Monday, November 13, 2017

FANG-related index seen as not-so-new new thing

Intercontinental Exchange Inc.’s new index that incorporates the FANG stocks looks all too familiar to Tom McClellan, editor of the McClellan Market Report, judging by a note on Friday. He compared the performance of the NYSE FANG+ Index, the basis for futures that started trading last week, and a ProShares exchange-traded fund,TQQQ, that aims for twice the daily performance of the Nasdaq-100 Index. “So congratulations ICE, you just invented a futures contract that replicates an already-existing leveraged ETF,” McClellan wrote.

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