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MicroSectors -3x FANG+ Index Inverse Leveraged ETN upsized by USD50m


The Bank of Montreal (BMO) has increased the aggregate principal amount of MicroSectors FANG+ -3X Inverse Leveraged Exchange Traded Notes (FNGD) to a new total of USD175 million.  The ETNs offer investors ‐3x daily resetting inverse leveraged exposure linked to the NYSE® FANG+ Index.  he ETNs, listed on NYSE Arca, were issued by BMO and launched on 22 January, 2018, had two additional recent USD25 million upsizings in December and early January. The NYSE FANG+ Index includes 10 highly liquid stocks that represent industry leaders across today’s tech and internet/media companies. The index is equally weighted, providing a unique performance benchmark that offers investors a value-driven approach to technology investing. Unlike market capitalization weighted indices, which can be dominated by a few large stocks, an equal-weighted index offers for a more diversified portfolio.

“FANG+ ETNs offer a convenient solution to FAANG investing. Prior to the launch of these ETNs, the opportunity to access inverse daily resetting leverage on FAANG stocks wasn’t available via traditional benchmarks like the Nasdaq-100 Index (related Short ETF: SQQQ) and Technology Select Sector Index (related Short ETF: TECS). For many investors, the components of these two indices do not necessarily represent the technology landscape. However, with FNGD, investors can access inverse daily resetting leverage on some of the most innovative names in technology and tech-enabled companies,” says Scott Acheychek, President of REX Shares. “Some FANG+ stocks, including Apple, Amazon, Tesla and Facebook, have been in a bullish rally since the start of Q4. Despite this tech-led rally, we continue to see significant demand for our short -3X FANG ETN (FNGD). This upsize event marks the third time our partners at BMO have increased the number of notes outstanding since mid-December.”

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