BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN (NYSEARCA:FNGD) Shares Gap Down to $41.13

BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN (NYSEARCA:FNGD) gapped down before the market opened on Wednesday . The stock had previously closed at $41.13, but opened at $39.15. BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN shares last traded at $39.60, with a volume of 294,474 shares changing hands.

BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN Price Performance

The company’s 50 day simple moving average is $38.10 and its 200 day simple moving average is $57.16. The stock has a market cap of $29.96 billion, a P/E ratio of 50.89 and a beta of -4.88.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FNGD. Avior Wealth Management LLC bought a new position in BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN in the third quarter valued at approximately $74,000. Quantbot Technologies LP acquired a new stake in shares of BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN during the third quarter worth $75,000. Finally, FNY Investment Advisers LLC bought a new stake in BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN in the 4th quarter valued at $2,187,000.

About BMO REX MicroSectors FANG Index 3X Inverse Leveraged ETN

The MicroSectors FANG+ Index -3X Inverse Leveraged ETN (FNGD) is an exchange-traded fund that is based on the NYSE FANG+ index. The fund tracks -3x the daily price movements of an index of technology and consumer discretionary companies. The note uses derivatives to achieve its -3x exposure. FNGD was launched on Jan 25, 2018 and is issued by REX Microsectors.