##  [# More FANG MicroSectors ETNs Debut](/sections/daily-etf-watch/more-fang-microsectors-etns-debut) 

 

# More FANG MicroSectors ETNs Debut

 

 

The two notes aim to provide 3x returns on a modified FANG index.



 

 

 

 

 [![DanMika200x200.jpg](/sites/default/files/styles/author_image_icon/public/2023-02/DanMika200x200.jpg?itok=W3yFiWn- "DanMika200x200.jpg")](/contributors/dan-mika) 

[By Dan Mika](/contributors/dan-mika)

 Aug 18, 2021

 Edited by: Dan Mika

 

 

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The Bank of Montreal is offering a competitor to its own suite of leveraged and inverse big tech exchange-traded notes.

The [**MicroSectors Solactive FANG Innovation 3X Leveraged ETN (BULZ)**](https://www.sec.gov/Archives/edgar/data/0000927971/000121465921008774/c813210424b2.htm) and the [**MicroSectors Solactive FANG &amp; Innovation -3X Inverse Leveraged ETN (BERZ)**](https://www.sec.gov/Archives/edgar/data/0000927971/000121465921008772/d813210424b2.htm) launched Wednesday on the NYSE Arca. Both notes are capped at $100 million, carry daily expense ratios of 0.95% and reach maturity in 20 years.

BULZ and BERZ follow the Solactive FANG Innovation Index, which in turn holds the 15 largest U.S. technology stocks with weightings ranging between 5.94% of Amazon to 8.05% of AMD. It’s similar to the NYSE FANG+ Index, which follows the top 10 technology companies at an equal weighting of 10% each.

***(Use our [stock finder tool](https://www.etf.com/etfanalytics/etf-stock-finder) to find an ETF’s allocation to a certain stock.)***

BMO currently runs six other ETNs with the NYSE FANG+ Index as its underlying, and at different levels of inverse or leveraged returns. All of those products are due to expire in 2038.

The FANG-following products offer a far more concentrated exposure to dominant tech companies compared to similar inverse and leveraged products following the **[Invesco QQQ Trust (QQQ)](https://www.etf.com/QQQ)**, which follows 103 companies and includes the FANG constituents.

The **[MicroSectors FANG+ Index 3X Leveraged ETN (FNGU)](https://www.etf.com/FNGU)** has returned 26.93% year-to-date, while the **[MicroSectors FANG+ Index -3X Inverse Leveraged ETN (FNGD)](https://www.etf.com/FNGD)** has posted year-to-date losses of 48.56%. However, the actual returns will vary for each investor holding these products due to the daily compounding function of inverse and leveraged ETNs.

*Contact Dan Mika at* [***dan.mika@etf.com***](mailto:dmika@etf.com)*, and follow him on* [***Twitter***](https://twitter.com/DanMikaTweets)



 

 

 [ Dan Mika ](/contributors/dan-mika) 

 

 

  Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in…   [View Bio](/contributors/dan-mika)

 



 

 


 Related Topics  [Technology](http://www.etf.com/topics/technology) 

 [Leveraged](http://www.etf.com/topics/leveraged) 

 [Inverse](http://www.etf.com/topics/inverse) 

 [BMO](http://www.etf.com/topics/bmo) 

 [Broad-based](http://www.etf.com/topics/broad-based)