MicroSectors U.S. Big Oil Index 2X Leveraged ETNs
NRGO
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- MicroSectors U.S. Big Oil Index 2X Leveraged ETNs (NRGO) is an exchange-traded note issued by Bank of Montreal that provides two times the daily compounded performance of the Solactive MicroSectors U.S. Big Oil Index, less fees. The underlying index, created by Solactive AG in 2019, tracks an equal-dollar weighted portfolio of the 10 largest U.S.-listed energy and oil companies by market capitalization, including Exxon Mobil Corp., Chevron Corp., ConocoPhillips, Phillips 66, Marathon Petroleum Corp., Valero Energy Corp., Occidental Petroleum Corp., EOG Resources Inc., Devon Energy Corp., and Diamondback Energy Inc.; the index rebalances monthly to maintain equal weighting. NRGO, which trades on NYSE Arca under ticker NRGO with CUSIP 63679757, has a principal amount of $25 per ETN, matures on March 25, 2039, and had 500,000 ETNs outstanding as of the latest data. Headquartered in Montreal, Canada, Bank of Montreal, the issuer, offers this product as part of the MicroSectors lineup developed in partnership with REX Shares, LLC, targeting sophisticated investors seeking leveraged exposure to the U.S. big oil microsector; the ETNs are unsecured senior debt obligations of the issuer. In February 2025, Bank of Montreal and REX Shares expanded the Big Oil suite by launching additional leveraged and inverse leveraged ETNs linked to the same index, alongside U.S. Big Banks ETNs, on NYSE Arca. The issuer has conducted routine operational adjustments across its MicroSectors ETNs, including reverse splits on select series in April and July 2024, redemptions of four unrelated ETNs in July 2024, and a financing spread increase for other products in November 2025, reflecting ongoing management of the leveraged ETN portfolio.