BMO REX MicroSectors FANG+ Index 3X Leveraged ETN

Bank of Montreal engages in the provision of banking and financial services to individuals and institutions. It operates through the following segments: Canadian Personal and Commercial Banking (Canadian P&C) and United States Personal and Commercial Banking (U.S. P&C). The Canadian P&C segment refers to retail banking and financial operations in Canada. The U.S. P&C segment offers retail banking and financial solutions in United States. The company was founded by Robert Armour, John C. Bush, Austin Cuvillier, George Garden, Horatio Gates, James Leslie, George Moffatt, John Richardson and Thomas A. Turner on June 23, 1817 and is headquartered in Toronto, Canada.

Bank of Montreal engages in the provision of banking and financial services to individuals and institutions. It operates through the following segments: Canadian Personal and Commercial Banking (Canadian P&C), United States Personal and Commercial Banking (U.S. P&C), BMO Wealth Management, BMO Capital Markets, and Corporate Services. The company was founded by Robert Armour, John C. Bush, Austin Cuvillier, George Garden, Horatio Gates, James Leslie, George Moffatt, John Richardson and Thomas A. Turner on June 23, 1817 and is headquartered in Toronto, Canada.

MicroSectors FANG+ Index 3X Leveraged ETN is an ETN that aims to deliver 3x the daily performance of the NYSE FANG+ Index which focuses on 10 companies. Although it's difficult to advocate for a long-term buy/hold use, the ETN can boost a portfolio's performance in periods of slow growth; a scenario more and more likely. Investors should assess the unique risks that FNGU introduces in order to better assess how much to allocate to it, if at all.

FNGU: A Leveraged Bet On Innovation

The MicroSectors FANG+ Index 3X Leveraged ETN offers 3X bullish exposure to 10 mega-cap tech stocks but is currently rated a hold due to recent massive gains. FNGU's performance has been driven by stocks like CrowdStrike and Netflix, but its extreme leverage and tracking error make it risky for long-term holding. Despite outstanding momentum and seasonality favoring tech stocks, the reward/risk ratio is insufficient to justify buying FNGU at its current overbought levels.

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FNGU is a 3x leveraged ETN targeting daily returns of the FANG+ index with a daily reset mechanism. Due to the compounding effect as a result of the daily reset, FNGU is unsuitable for buy-and-hold strategies and is recommended for active daily trading only. Recent bearish sentiment in tech stocks post-CYq2'24 earnings suggests a potential downtrend, prompting a SELL rating for FNGU.

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The MicroSectors FANG+ Index 3X Leveraged ETN is a concentrated bet on the 10 largest U.S. technology stocks. Over the past year, FNGU has outperformed the Invesco Nasdaq-100 Trust QQQ's by 7x over the past year and the Vanguard S&P 500 ETF by 11x. However, there are risks associated with FNGU's strategy, and some of the top holdings in the FANG+ Index (the so-called "Fab-7") have underperformed and are no longer quite so "fabulous".

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