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Regional settings| Spread | 0.13 | ||||
 Long position overnight feeLong position overnight fee
Trade size with leverage ~ US$5,000.00 Short position overnight fee ~ US$4,000.00 | -0.026179% | ||||
| Short position overnight fee Short position overnight fee
Trade size with leverage ~ US$5,000.00 Short position overnight fee ~ US$4,000.00 | 0.003957% | ||||
| Overnight fee time | 21:00 (UTC) | ||||
| Currency | USD | ||||
| Min traded quantity | 1 | ||||
| Margin | 20 | ||||
| Stock exchange | United States of America | ||||
| Commission on trade1 | 0% |
Information_provided_by_capital
1Our charge for executing your trade is the spread, the difference between the buy and sell price. Please consult the Charges and Fees section of our website for further information
| Prev. Close | 29.42 |
| Open | 29.34 |
| 1-Year Change | 90.52% |
| Day's Range | 29.34 - 30.24 |
MicroSectors US Big Banks Index 3X Leveraged ETN (BNKU) are exchange-traded notes issued by the Bank of Montreal. They’re linked to the performance of the Solactive MicroSectors US Big Banks Index.
Exchange-traded notes (ETNs) are unsecured debt obligations that track the performance of an underlying index. Unlike bonds, ETNs do not have interest payments. Repayment of principal invested depends on the financial viability of the issuer, performance of the underlying index and related fees.
According to the Bank of Montreal, return on each MicroSectors US Big Banks Index 3X Leveraged ETNs (BNKU) is linked to a three times leveraged participation in the performance of underlying Solactive MicroSectors US Big Banks Index compounded on a daily basis, minus applicable fees.
Solactive MicroSectors US Big Banks Index is an equal-weighted index tracking the top 10 US banking stocks with the largest free-float market capitalisation. The index constituents are, as of 20 December 2021: Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JP Morgan Chase & Co (JPM), Morgan Stanley (MS), PNC Financial Services Group (PNC), Charles Schwab (SCHW), Truist Financial (TFC), US Bancorp (USB) and Wells Fargo (WFC). Each constituent has a 10% weightage in the index.
MicroSectors US Big Banks Index 3X Leveraged ETNs are listed on the NYSE Arca exchange in the US. The notes were first issued on 5 April 2019 for a principal sum of $50 each. The note has a term of 20 years and matures on 25 March 2039. A daily investor fee of 0.95% per annum accrued on a daily basis is charged.
“The notes are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio,” says the prospectus of the MicroSectors US Big Banks Index 3X Leveraged ETN.
“The notes are riskier than securities that have intermediate- or long-term investment objectives, and may not be suitable for investors who plan to hold them for a period other than one day or who have a ‘buy and hold’ strategy.”
