ETF Evaluator:
MicroSectors™ FANG+™ 2X Leveraged ETN ()
Follow This ETF
(as of Nov 13)
Best Performing in Trading--Leveraged Equity Over the Last Year
| 612.0% | Direxion Daily MU Bull 2X Shares (MUU) |
| 576.9% | GraniteShares 2x Long MU Daily ETF (MULL) |
| 281.4% | GraniteShares 2x Long DELL Daily ETF (DLLL) |
| 278.1% | MicroSectors U.S. Big Oil 3x Lvrgd ETNs (NRGU) |
| 217.3% | MicroSectors™ Energy 3X Leveraged ETN (WTIU) |
Risk
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Risk
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ETF Details
MicroSectors™ FANG+™ 2X Leveraged ETN Overview
MicroSectors™ FANG+™ 2X Leveraged ETN (FNGO) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2018.
The investment seeks to approximate the returns that might be available to investors through a leveraged “long” investment in the NYSE FANG+™ Index (the index).
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.
About MicroSectors™ FANG+™ 2X Leveraged ETN (FNGO)
There are 1 members of the management team with an average tenure of 8.25 years: No Manager (2018). 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 200%. MicroSectors™ FANG+™ 2X Leveraged 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 considered to have an ESG focus with its investment selection and management.
MicroSectors™ FANG+™ 2X Leveraged ETN is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors™ FANG+™ 2X Leveraged 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+™ 2X Leveraged ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $660 million in total assets, which is above the $247 million average for the Trading--Leveraged Equity 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.
FNGO 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+™ 2X Leveraged ETN expense ratio is high compared to funds in the Trading--Leveraged Equity category. MicroSectors™ FANG+™ 2X Leveraged ETN has an expense ratio of 0.95%, which is 1% lower 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+™ 2X Leveraged 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 3226% for the Trading--Leveraged Equity category.
Recently, in the month of October 2026, MicroSectors™ FANG+™ 2X Leveraged ETN returned -16.1%, which earned it a grade of B, as the Trading--Leveraged Equity category had an average return of -23.2%. 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+™ 2X Leveraged ETN has a trailing yield of 0.00%, which is below the 6.60% 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+™ 2X Leveraged ETN Grades
Year to date, the ETF has returned 13.4%, 19.4 percentage points better than the category, which translates into a grade of B. The fund has returned -2.4% over the past year (grade of B), 59.8% over the past three years (grade of A) and 20.4% per year over the past five years (grade of A).
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FNGO Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FNGO Return (NAV) | -16.1% | 1.4% | -2.4% | 59.8% | 20.4% | na |
| FNGO Return (Price) | -16.5% | 1.1% | -3.0% | 59.9% | 20.4% | na |
| NAV +/- Price Return | 0.335% | 0.345% | 0.535% | -0.096% | -0.040% | na |
| Trading--Leveraged Equity Avg | -23.2% | -15.7% | -13.4% | 29.6% | 3.1% | 9.3% |
| FNGO Grade (NAV) | B | B | B | A | A | na |
| +/- Category (NAV) | 7.0% | 17.2% | 10.9% | 30.2% | 17.3% | na |
| FNGO Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FNGO Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FNGO Return (NAV) | 13.4% | 27.1% | 99.5% | 235.4% | -71.2% | 27.4% | 240.3% | 78.1% | na | na | na |
| FNGO Return (Price) | 13.5% | 25.5% | 101.7% | 240.1% | -71.6% | 28.4% | 238.0% | 79.6% | na | na | na |
| NAV +/- Price Ret | 0.013% | -0.060% | 0.021% | 0.020% | 0.005% | 0.036% | -0.009% | 1.9% | na | na | na |
| Trading--Leveraged Equity Avg | -6.1% | 42.7% | 29.7% | 64.7% | -37.0% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| FNGO Grade (NAV) | B | C | A | A | F | D | A | B | na | na | na |
| +/- Category | 19.4% | -15.6% | 69.8% | 170.7% | -34.1% | -17.6% | 234.1% | 14.0% | na | na | na |
| Risk Measures | |
| Beta: | 2.95 |
| R-Squared: | 63% |
| Standard Deviation: | 46.8% |
| Category Risk Index: | 0.83 |
| Category Risk Rating: | Average |
| Total Risk Index: | 3.87 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 661 Mil |
| Share Class Assets: | $ 661 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | NYSE FANG+ TR USD |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 8.3 years | |||
| Managers (Year): Manager No (2018) | |||
Portfolio Composition (as of 10/30/26)
| # 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: | 877-369-5412 |
| Website: | |
| Inception Date: | August 1, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.96% |
