FRLGLarge Cap Growth Index-Linked ETN
FRLG Fund Description
FRLG provides 2x leveraged exposure to an index of US large-cap growth stocks selected from the Russell 1000 Index. Leverage is reset quarterly.
FRLG Factset Analytics Insight
FRLG provides leveraged exposure to an index of US large-cap growth stocks. Unlike most geared products, the note resets its leverage quarterly, or in the event of a 20% decline in the underlying index since the last reset date, rather than daily. While there are some benefits to this infrequent reset schedule, such as minimizing the effects of compounding and path dependency, it also means that the fund will most likely stray from its targeted 2X exposure between resets. In addition to management fees, investors pay a reset fee during every quarterly leverage reset and a daily financing fee that is tied to the 2-month USD LIBOR, so all-in costs could add up quickly. The note is due in 2028 and backed by Goldman Sachs. FRLG’s exposure is functionally identical to that of FLGE and FBGX, which are backed by Credit Suisse and UBS, respectively.
FRLG CHARTS AND PERFORMANCE
FRLG Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of FRLG. FRLG is rated a N/A out of 5.