FNGO ETF — Holdings & Analysis

For informational purposes only. Not financial advice.

Quick Answer

The MicroSectors FANG+ Index 2X Leveraged ETNs (FNGO) offers investors a leveraged play on ten of the most highly-traded growth stocks in the technology and consumer discretionary sectors.

With $0.69 billion in assets under management, FNGO seeks to provide twice the daily performance of the FANG+ Index, less fees and expenses. The ETN carries an expense ratio of 0.95%, reflecting the cost of its leveraged strategy.

MicroSectors FANG+ Index 2X Leveraged ETNs (FNGO) ETF — Price, Holdings & Analysis

The MicroSectors FANG+ Index 2X Leveraged ETNs (FNGO) offers investors a leveraged play on ten of the most highly-traded growth stocks in the technology and consumer discretionary sectors. With $0.69 billion in assets under management, FNGO seeks to provide twice the daily performance of the FANG+ Index, less fees and expenses. The ETN carries an expense ratio of 0.95%, reflecting the cost of its leveraged strategy.

ETF Overview

The notes are senior unsecured medium-term notes issued by Bank of Montreal with a return linked to a 2X leveraged participation in the performance of the index, compounded daily, less a Daily Investor Fee, the Daily Financing Charge and, if applicable, the Redemption Fee Amount. The index is an equal-dollar weighted index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies.

FNGO provides a leveraged investment strategy, aiming for twice the daily return of the FANG+ Index. This index comprises ten prominent technology and tech-enabled companies, equally weighted to ensure diversification across the group. The fund's top holdings include NVIDIA Corp (11.54%), Alphabet Inc Class A (11.05%), and Meta Platforms Inc Class A (10.79%). FNGO's sector allocation is heavily concentrated in Technology (58.6%) and Communication Services (31.4%), with a smaller allocation to Consumer Cyclical (10.0%). This concentration makes it suitable for investors seeking amplified exposure to these specific growth-oriented sectors. However, the leveraged nature of the ETN is designed for short-term tactical positions rather than long-term investment strategies. Investors should understand the risks associated with daily compounding and potential for amplified losses.

Risk Metrics

FNGO's leveraged nature significantly amplifies both potential gains and losses, making it a higher-risk investment. The fund's 3-year beta of 2.72 indicates substantially higher volatility compared to the broader market. The concentration in a small number of holdings (10) and specific sectors (Technology and Communication Services) further increases risk, as the performance is heavily reliant on these areas. The 0.95% expense ratio is relatively high, which can erode returns over time, especially in a volatile market. Due to the daily reset of the leverage, the fund's performance over longer periods may deviate significantly from twice the cumulative return of the underlying index. Past performance does not guarantee future results.

Expense Ratio

0.95%

What does FNGO hold?

Holding	Weight
NVIDIA Corp (NVDA)	11.54%
Alphabet Inc Class A (GOOGL)	11.05%
Meta Platforms Inc Class A (META)	10.79%
Apple Inc (AAPL)	10.71%
Broadcom Inc (AVGO)	10.53%
Amazon.com Inc (AMZN)	10.02%
Netflix Inc (NFLX)	9.52%
Microsoft Corp (MSFT)	9.00%
CrowdStrike Holdings Inc Class A (CRWD)	8.65%
Palantir Technologies Inc Ordinary Shares - Class A (PLTR)	8.18%

How Is the Fund Allocated?

Sector	Weight
Technology	58.6%
Communication Services	31.4%
Consumer Cyclical	10.0%
Cash & Others	0.0%

Dividend Yield

0.00%

iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
ARK Innovation ETF (ARKK) — 0.75% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN (OILU) (Equity) — 0.95% expense ratio
MicroSectors Gold Miners 3X Leveraged ETN (GDXU) (Equity) — 0.95% expense ratio
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) (Equity) — 0.95% expense ratio

Risk Metrics

Beta: 2.72

Questions & Answers

What is FNGO and what does it track?

The MicroSectors FANG+ Index 2X Leveraged ETNs (FNGO) is an exchange-traded note that seeks to provide twice the daily return of the FANG+ Index, before fees and expenses.

The FANG+ Index is an equal-dollar weighted index comprised of 10 highly-traded growth stocks in the technology and consumer discretionary sectors. These companies include names like NVIDIA, Alphabet, Meta, and Apple.

What is the expense ratio for FNGO?

The expense ratio for FNGO is 0.95%. This means that for every $10,000 invested, $95 is deducted annually to cover the fund's operating expenses.

While this expense ratio might seem high, it is important to consider that FNGO is a leveraged ETN, which typically have higher expenses due to the costs associated with maintaining the leveraged position.

What are the top holdings in FNGO?

As of 2026-03-15, FNGO's top holdings are concentrated in a small number of prominent technology companies.

The top five holdings include NVIDIA Corp (11.54%), Alphabet Inc Class A (11.05%), Meta Platforms Inc Class A (10.79%), Apple Inc (10.71%), and Broadcom Inc (10.53%).

Is FNGO a good long-term investment?

FNGO is designed for short-term tactical trading rather than long-term investment. Its leveraged nature and daily reset can lead to significant deviations from the underlying index's cumulative return over extended periods.

The fund's high beta of 2.72 indicates substantial volatility, making it unsuitable for risk-averse investors.

How does FNGO compare to similar ETFs?

FNGO distinguishes itself through its leveraged exposure to the FANG+ Index, a focused basket of ten technology and tech-enabled growth stocks. Many similar ETFs offer broader exposure to the technology sector or focus on different segments of the market.

FNGO's expense ratio of 0.95% is higher than many non-leveraged technology ETFs, reflecting the cost of its leveraged strategy.

Does FNGO pay dividends?

Its dividend yield is 0.00%. This is typical for leveraged ETNs that focus on growth stocks, as these companies tend to reinvest their earnings rather than distribute them as dividends.

Investors seeking income should consider other ETFs that prioritize dividend payments.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Data provided for informational purposes only.

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