MicroSectors U.S. Big Banks -3 Inverse Leveraged ETN (BNKD)
MicroSectors U.S. Big Banks -3 Inverse Leveraged ETN operates in the Asset Management - Leveraged industry of the Financial Services sector, headquartered in New York, NY, US. The stock last traded at $25.65, down 3.68% on the session, giving a market capitalisation of $634,390. Its beta of -2.15 implies it has historically moved less than the broad market.
This Exchange Traded Note (ETN), designated BNKD and named MicroSectors U.S. Big Banks -3 Inverse Leveraged ETN, is a specific type of senior unsecured medium-term debt obligation originating from the Bank of Montreal. Its investment objective is to provide a daily return that reflects three times the opposite movement of its tracking index. Therefore, investors stand to gain when the index falls and incur losses when it rises, with this effect compounded daily. This return is further reduced by a daily investor fee, any negative daily interest that might apply, and a redemption fee if the note is redeemed. The underlying index itself is an equally-weighted basket comprising the ten U.S. banking sector companies with the highest market valuations.
MicroSectors U.S. Big Banks -3 Inverse Leveraged ETN is most often compared with the following Financial Services names: