REX Shares, BMO’s three new Microsectors ETNs provide ‘FANG’ exposure

By Wendy Van Sickle

Columbus, Ohio, Aug. 2 – REX Shares, LLC and Bank of Montreal launched three additional MicroSectors ETNs, according to a press release.

The partnership’s new ETNs include the MicroSectors FANG+ Index 2X Leveraged ETN (Ticker: FNGO), the MicroSectors FANG+ Index -2X Inverse Leveraged ETN (Ticker: FNGZ) and the MicroSectors FANG+ Index Inverse ETN (Ticker: GNAF), which are based on the NYSE FANG+ index and started trading Thursday on NYSE Arca, according to the announcement from REX.

The NYSE FANG+ index was created in 2017 by ICE Data Services, part of the Intercontinental Exchange, to provide exposure to some common technology stocks.

This includes the five core FANG stocks — Facebook, Apple, Amazon, Netflix and Alphabet’s Google, plus another five technology growth stocks — Alibaba, Baidu, Nvidia, Tesla and Twitter. ICE Futures U.S. subsequently launched a series of quarterly cash-settled index futures contracts based on the NYSE FANG+ Index in order to offer hedging of and exposure to these companies.

REX, a Westport, Conn.-based provider of alternative investment products, created the first MicroSectors ETNs earlier this year in partnership with Bank of Montreal.

“FANG stocks have been actively traded this year,” said Greg King, founder and chief executive officer of REX, said in the release

“Our MicroSectors suite gives sophisticated investors and traders the tools to express views on that large-cap part of the market.” Bank of Montreal worked with REX on certain elements of product design and REX acts as structuring agent for the ETNs.

The ETNs are senior, unsecured obligations of Bank of Montreal.

Bank of Montreal is based in Toronto.

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