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BMO has announced the redemption of its MicroSectors™ FANG+™ Index 3× Leveraged ETNs (FNGA) and reminded investors about the availability of its replacement product, the FNGB ETNs.
The FNGA ETNs will be redeemed on May 15, 2025, with the last trading day expected to be May 14, 2025. BMO is exercising this call right due to increased costs associated with supporting the leverage, making current fees no longer reflective of market conditions.
The new FNGB ETNs, trading under ticker 'FNGB' since February 20, 2025, offers similar 3x leveraged exposure to the NYSE FANG+® Index. It features a discounted Daily Investor Fee of 0.35% per annum until August 19, 2025, after which it will increase to 0.95% per annum.
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