The leveraged exchange-traded note gives traders triple daily exposure to ten AI-linked stocks while pointedly leaving Anthropic and OpenAI off the roster.
REX Shares and BMO are rolling out a new way to make leveraged bets on the AI economy. The MicroSectors 3x Long MANGOS+ ex Private Companies ETN, trading under ticker MNGU, begins trading on NYSE Arca on August 27, 2026.
The product delivers 3x daily leveraged exposure to the NYSE MaNGoS+ Index, an equally weighted basket of ten publicly traded US companies deeply embedded in the artificial intelligence supply chain.
What’s in the basket, and what’s not #
The “ex Private Companies” part of the name is doing real work. The MaNGoS+ Index deliberately excludes Anthropic and OpenAI, two of the most prominent AI companies on the planet, for one simple reason: you can’t buy their shares on a public exchange.
As of August 25, 2026, the estimated index weights included Palantir at roughly 13.1%, Microsoft at 12.8%, NVIDIA at 10.3%, Meta Platforms at 9.9%, and SpaceX at 7.7%.
Other constituents include Taiwan Semiconductor, Advanced Micro Devices, Broadcom, and Micron. Each of these companies touches a different layer of the AI stack, from the chips that power training runs to the cloud infrastructure that serves models at scale and the defense and enterprise software that deploys them.
The equally weighted design means no single stock dominates returns, spreading the risk and the leverage more evenly across all ten names.
The SpaceX effect #
SpaceX’s recent IPO has given public market investors direct access to Elon Musk’s rocket and satellite company for the first time. Its inclusion in the MaNGoS+ Index at a 7.7% weight reflects how quickly the market has absorbed SpaceX into the AI-adjacent investment thesis, largely through Starlink’s role in global connectivity infrastructure.
REX Shares, which has built a reputation for launching thematic leveraged ETNs in partnership with BMO across sectors including technology and energy, is moving first with a product that’s already approved and ready to trade.
The ETN structure itself matters for understanding counterparty dynamics. Unlike an ETF, which holds underlying assets, an ETN is a debt instrument issued by BMO. Investors are essentially lending money to BMO in exchange for a return linked to the index’s performance. The maturity date is set for July 31, 2046, but it also means investors carry BMO’s credit risk alongside the market risk of a triple-leveraged AI bet.
Fee structure and the fine print #
The daily investor fee is waived entirely through January 31, 2027. After that, the annual rate kicks in at 0.95%.
The 3x daily leverage resets daily, which means returns over periods longer than a single trading day can diverge wildly from three times the index’s cumulative return. In volatile markets, the compounding effect can erode value even if the underlying index ends up roughly flat. These instruments are designed for short-term trading, not buy-and-hold strategies.
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