FNGD offers -3x exposure to an index of FANG companies (Facebook, Apple, Amazon, Netflix, and Google ), and other companies that exhibit similar characteristics. Presumably, the index will always include these five companies, an index committee is responsible for selecting the additional names. Eligible stocks must be listed on a US exchange (although ADRs are acceptable), classified in either the technology or consumer discretionary sectors, and exhibit similar traits to other technology and internet companies. At least ten stocks must be included in the index, the number it held when the note launched so investors can expect a high level of concentration. All holdings are equally weighted. As a geared product with daily resets of exposure, FNGD is designed as short-term trading tool and not a long-term investment vehicle. Long-term returns could materially differ from those of the underlying index due to daily compounding.