FNGU +3x MicroSectors FANG+ 3x Leveraged ETNs due February 17, 2045
FNGU
ETN +3x BULL extremeMicroSectors FANG+ 3x Leveraged ETNs due February 17, 2045
Issuer: MicroSectors
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Tracks:
FANG+
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Listed: 2022-10-31
Implied AUM
—
Last Close
$27.05
20260720
30d Avg Vol
5,584,093
Options
—
Realized return vs theoretical +3x FANG+
Pair counterpart found:
BERZ
(-3x bear, MicroSectors FANG & Innovation -3x Inverse Leveraged ETN)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking FANG+
| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d Vol | Options |
|---|---|---|---|---|---|---|---|
| BULZ | +3x | BULL | MicroSectors | MicroSectors FANG & Innovation 3x Leveraged ETN | — | 1,096,565 | |
| FNGG | +2x | BULL | Direxion | Direxion Daily NYSE FANG+ Bull 2X ETF | $121.7M | 6,953 | |
| FNGO | +2x | BULL | MicroSectors | MicroSectors FANG+ Index 2X Leveraged ETNs due January 8, 2038 | — | 5,091 | |
| BERZ | -3x | BEAR | MicroSectors | MicroSectors FANG & Innovation -3x Inverse Leveraged ETN | — | 91,279 | |
| FNGD | -3x | BEAR | MicroSectors | MicroSectors FANG+ Index -3X Inverse Leveraged ETNs due January 8, 2038 | — | 647,021 |
How FNGU works
FNGU targets +3x the daily return of FANG+ — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.
Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. Add expense ratio and the realized number is typically worse.
- Short-term tactical: daily and intraday holds are where these products were designed to live.
- Premium selling: options on FNGU carry very rich IV — see the quote page for IV rank and straddle pricing.
- Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.