Thanks,
ETNs are similar to ETFS but with very important differences. They typically are securities that 'represent' something else, in this case, the FANG+ index. But for ETNs, it is a third party that takes on the risk of making sure the notes perform as expected, as opposed to an ETF where there are securities held which simply fluctuate in value. In other words, with an ETN an investor is taking on counter party risk. Generally it is a big bank or sponsoring brokerage, but it is an important distinction. FNGS has performed very well recently with a year-to-date total return of 97%. It does have a smaller size with assets under management at $132.9M and charges a decent fee of 0.58%. Holdings include companies like TSLA, APPL, GOOGL, and AVGO to name a few. The exposure to technology explains FNGS' strong year-to-date performance and with further tailwinds expected in the industry, performance should be strong going forward. Our primary issue with products like this is that it is fairly easy to replicate by simply owning the underlying names.