MicroSectors Solactive FANG & Innovation 3X Leveraged ETN
BULZ
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- MicroSectors Solactive FANG Innovation 3X Leveraged ETNs (BULZ) are exchange-traded notes issued by Bank of Montreal that provide three times the daily leveraged performance of the Solactive FANG Innovation Index, compounded daily and minus fees. The ETNs, which mature on June 28, 2041, offer exposure to a total return index tracking 15 equally weighted large-cap U.S. technology stocks focused on innovation; the core components comprise eight FANG names—Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., Netflix Inc., NVIDIA Corp., and Tesla Inc.—plus the top seven traded names from FactSet industries including semiconductors, electronic components, packaged software, and internet software/services. Launched with an initial trade date of August 17, 2021, and listed on NYSE Arca, the ETNs do not pay interest, carry an investor fee rate of 0.95%, and as of December 2025 outstanding units total 8.5 million with a market capitalization exceeding $2.1 billion. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, with operational headquarters in Toronto, Ontario, issues these senior unsecured obligations through its U.S. operations targeting sophisticated investors seeking short-term leveraged bets on U.S. technology equities. In recent developments, Bank of Montreal implemented a 1-for-10 reverse split on BULZ effective October 31, 2022, to adjust the principal amount per note to $250 while maintaining aggregate issuance of approximately $2.125 billion. The issuer has continued its partnership with REX Shares, LLC, under the MicroSectors brand, building on collaborations since 2017 to expand leveraged and inverse ETN offerings linked to targeted market themes. As of late 2025, BMO has pursued broader capital market activities including a new share repurchase program announced September 2025, issuance of $1 billion in capital notes in July 2025, and $2.25 billion in senior notes in September 2025, alongside robust Q3 2025 earnings and an updated 2025 annual report. No new product launches or redemptions specific to BULZ have occurred within the last two years, though the underlying index reconstitutes quarterly and rebalances monthly to reflect evolving top tech holdings such as Micron Technology, Broadcom, and Palantir Technologies.