fngd stock — MicroSectors FANG+ -3X ETN

This article explains fngd stock—MicroSectors FANG+ Index -3X Inverse Leveraged ETN—covering structure, mechanics, fees, risks, typical uses and where to find official documents. Ideal for traders ...

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FNGD — MicroSectors FANG+ Index -3X Inverse Leveraged ETN

fngd stock is the ticker commonly used to refer to the MicroSectors FANG+™ Index -3X Inverse Leveraged ETN. In plain terms, fngd stock is an exchange‑traded note designed to provide daily −3× inverse exposure to the NYSE FANG+ Index. This article explains what the product is, how it works, its costs and risks, common trading uses, and where to find authoritative product documents and market data.

Read on to learn how fngd stock implements leveraged inverse exposure, why daily reset and compounding matter for performance, and which investors or traders typically use this ETN. The content is neutral, fact‑based, and intended for educational purposes only.

Quick facts

Ticker: FNGD (often referenced informally as fngd stock)
Issuer / Sponsor: REX Shares in partnership with BMO Financial Group / MicroSectors (issuer names historically associated with the product family)
Product structure: ETN (exchange‑traded note — unsecured debt instrument)
Exchange listing: NYSE Arca / NYSE listing (trades on U.S. exchanges)
Inception date: January 22, 2018 (product launch date)
Target daily objective: Seek daily −3× inverse exposure to the NYSE FANG+ Index
Typical published expense ratio (example figure reported by data providers): 0.95% (verify on live sources)

As of 2026-01-27, according to ETFdb, market metrics such as NAV, assets under management (AUM), 52‑week high/low and daily volume change frequently; readers should verify time‑sensitive numbers on primary data pages before trading.

Product structure and mechanics

An ETN is an unsecured debt instrument issued by a financial institution. Unlike an ETF, which holds a portfolio of securities, an ETN promises to pay returns linked to the performance of an underlying index, minus fees and expenses. ETNs do not hold assets in a trust that correspond to the index; they expose investors to the issuer's credit risk.

FNGD implements leverage and inverse exposure via derivatives and financing arrangements arranged by the issuer. The stated objective of fngd stock is to achieve daily returns that are −3× the daily return of the NYSE FANG+ Index. That means if the index falls 1% on a given trading day, FNGD aims to rise approximately 3% that day (before fees and expenses); conversely, if the index rises 1%, FNGD aims to fall approximately 3%.

Key mechanical points:

The ETN targets daily performance, not multi‑day or long‑term returns. The leverage is reset each trading day.
The issuer uses swaps, futures, or other derivatives to achieve the −3× exposure. Those arrangements involve daily financing and collateral management.
Because the exposure is achieved synthetically via derivatives, the ETN carries issuer credit risk in addition to market exposure.

Leverage and daily reset behavior

Leveraged inverse ETNs like fngd stock reset their leverage target at the close of each trading day. This daily reset means that the relationship between the ETN and the underlying index is path dependent. Over multiple days, compounding alters returns so that multi‑day performance will often differ materially from a simple −3× multiple of the index’s cumulative return.

Illustrative behavior:

If the index moves steadily in one direction for several days, compounding may approximate −3× the cumulative move.
If the index is volatile with alternating gains and losses, compounding can produce large deviations from −3× cumulative returns—often magnifying losses for holders of inverse leveraged products during choppy markets.

Because of these dynamics, leveraged inverse products are generally unsuitable for a buy‑and‑hold investor who expects the target multiple over months or years. They are designed for short‑term tactical positions, intraday trading, or very short‑term hedges.

Underlying index — NYSE FANG+ Index

The NYSE FANG+ Index is a narrow index that tracks a basket of highly traded growth and tech‑sector names frequently associated with the acronym FANG or FAANG and related large‑cap innovators. The index typically includes a small number of large, liquid equities such as Apple, Amazon, Alphabet, Meta Platforms, Netflix, NVIDIA, Tesla and others.

Index construction notes:

The NYSE FANG+ Index is typically equal‑dollar weighted across its constituent list, rather than market‑cap weighted. That means each included name contributes similarly to index returns regardless of market capitalization.
Equal weighting of a small set of volatile tech names produces concentrated exposure to a handful of companies and amplifies stock‑specific risk.

FNGD maps to this index by targeting −300% of the index’s daily return. That gives traders a tool for short‑term, leveraged bearish exposure to this specific basket of large tech and consumer growth names.

Holdings and weighting

FNGD’s economic exposure derives from the NYSE FANG+ Index constituents. Typical heavy names include Apple, Amazon, Alphabet (Google), Meta Platforms (Facebook), Netflix, NVIDIA, Tesla and other major technology and consumer growth companies. Because the underlying index contains a small number of large names and uses equal weighting, performance can be dominated by moves in a few constituents.

Practical implications:

A sharp move in one large constituent can have outsized effects on FNGD’s daily returns.
Equal weighting reduces pure market‑cap concentration but increases idiosyncratic (single‑stock) risk compared with broader market indices.

Investors should review the current NYSE FANG+ Index constituent list and weighting schedule on index provider pages for up‑to‑date composition.

Fees, expenses and costs

Explicit costs:

Published expense ratio: Data providers commonly report a management or operating expense figure for leveraged ETNs; for FNGD examples list 0.95% as a reported expense ratio. Verify the exact published fee in the issuer's prospectus and current fact sheet.

Implicit and operational costs:

Financing/borrow costs: Leveraged exposure is financed via derivatives and swaps; financing rates and daily funding adjustments create implicit costs.
Tracking error: The ETN may deviate from the target daily multiple due to transaction costs, counterparty spreads, and imperfect hedge execution.
Bid/ask spreads and market impact: During periods of low liquidity or stress, spreads can widen, increasing trading costs.
Roll costs: For derivative‑based exposure, rolling instruments can create additional drag over time.

Because these implicit costs compound with daily resets, total trading cost for holding fngd stock overnight or for multiple days can be materially larger than the published expense ratio suggests.

Market data and performance history

Where price and NAV are reported:

Market quotes and historical prices for fngd stock are available on major market data platforms such as Yahoo Finance, Morningstar, ETFdb and other financial portals. These pages provide intraday price, historical price series, NAV (where reported), and volume statistics.

Performance characteristics:

FNGD has historically exhibited very high volatility due to its leveraged inverse exposure to a concentrated tech index.
There have been periods with steep drawdowns and rapid price moves aligned with large swings in the underlying NYSE FANG+ Index.

As of 2026-01-27, according to Morningstar and ETFdb, FNGD has shown wide 52‑week trading ranges and episodic spikes in volume during market stress. Exact figures for market cap, AUM and 52‑week high/low are time‑sensitive and should be checked on live data pages prior to making any trading decision.

Sample historical observations (illustrative; verify live):

Rapid declines in the underlying tech cohort during broad market selloffs have produced outsized moves in FNGD.
Volatility and path dependency have led to outcomes where the ETN lost value across a multi‑week period even when the index’s cumulative move was modest, due to compounding and directional bias.

Risks and investor considerations

Principal risks to understand before trading fngd stock:

Leverage risk: The ETN targets −3× daily returns, which greatly magnifies both gains and losses on a per‑day basis.
Inverse exposure risk: As an inverse product, it produces gains when the underlying falls and losses when the underlying rises; mis‑timing can quickly produce large losses.
Daily compounding / path dependency: Multi‑day returns can diverge significantly from −3× the index’s cumulative return.
High volatility: The underlying index and the ETN itself can experience rapid and large price swings.
Counterparty / credit risk: As an ETN, FNGD exposes investors to the creditworthiness of the issuer.
Liquidity risk: In stressed markets or outside normal trading hours, liquidity can shrink and spreads can widen.
Suitability: Generally appropriate only for sophisticated traders using short‑term tactics, not for long‑term buy‑and‑hold investors.

Investors should consult the prospectus, evaluate their own risk tolerance, and consider speaking with a qualified financial advisor.

Counterparty / credit risk

Because FNGD is structured as an ETN, it is an unsecured obligation of the issuing bank or sponsor. If the issuer’s credit quality deteriorates or the issuer defaults, investors holding fngd stock could suffer losses unrelated to the performance of the NYSE FANG+ Index.

Key points:

ETN payments depend on the issuer's ability to meet its debts. There is no guarantee of principal protection.
A credit event at the issuer could produce a significant gap between the ETN’s market price and the theoretical index‑linked payoff.
Investors should review the issuer's credit ratings, financial statements and the ETN prospectus for details on credit risk and any protective features.

Corporate actions, operational events, and notable history

Microsector and leveraged ETN families have occasionally experienced corporate actions, reverse splits, product restructurings, or delistings. Historically, microsector ETNs have been subject to adjustments, ticker changes and in some cases issuer‑led redemptions or closures when product demand waned or market conditions changed.

FNGD investors should monitor notices from the issuer and exchange for:

Reverse splits or share consolidation actions that affect per‑share pricing and outstanding shares.
Changes in product structure, fees or index methodology.
Suspension or delisting notices, which can occur if an issuer elects to terminate the product or if listing standards are not met.

Any material operational events will be announced by the issuer and filed in official regulatory filings.

Typical uses and trading strategies

Common uses for fngd stock include:

Short‑term bearish exposure to a basket of large tech/consumer growth names.
Intraday or short‑term tactical trades aimed at profiting from expected declines in the NYSE FANG+ Index.
Short‑term hedges against long exposures to large tech holdings or concentrated growth portfolios.

Risk‑management suggestions often employed by traders:

Use defined stop losses and strict position sizing because of oversized daily moves.
Avoid holding for extended periods due to compounding and time decay effects.
Rebalance and monitor intraday rather than treating the ETN as a long‑term hedge.

This ETN is typically not recommended for long‑term passive exposure or as a long‑term substitute for shorting individual names without active monitoring.

Comparisons and alternatives

Comparable leveraged and inverse products with tech or index focus include inverse or leveraged ETFs/ETNs that target broad or sector indices. Examples of product types to compare:

Leveraged inverse products targeting broad tech indices or NASDAQ‑100 exposure.
Short‑biased ETFs that target specific sector or market indices.

How fngd stock differs:

Underlying index specificity: FNGD targets the NYSE FANG+ Index, a small equal‑weighted basket of large growth names, rather than a broad market index.
Target multiple: FNGD targets −3× daily inverse exposure, which is a high leverage level compared with some other products.
ETN structure: Counterparty credit risk and structural differences set ETNs apart from ETFs that hold securities directly.

When evaluating alternatives, compare index composition, target multiple, structure (ETF vs ETN), fees, liquidity and historical tracking performance.

Taxes and regulatory considerations

Tax treatment differences between ETNs and ETFs can be relevant:

ETNs do not typically distribute dividends from a held portfolio the way an ETF does; tax timing and character of gains may differ.
Depending on jurisdiction and investor circumstances, realized gains or losses may be treated as capital gains or ordinary income; tax rules can be complex for leveraged and derivative‑based products.

Regulatory considerations:

Review the issuer’s prospectus and any regulatory filings for disclosures on taxation and reporting.
Consult a qualified tax advisor for an assessment tailored to your tax residency and personal situation.

Prospectus, disclosures and where to find official information

Before trading fngd stock, investors should read the official prospectus and current product disclosures. Primary sources include the issuer's prospectus and fact sheet, and official filings with securities regulators.

Where to locate documents (search the issuer’s investor relations or regulatory filings pages and financial data portals):

Issuer prospectus and supplemental prospectus documents.
Official fact sheet and product supplement from the issuer.
Regulatory filings and notices (e.g., filings with the U.S. Securities and Exchange Commission).

Always rely on primary documents for the authoritative terms of the ETN, fee schedule, redemption mechanics and risk disclosures.

References

Below are the primary market‑data pages and coverage used to compile this article. These sources publish time‑sensitive metrics such as price, NAV, AUM and 52‑week ranges; verify live before trading.

ETFdb — FNGD profile and historical data (As of 2026-01-27, ETFdb provided fund facts and trade statistics.)
Morningstar — FNGD quote and fund profile (As of 2026-01-27, Morningstar listed price history and risk metrics.)
Yahoo Finance — FNGD quote page (Provides intraday price, volume and historical quotes.)
Financial news and market data portals — coverage of episodes when leveraged ETNs experienced volatility or corporate actions.

Notes on sources used: This article prioritizes issuer prospectus details and market data from ETFdb, Morningstar and Yahoo Finance. Numerical values like NAV, AUM and 52‑week highs/lows must be verified in live feeds because they change frequently.

External links

Below are suggested reference pages to search for the most current official information. Do not rely on cached numbers in this article; always confirm on the issuer and data provider pages.

Issuer / product home page (search for the MicroSectors FANG+ -3X ETN prospectus and fact sheet)
ETFdb profile for FNGD (for fund facts and historical data)
Yahoo Finance quote for FNGD (for current price and volume)
Morningstar page for FNGD (for risk metrics and performance history)

Notes on sources used

This article compiles product descriptions and market data primarily from ETFdb, Morningstar and Yahoo Finance, together with issuer prospectus materials. Because market metrics are time‑sensitive, exact numerical values (price, AUM, NAV and 52‑week extremes) are not fixed here and should be verified on live data pages prior to trading.