BULZ +3x MicroSectors FANG & Innovation 3x Leveraged ETN
BULL ETN extreme · Issuer MicroSectors · Tracks FANG+ · Listed 2021-08-18
Realized vs theoretical +3x FANG+
Cumulative return of BULZ against a clean +3x of FANG+'s return over the same window; the red line (right axis) is the gap between them.
Other leveraged products on FANG+
5| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d volume | Options |
|---|---|---|---|---|---|---|---|
| FNGU | +3x | BULL | MicroSectors | MicroSectors FANG+ 3x Leveraged ETNs due February 17, 2045 | — | 3,208,755 | |
| FNGG | +2x | BULL | Direxion | Direxion Daily NYSE FANG+ Bull 2X ETF | $118.1M | 4,488 | ✓ |
| FNGO | +2x | BULL | MicroSectors | MicroSectors FANG+ Index 2X Leveraged ETNs due January 8, 2038 | — | 4,191 | |
| BERZ | -3x | BEAR | MicroSectors | MicroSectors FANG & Innovation -3x Inverse Leveraged ETN | — | 51,447 | |
| FNGD | -3x | BEAR | MicroSectors | MicroSectors FANG+ Index -3X Inverse Leveraged ETNs due January 8, 2038 | — | 336,135 |
How BULZ works
BULZ targets +3x the daily return of FANG+ — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +3x × the index, usually downward when the market chops around.
The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.
Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.
Not investment advice.