MicroSectors FANG+ Index -2X Inverse Leveraged ETN
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- MicroSectors FANG+ Index -2X Inverse Leveraged ETN (FNGZ) is an exchange traded note issued by Bank of Montreal that provides two times inverse leveraged exposure to the daily performance of the NYSE FANG+ Index, compounded daily and minus applicable fees; the NYSE FANG+ Index is an equal-dollar weighted benchmark of 10 highly traded technology and tech-enabled growth stocks, including Alphabet Inc., Apple Inc., Amazon.com Inc., Microsoft Corp., Meta Platforms Inc., Netflix Inc., NVIDIA Corp., Broadcom Inc., CrowdStrike Holdings Inc., and ServiceNow Inc. The ETN, which trades on the NYSE Arca exchange under the ticker FNGZ with CUSIP 63679849 and intraday indicative value ticker FNGZIV, targets sophisticated investors seeking short-term trading tools for concentrated inverse exposure to the FANG+ microsector, rather than long-term investment vehicles due to daily reset leverage effects and potential decay. Issued on August 6, 2018, with a maturity date of January 8, 2038, and approximately 1,000,000 ETNs outstanding as of late 2025, it is part of the broader MicroSectors lineup of leveraged and inverse ETNs from Bank of Montreal, headquartered in Montreal, Canada, with primary U.S. operations through BMO Capital Markets Corp. as underwriter; the product caters to institutional and retail traders focused on technology sector volatility across global markets. In recent years, Bank of Montreal has executed significant strategic changes within its MicroSectors FANG+ ETN suite, including the February 2025 redemption of the related MicroSectors FANG+ Index 3X Leveraged ETNs (originally FNGU, retickered to FNGA ahead of redemption on May 15, 2025) due to elevated leverage support costs and outdated fee structures, alongside the launch of replacement MicroSectors FANG+ 3X Leveraged ETNs (FNGB, due February 17, 2045) linked to the gross total return version of the NYSE FANG+ Index. A June 2025 ticker symbol change was announced for the FNGB ETNs from FNGB to another symbol, reflecting ongoing portfolio optimization efforts. These actions underscore Bank of Montreal's focus on modernizing product fees, extending maturities, and maintaining access to leveraged FANG+ exposure amid evolving market conditions, with no reported funding rounds, acquisitions, or new launches directly impacting FNGZ itself in the last 1-2 years. The issuer continues to expand its MicroSectors offerings globally via NYSE Arca listings, emphasizing risk disclosures around leverage, counterparty credit risk, and single-day use cases.