ETF Evaluator:
MicroSectors™ FANG+™ ETN (FNGS)
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(as of Jul 31)
Best Performing in Technology Over the Last Year
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ETF Details
MicroSectors™ FANG+™ ETN Overview
MicroSectors™ FANG+™ ETN (FNGS) is a passively managed Sector Equity Technology exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2019.
The investment seeks to link the return to the performance of the gross total return version of the NYSE® FANG+™ Index.
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. The notes are unsecured and unsubordinated obligations of Bank of Montreal. Each note will have an initial principal amount of $50.
About MicroSectors™ FANG+™ ETN (FNGS)
There are 1 members of the management team with an average tenure of 6.64 years: No Manager (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: NYSE FANG+ TR USD index with a weighting of 100%. MicroSectors™ FANG+™ ETN has 10 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
MicroSectors™ FANG+™ ETN is part of the Equity global asset class and is within the Sector Equity ETF group. MicroSectors™ FANG+™ ETN has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). MicroSectors™ FANG+™ ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $545 million in total assets, which is below the $3 billion average for the Technology category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FNGS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The MicroSectors™ FANG+™ ETN expense ratio is average compared to funds in the Technology category. MicroSectors™ FANG+™ ETN has an expense ratio of 0.58%, which is 9% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. MicroSectors™ FANG+™ ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 36% for the Technology category.
Recently, in the month of June 2026, MicroSectors™ FANG+™ ETN returned -8.1%, which earned it a grade of F, as the Technology category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
MicroSectors™ FANG+™ ETN has a trailing yield of 0.00%, which is below the 0.49% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
MicroSectors™ FANG+™ ETN Grades
Year to date, the ETF has returned 6.8%, 28.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.5% over the past year (grade of F), 29.4% over the past three years (grade of C) and 18.0% per year over the past five years (grade of B).
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FNGS Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FNGS Return (NAV) | -8.1% | 22.0% | 12.5% | 29.4% | 18.0% | na |
| FNGS Return (Price) | -8.4% | 21.8% | 11.4% | 29.2% | 17.9% | na |
| NAV +/- Price Return | 0.303% | 0.234% | 1.124% | 0.160% | 0.116% | na |
| Technology Avg | 0.0% | 40.3% | 52.2% | 27.7% | 12.4% | 21.0% |
| FNGS Grade (NAV) | F | D | F | C | B | na |
| +/- Category (NAV) | -8.1% | -18.3% | -39.6% | 1.7% | 5.7% | na |
| FNGS Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FNGS Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FNGS Return (NAV) | 6.8% | 20.1% | 50.1% | 95.3% | -40.3% | 17.0% | 101.9% | na | na | na | na |
| FNGS Return (Price) | 6.7% | 18.6% | 52.0% | 95.2% | -40.3% | 17.0% | 102.0% | na | na | na | na |
| NAV +/- Price Ret | -0.025% | -0.075% | 0.037% | -0.001% | 0.000% | -0.002% | 0.001% | na | na | na | na |
| Technology Avg | 35.2% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| FNGS Grade (NAV) | F | C | A | A | D | C | A | na | na | na | na |
| +/- Category | -28.3% | -3.0% | 30.2% | 51.6% | -4.5% | 0.3% | 48.6% | na | na | na | na |
| Risk Measures | |
| Beta: | 1.36 |
| R-Squared: | 58% |
| Standard Deviation: | 22.6% |
| Category Risk Index: | 0.89 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.86 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 546 Mil |
| Share Class Assets: | $ 546 Mil |
| Turnover: | na |
| Expense Ratio: | 0.58% |
| Index Fund: | Yes |
| Index Tracked: | NYSE FANG+ TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Manager No (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | BMO Capital Markets |
| Phone Number: | 203-557-6201 |
| Website: | |
| Inception Date: | November 12, 2019 |
Expenses and Fees
| Expense Ratio (%): | 0.58% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.53% |
