MicroSectors FANG+ Index Inverse ETN
GNAF
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- United States of America
- IPO Date
- Aug 1, 2018
- Similar Companies
- Business
- MicroSectors FANG+ Index Inverse ETN (GNAF) is an exchange-traded note that provides inverse (-1x) daily exposure to the performance of the NYSE FANG+ Index, compounded daily and minus applicable fees; the NYSE FANG+ Index is an equal-dollar weighted benchmark created by NYSE in 2017 comprising 10 highly traded growth stocks in technology and tech-enabled companies, including the core FANG stocks of Meta Platforms (Facebook), Apple, Amazon.com, Netflix and Alphabet (Google), plus Alibaba, Baidu, NVIDIA, Tesla and Snowflake. Issued by Bank of Montreal (/BMO) under the MicroSectors brand through its affiliate BMO Capital Markets Corp. as underwriter, the ETN trades on NYSE Arca with CUSIP 63679831, was issued on August 6, 2018, and matures on January 8, 2038; as of late 2025, approximately 1,000,000 ETNs remain outstanding. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, Canada—with operational headquarters in Toronto, Ontario—operates globally across North America and internationally, offering this senior unsecured debt obligation subject to the issuer's credit risk. The ETN targets sophisticated investors seeking short exposure to the concentrated "microsector" of leading technology growth stocks; it competes within BMO's broader MicroSectors lineup, which includes related FANG+ products such as the -3x inverse leveraged ETN (FNGD), +3x leveraged ETNs (FNGU, FNGB), and unleveraged long ETN (FNGS). Recent developments include BMO's ongoing portfolio management actions for MicroSectors ETNs, such as reverse splits on related FANG+ series including FNGD in prior years and announcements in 2025 for redemptions and ticker changes on leveraged counterparts like FNGU (replaced by FNGB); in February 2025, BMO launched new U.S. Big Banks and U.S. Big Oil leveraged/inverse ETNs in partnership with REX Shares, expanding the MicroSectors platform, while in November 2025 adjusting financing spreads on select products like GDXU. No specific redemptions or reorganizations for GNAF were noted in 2024-2025, though BMO continued routine adjustments including reverse splits on other inverse ETNs like GDXD in October 2025.