MicroSectors™ FANG+™ 3x Leveraged ETNs
FNGB
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- MicroSectors™ FANG+™ 3x Leveraged ETNs (FNGB), issued by Bank of Montreal, provide sophisticated investors with three times leveraged long exposure to the daily performance of the NYSE FANG+® Index, compounded daily before fees and expenses. The NYSE FANG+ Index is an equal-dollar weighted benchmark tracking 10 highly liquid, growth-oriented stocks in technology, media & communications, and consumer discretionary sectors, including equal weights of leaders such as Alphabet Inc., Apple Inc., NVIDIA Corp., Broadcom Inc., Amazon.com Inc., Microsoft Corp., Meta Platforms Inc., Netflix Inc., CrowdStrike Holdings Inc., and ServiceNow Inc.; the ETNs reset leverage daily, amplifying potential gains or losses relative to the index. Bank of Montreal serves as the unsecured debt issuer, with BMO Capital Markets Corp. acting as underwriter, and the products list on NYSE Arca. Headquartered in Toronto, Ontario, Canada, Bank of Montreal, founded in 1817, operates globally across personal and commercial banking, wealth management, and capital markets segments, issuing the MicroSectors suite of ETNs that spans multiple microsectors including U.S. Big Banks (BNKU/BNKD), Oil & Gas (OILU/OILD), Gold Miners (GDXU/GDXD), Travel (FLYU/FLYD), and FANG+ variants such as 2x Leveraged (FNGO), 1x Long (FNGS), and -3x Inverse (-3X ETNs like FNGD); MicroSectors products target institutional and retail traders seeking concentrated, leveraged access to thematic indices without direct equity ownership. In February 2025, Bank of Montreal launched the current FNGB ETNs (CUSIP 063679385, issue date February 24, 2025, maturing February 17, 2045) as a replacement for the prior MicroSectors™ FANG+™ Index 3x Leveraged ETNs (original FNGU), redeeming the outstanding legacy securities by May 15, 2025, and adjusting ticker symbols—including reusing FNGU for the new issuance after a cooling-off period, with FNGA as an interim designation and a further change announced in June 2025. These moves updated fee structures to a promotional 0.95% annual rate (initially discounted to 0.35% until August 2025) reflecting current market conditions, waived minimum early redemption sizes for legacy holders, and ensured continued 3x daily leveraged access to the NYSE FANG+ Index amid high demand for tech-growth volatility trading tools. As of December 2025, approximately 80 million FNGB ETNs remain outstanding, traded primarily by tactical investors in U.S. markets leveraging short-term tech sector movements.