Netflix sell-off has this ETN down 15%
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Netflix (NASDAQ:NFLX) has plunged -35.6% to kick off Wednesdayâs trading session, and it has brought down three FANG-based ETNs which have the heaviest exposures to the video streaming service.
The NFLX decline has had a significant impact on MicroSectorsâ MicroSectors FANG+ ETN (NYSEARCA:FNGS), which fell 5.4% in early trading. Meanwhile, leveraged versions of the ETN showed even bigger losses. MicroSectors FANG+ Index 2X Leveraged ETN (NYSEARCA:FNGO) was -10.2% and MicroSectors FANG+ Index 3X (NYSEARCA:FNGU) was -15.1%.
MicroSectorsâ FNGS, FNGO and FNGU are each constructed of the same portfolio. They consist of a condensed equally weighted ten stock construct. Netflix is one of the fundsâ ten holdings, weighted at 10%. The only difference between the three funds is the single, double and triple leveraged aspects.
From a cost perspective, FNGS has a 0.58% expense ratio, whereas FNGO and FNGU have a 0.95% ratio.
Netflix has cratered after the firm posted weaker-than-expected results on Tuesday and issued guidance that was well below estimates.
Netflix stated that it had lost 200,000 subscribers on a net basis, well off from its scaled-back guidance for additions of 2.5 million subscribers. Moreover, password sharing amongst its customers is another growing issue NFLX needs to address, according to Wall Street. 
Piper Sandler analyst Thomas Champion downgraded Netflix to neutral from overweight and slashed the price target to $293 down from $562, noting that the company's subscribers have slowed.