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Facebook (FB - Free Report) , Apple (AAPL - Free Report) , Netflix (NFLX - Free Report) , and Google-Alphabet (GOOGL - Free Report) —popularly known as the FANGs—have been very popular with investors, due to their sky-returns and strong growth potential.

At the same time, there are some who believe that these stocks' best days are behind them and they look too expensive now.

If you love or hate FANG stocks too much, you should look at two new Exchange Traded Notes (ETNs) launched by the Bank of Montreal (BMO) in collaboration with REX Shares recently. They are triple leveraged and inverse bets on the hottest tech stocks.

The BMO REX MicroSectors FANG+ Index 3X Leveraged ETNs (FNGU - Free Report) and BMO REX MicroSectors FANG+ Index -3X Inverse Leveraged ETNs (FNGD - Free Report) provide three times (3x) leveraged and inverse exposure respectively to the NYSE FANG Index.

So, if the index rises 5% on any day, FNGU will be up 15% while FNGD will fall 15%.

The index currently includes Facebook (FB - Free Report) , Apple (AAPL - Free Report) , Amazon.(AMZN), Netflix (NFLX - Free Report) , Alphabet (GOOGL - Free Report) , Alibaba (BABA), Baidu (BIDU - Free Report) , Nvidia (NVDA - Free Report) , Tesla (TSLA - Free Report)   and Twitter (TWTR) in equal (10% each) weights. Expense ratio is 0.95% for both the products that made their debut on January 22.

Investors should remember that these are very risky products and not suitable for most retail investors. These require daily monitoring and should be used only for short-term hedging or trading purpose. (Read: Leveraged and Inverse ETFs--Suitable Only For Short Term Trading)

Further, ETN structure means they are subject to the credit risk of the issuer-- Bank of Montreal in this case. ETNs are unsecured debts and they do not actually hold any securties. (Read: ETFs Vs. ETNs: What Investors Need to Know)

As these products are designed to match their stated objectives on a daily basis, for any other time period, their performance can vary significantly mainly due to the compounding factor. Though compounding can have both favorable and adverse effects on the return; in times of volatility the effects are usually negative.

Since inception, FNGU is up about 4.3% while FNGD is down about 10.3% as of February 14 . The underlying index returned about 3.6% during this period.

To learn more, please watch the short video above.

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