MicroSectors U.S. Big Oil Index -2X Inverse Leveraged ETNs
NRGZ
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- MicroSectors U.S. Big Oil Index -2X Inverse Leveraged ETNs (NRGZ) are exchange-traded notes issued by Bank of Montreal that provide two times inverse leveraged exposure, compounded daily, to the performance of the Solactive MicroSectors U.S. Big Oil Index, net of fees. The underlying index comprises an equal-dollar weighted selection 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 is rebalanced monthly to maintain equal weighting. Launched on April 12, 2019, with approximately 500,000 ETNs outstanding and a maturity date of March 25, 2039, NRGZ trades on the NYSE Arca under the ticker NRGZ (CUSIP: 063679732), targeting sophisticated investors seeking short-term trading and hedging tools against U.S. big oil sector performance. Headquartered in Montreal, Canada, Bank of Montreal, through its affiliate BMO Capital Markets Corp. as underwriter, issues NRGZ as part of the broader MicroSectors lineup of leveraged and inverse ETNs developed in partnership with REX Shares, LLC; these products focus on microsectors without providing principal protection or dividends. Recent developments include multiple reverse splits across the MicroSectors family, such as those effective in March and April 2024, as well as October 2025 for related ETNs like Gold Miners products, to adjust trading denominations while preserving aggregate principal amounts. In February 2025, Bank of Montreal and REX Shares expanded the U.S. Big Oil offerings with launches of additional leveraged (+3X) and inverse (-3X) ETNs (NRGU and NRGD), alongside new Big Banks products, reinforcing the platform's focus on sector-specific leveraged strategies. No specific redemptions, acquisitions, or major reorganizations have been announced for NRGZ itself in the past 1-2 years, though ongoing SEC filings and indicative value tracking (NRGZIV) support its operational continuity.