At a glance
It has $341.2M in assets. Over the past year it returned +9.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +66.6% a year. At its worst it fell 60.3% in the 2020 crash (S&P 500: 33.7%) and 71.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows.
The short version
MicroSectors FANG+ Index 2X Leveraged ETNs (FNGO) are exchange-traded notes from BMO Financial Group. They aim to pay twice the daily return of the FANG+ Index, a basket of internet-themed stocks, minus fees. They are not a fund. They are unsecured bank debt that resets its leverage every day. Gains and losses are magnified, results over longer periods can drift far from 2× the index, and holders rely on BMO's ability to pay.
Price history
The interactive chart needs JavaScript.
FNGO +9.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FNGO price data to Oct 27, 2026 | +25.2% | +9.0% | +66.6% | +23.5% | — | +38.0% |
- Over the year to Oct 27, 2026, FNGO returned +9.0%.
- Its 5-year annualized return was +23.5%.
- In the 2020 COVID crash it fell 60.3% and regained its old high 2.8 months after the low.
- Its worst full calendar year was 2022 (-71.5%); its best was 2023 (+240.1%).
- The deepest fall in its price history was 78.4% (Nov 4, 2021 to Nov 9, 2022), recovered by Feb 7, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.2% |
| 2025 | +25.5% |
| 2024 | +101.7% |
| 2023 | +240.1% |
| 2022 | -71.5% |
| 2021 | +28.4% |
| 2020 | +238.0% |
| 2019 | +79.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.4% over that stretch · deepest drop along the way 60.3%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 70.9% over that stretch · deepest drop along the way 71%, back to its old high 15.4 months after the low |
How it works
FNGO is not a fund. It is an exchange-traded note (ETN), which is a promise from BMO Financial Group to pay a return linked to the FANG+ Index, minus fees. The note owns no stocks on investors' behalf. So there are no fund holdings reports and no fund prospectus. The index rules, not a manager, decide which companies drive the return. The note simply follows the index level.
The note aims for 2× the index's daily move, and that leverage resets every day. If the index rises on a given day, the note aims to rise about twice as much. If the index falls, the note aims to fall about twice as much. Over periods longer than a day, those daily results compound. As a result, returns can differ sharply from twice the index's return over the same stretch, and they are usually worse when markets swing up and down. The note is built for short-term trading, not buy-and-hold.
Because FNGO is unsecured bank debt, the payout depends on BMO's credit. If the bank couldn't pay, holders could lose money no matter what the index did. BMO can also redeem the notes early, which could force holders out at a bad time. FNGO started trading on August 1, 2018.
What it really costs
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
FNGO is a 2× leveraged note that resets every day and is built for short-term trading, and its deepest drop of 78.4% shows how fast losses can build.
FNGO is an exchange-traded note (ETN), not a fund. It is unsecured debt of BMO Financial Group that pays twice the daily return of the FANG+ Index, minus fees, only while the bank can pay. Because its exposure resets every day, results over longer periods can stray far from 2× the index, usually for the worse in choppy markets. It launched in August 2018, so it has no 2008 record. It fell 60.3% in the 2020 COVID crash and 71% in the 2022 bear market. Its worst calendar year was 2022, when it lost 71.5%. Its deepest drop, 78.4% from November 2021, took until February 2024 to recover. Anyone selling during a stretch like that would lock in steep losses.
It pays no income, and no distributions are recorded. No expense ratio figure was available to compare its cost with other funds. BMO can also redeem the notes early. Past results don't predict the future, and a plan should look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders who check positions daily and want magnified short-term exposure to the FANG+ Index without borrowing on margin.
- Traders who can live with large swings: 47% one-year volatility and a 42.7% one-year maximum drop, as of October 27, 2026.
- People who understand ETNs and accept BMO Financial Group's credit risk and the chance of early redemption in exchange for 2× daily exposure.
Look elsewhere if
- Retirees and buy-and-hold investors: the daily reset makes multi-year results unpredictable, and the 2022 losses took 15.4 months to recover.
- Anyone looking for income: FNGO has recorded no distributions.
- Investors who want a fund that owns its holdings and reports them: this ETN holds no assets and depends on BMO's ability to pay.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is FNGO a good long-term investment?
FNGO is built for short-term trading, not long-term holding. Its 2× leverage resets daily, so over months or years its returns can differ sharply from twice the FANG+ Index. Results have been extreme in both directions. As of October 27, 2026, the three-year annualized return was 66.6%. But the note lost 71.55% in 2022 and fell 78.4% from its November 2021 peak before it recovered in February 2024.
Does FNGO pay dividends?
No. FNGO has no recorded distributions. It is an exchange-traded note, so it owns no stocks on holders' behalf and has nothing to pass along as dividends. Any return comes only from changes in the note's price, which follows twice the daily move of the FANG+ Index, minus fees. Investors looking for regular income from their holdings would need to look at other investments.
What's the difference between an ETF and an ETN like FNGO?
An ETF is a fund that owns assets, such as stocks, for its shareholders. An ETN like FNGO is unsecured debt issued by a bank, here BMO Financial Group. It owns no assets for investors. It promises to pay the index return minus fees, but only as long as the bank can pay. That makes BMO's creditworthiness part of the risk. BMO can also redeem the notes early.
What happens to FNGO if BMO can't pay?
Holders could lose money even if the FANG+ Index does well. FNGO is unsecured debt of BMO Financial Group, so holders are creditors of the bank. They don't own any underlying stocks. Payment depends on BMO's ability to pay. Separately, BMO can redeem the notes early, which could end a holder's position at a time they didn't choose.
How has FNGO performed?
FNGO's returns have been large and uneven. As of October 27, 2026, based on price, it returned 9% over one year, 66.6% a year over three years, and 23.5% a year over five years. By calendar year it gained 240.1% in 2023 and 101.65% in 2024, and it lost 71.55% in 2022. Through October 27, 2026, it was up 25.21% for the year to date.