The ETF Managers Group has launched its fourth cannabis ETF. The ETFMG 2x Daily Inverse Alternative Harvest ETF will trade on the NYSE Arca using the symbol MJIN. The company said that MJIN is designed to seek daily leveraged investment results of two times the inverse (-2x) (or opposite) of the performance of the Prime Alternative Harvest Index, providing investors access to the global cannabis ecosystem and benefitting directly from widespread medicinal and recreational legalization initiatives.
“The launch of MJIN marks another first-to-market for ETFMG and rounds out our full suite of cannabis investment offerings,” says Sam Masucci, CEO, and Founder of ETFMG. “We are a one-stop shop for investors looking to capitalize on the global and U.S. cannabis sectors.”
The new ETF joins MJ, the first U.S. listed and world’s largest cannabis ETF, MJUS, providing access to top names in U.S. cannabis, including multi-state operators (MSOs) and MJXL, providing 2x daily the performance of the Prime Alternative Harvest Index. The company said in a statement that the new ETF also adds to the firm’s suite of 2x Daily Leveraged ETFs, structured to give investors short-term, magnified exposure to high-growth themes already offered by ETFMG.
“Investor interest in the cannabis sector has continued to increase as the industry has expanded on the back of strong fundamentals and the growing prospect of legislative reform. While most investors are primarily focused on capturing the long-term potential of the cannabis industry, many have been seeking a short-term trading vehicle to help hedge, from time to time, the downside volatility that can come along with investing in an emerging sector. As the cannabis industry continues to expand and diversify, so should its related investment options. It’s a privilege to be able to provide cannabis investors with a full suite of investment options, including the ability to achieve either long or short exposure to the sector,” says Jason Wilson, ETFMG’s Cannabis Research and Banking Expert.
“We are proud to expand our relationship with ETFMG as it launches yet another essential investment product for the cannabis industry,” says Kris Monaco, Managing Partner and Co-Founder of Prime Indexes. “ETFMG’s new fund reinforces the Prime Alternative Harvest index as the key benchmark for investors in an industry that is still in its infancy.”