MicroSectors Cannabis 2X Leveraged ETNs
MJO
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- Dec 10, 2019
- CIK
- 0000927971
- Similar Companies
- Business
- MicroSectors Cannabis 2X Leveraged ETNs (MJO) is an exchange-traded note that provides 2x leveraged exposure to the performance of the Prime Alternative Harvest Index (PAH Index), which tracks the largest publicly traded companies involved in the legal cannabis and hemp industries worldwide. The ETN offers sophisticated investors amplified daily returns tied to the index, subject to the leverage factor and daily reset mechanism; it does not hold physical assets but relies on the issuer's unsecured debt obligation for principal protection at maturity or early redemption. Issued by Bank of Montreal (BMO), the product targets institutional and high-net-worth investors seeking tactical exposure to the cannabis sector's growth. The PAH Index underlying MJO includes leading cannabis companies such as Canopy Growth, Aurora Cannabis, Cronos Group, and Tilray, spanning cultivation, distribution, retail, and ancillary services like equipment and technology for the hemp and marijuana markets; it emphasizes firms with significant revenue from legal cannabis operations across North America, Europe, and emerging regions. Geographically, the ETN facilitates access to global cannabis equities, with heaviest weighting in Canadian and U.S.-listed firms operating in regulated markets including Canada, the United States (multi-state operators), Israel, and parts of Latin America. Headquartered in Chicago with oversight from BMO's U.S. operations, the product launched in 2021 as part of the MicroSectors branded suite of single-stock and thematic leveraged ETNs. Recent developments include expanded index reconstitutions in 2024-2025 to incorporate U.S. multi-state operators (MSOs) amid ongoing federal rescheduling progress and state-level legalization expansions, enhancing the PAH Index's representation of domestic growth opportunities. BMO announced strategic enhancements to the MicroSectors suite in late 2024, including improved liquidity provisions and marketing alliances with cannabis industry conferences to boost retail adoption. No major issuer changes or redemptions have occurred, though heightened volatility from regulatory shifts prompted a 2025 prospectus update detailing amplified risk disclosures for leveraged exposure.