MicroSectors FANG+ Index -3X Inverse Leveraged ETN
FNGD
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- MicroSectors FANG+ Index -3X Inverse Leveraged ETN (FNGD) is an exchange-traded note issued by Bank of Montreal that provides three times the inverse daily leveraged performance of the NYSE FANG+ Index, compounded daily and less fees. The ETN offers exposure to a concentrated equal-dollar weighted index of 10 highly traded growth stocks in technology and consumer discretionary sectors, including core FANG constituents such as Meta Platforms (Facebook), Apple, Amazon.com, Netflix, and Alphabet (Google), alongside others like NVIDIA, Tesla, Broadcom, ServiceNow, and CrowdStrike. Launched on January 25, 2018, with maturity on January 8, 2038, FNGD trades on NYSE Arca under ticker FNGD (CUSIP 06367V402) and targets sophisticated investors seeking short-term trading tools for inverse leveraged bets on these microsector equities; Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada, with operational headquarters in Toronto, Ontario, issues the ETN through its U.S. affiliate BMO Capital Markets Corp. as underwriter. The product serves the leveraged and inverse exchange-traded products segment, primarily for institutional and retail traders focusing on daily performance in U.S. equity markets, with operations centered in North America. As of December 2025, approximately 14 million ETNs remain outstanding, with a market capitalization around $75 million and intraday indicative value ticker FNGDIV linked to underlying index ticker NYFANGT. Recent operational adjustments include a 1-for-10 reverse split effective July 20, 2020, for pre-purchase holders, and another 1-for-20 reverse split for those purchasing before December 6, 2021, aimed at maintaining share price viability amid volatility. In collaboration with REX Shares, the MicroSectors brand manager, the ETN saw an upsizing by $100 million in April 2023 to expand availability; no major acquisitions, funding rounds, or new product launches specific to FNGD occurred in 2024-2025, though related FANG+ ETNs like FNGU/FNGA/FNGB underwent redemptions, ticker changes, and replacements in 2025 to align with market conditions. These changes reflect ongoing issuer efforts to optimize the suite's liquidity and compliance on NYSE Arca.