Bringing you live news and features since 2006 

REX Shares and Bank of Montreal launch 3x leveraged FANG+ ETNs on NYSE Arca

RELATED TOPICS​

REX Shares has partnered with Bank of Montreal to launch a pair of exchange traded notes under the name REX MicroSectors.

The BMO REX MicroSectors FANG+ Index 3X Leveraged ETNs and the BMO REX MicroSectors FANG+ Index -3X Inverse Leveraged ETNs are based on the NYSE FANG+ Index, and are now trading on the NYSE Arca under the tickers FNGU and FNGD.
 
The NYSE FANG+ Index (NYFANG) was created by ICE Data Services, which is part of Intercontinental Exchange (NYSE: ICE), in 2017 to provide exposure to a select group of highly-traded growth stocks of next generation technology and tech-enabled companies. This includes the five core “FANG” stocks – Facebook, Apple, Amazon, Netflix and Alphabet’s Google, plus another five actively-traded technology growth stocks – Alibaba, Baidu, NVIDIA, Tesla and Twitter. On 8 November, 2017, ICE Futures US launched a series of quarterly futures contracts based on the NYSE FANG+ Index in order to offer hedging of and exposure to these companies.
 
REX, a provider of alternative investment products, sees large demand for hedging and trading vehicles based on targeted segments of the market such as FANG stocks.
 
“We created the MicroSectors concept in order to address what we see as a gap in the marketplace for leveraged and inverse thematic sector products. We are thrilled to be working with BMO and ICE Data Services for our first two MicroSectorsTM products,” says Greg King, Founder and CEO of REX. BMO worked with REX on certain elements of product design and REX acts as Structuring Agent for the ETNs.
 
“We are looking forward to working with REX Shares and the NYSE on these new exchange traded notes which offer investors a strategic way to enhance their exposure to highly traded technology companies,” says Laurence Kaplan, MD & Head, US Notes, BMO Capital Markets. “Through this collaboration, we are able to build and offer novel products that give investors the ability to increase or decrease their exposure depending on their needs.”
 
The ETNs are senior, unsecured obligations of Bank of Montreal.

Latest News

HSBC Asset Management’s (HSBC AM) ETF and Indexing business has passed USD100 billion in assets under management (AUM), reflecting its..
Amundi’s ETF Market Flows Analysis for April reveals that investors added EUR54.1 billion to global ETFs in April with equities..
VanEck has reached USD10 billion in assets under management in Europe for the first time in April 2024...
Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according to a benchmark study published..

Related Articles

Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Sean O' Hara
Pacer ETFs has announced the launch of three Cash Cows UCITS ETFs. The firm writes that this will give European...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by