MicroSectors FANG+ Index 2X Leveraged ETNs
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- MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is an exchange traded note issued by Bank of Montreal that provides two times leveraged exposure to the daily performance of the NYSE FANG+ Index, compounded daily and minus applicable fees including a 0.95% annual investor fee and a daily financing rate based on the U.S. Federal Funds Effective Rate plus 1.00%; the NYSE FANG+ Index is an equal-weighted benchmark tracking 10 highly liquid, growth-oriented technology and tech-enabled stocks, including Meta Platforms Inc., Snowflake Inc., Microsoft Corp., Tesla Inc., Apple Inc., Alphabet Inc., NVIDIA Corp., Amazon.com Inc., Netflix Inc. and Advanced Micro Devices Inc. FNGO trades on the NYSE Arca under the ticker FNGO with intraday indicative value ticker FNGOIV and CUSIP 063679856; it was issued on August 6, 2018, with a maturity date of January 8, 2038, and targets sophisticated investors seeking short-term trading tools rather than long-term holdings due to daily leverage reset and compounding effects. The ETN operates globally through U.S. exchanges, with Bank of Montreal serving as the senior unsecured issuer exposed to its credit risk, and is marketed under the MicroSectors brand in partnership with REX Shares, LLC for index licensing. Recent operational changes include multiple reverse splits across the MicroSectors FANG+ family, such as those announced by Bank of Montreal in 2024 for related inverse ETNs like FNGD, alongside a major restructuring in early 2025 involving the redemption of the companion 3X Leveraged ETN (FNGU) on May 15, 2025, a ticker change from FNGU to FNGA effective March 3, 2025, and the launch of a replacement FNGB ETN linked to the gross total return version of the NYSE FANG+ Index to reflect updated market fee structures.