MicroSectors FANG+ Index 3X Leveraged ETNs due January 8 2038

Frequently Asked Questions About FNGA

What does FNGA invest in?

"The MicroSectors FANG+ Index 3x Leveraged ETN, identified by FNGA, is a U.S.-domiciled exchange-traded note. Its objective is to deliver three times the daily compounded performance of the NYSE FANG+ Index. This underlying benchmark is an equally-weighted index designed to capture a segment of highly-liquid growth companies within the technology and consumer discretionary industries."

What is the expense ratio of FNGA?

MicroSectors FANG+ Index 3X Leveraged ETNs due January 8 2038 (FNGA) charges an expense ratio of 0.00%. This is the annual fee deducted from fund assets to cover management and operations.

Is FNGA a good long-term hold?

FNGA is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does FNGA's daily reset work?

FNGA rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is FNGA?

MicroSectors FANG+ Index 3X Leveraged ETNs due January 8 2038 (FNGA) manages $6.87B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is FNGA actively managed or an index fund?

FNGA's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.