreational cannabis legalization initiatives taking place globally.
There are other signiﬁcant applications for cannabis and THC-based medicines and treatments, ranging from epilepsy to cancer treatment to non-opioid pain management. Additionally, the global cannabis market is expected to grow at a CAGR of 23.9% and reach $66.3 billion by 2025. Still, it is important to note that the possession and use of marijuana, even for medical purposes, is illegal under federal and certain states’ laws.
For more information, visit www.etfmg.com/MJXL.
This article originally appeared on ETFTrends.com