FNGU is a leveraged x3 etn that tracks 10 “fang” stocks equally weighed. However, recently I’ve noticed that its performance is off by a large margin of what it should be. For example, for today according to the ten stocks it tracks it should be up, however, it’s down by 2.5% at the time i’m writing this post.
AAPL +0.71%
AMZN -2.09%
BABA +8.35%
BIDU +7.47%
META +1.18%
GOOGL -1.83%
MSFT -5.41%
NFLX +1.39%
NVDA 0.04%
TSLA 3.42%
————
Average ~1.16% * 3
Which adds that it should be up more than 3% leading to about -5% difference of what it should be performing. Recently noticed that this is happening often. Anyone know what the reason is?
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