MicroSectors has launched the 3× Long MANGOS+ ex Private Companies exchange-traded note (ETN), trading under the ticker MNGU on the NYSE, offering sophisticated investors a new way to gain amplified exposure to companies driving the artificial intelligence economy. The ETN, issued by the Bank of Montreal and launched by REX Shares in August, is designed as a daily trading tool rather than a buy-and-hold investment, according to the announcement reported by NEWMEDIAWIRE.
MNGU seeks to provide three times the daily performance of the NYSE MaNGoS+ Index, a rules-based, equal-weighted benchmark of 10 U.S.-listed companies at the center of the AI economy. The index is concentrated, with each constituent receiving a 10% weighting at quarterly reconstitution, and includes only common stocks, ADRs, and GDRs listed on major U.S. exchanges. The six named anchor companies for the index are heavy-hitters in AI, though private firms like Anthropic and OpenAI are currently ineligible and can only be included after listing and meeting eligibility requirements.
The launch matters because it gives traders a vehicle to express short-term bullish views on the AI boom without picking individual stocks. However, the daily reset mechanism means returns over periods longer than one day will differ from three times the index return, and losses compound just as gains do. In choppy, sideways markets, the daily leverage can erode returns, especially as volatility and holding periods increase. The 3x leverage also magnifies the impact of any single constituent’s performance, making MNGU a high-risk instrument for active traders who understand these dynamics.
Eligibility for the index is stringent: companies must have a float-adjusted market capitalization of at least $5 billion, a six-month average daily traded value of $100 million or more, a free float of at least 5%, a positive trailing 12-month price-to-sales ratio, and sufficient trading history. The index also considers companies that are customers or suppliers of the major AI anchors, ranking them by AI-related revenue exposure—money made from selling AI products, services, or infrastructure such as AI-optimized servers, GPUs, cloud-based AI services, and machine learning platforms. The highest-ranked companies are selected to bring the index to 10 constituents, each equally weighted.
For sophisticated traders looking to capitalize on daily catalysts in the AI space, MNGU offers a targeted tool. Those interested can head over to the fund’s page to learn more. The content was originally published on Benzinga, and further disclosures are available here.
