BNKU is a leveraged take on US Big Banks. Specifically, the fund tracks three times the performance of the underlying index, which selects the 10 largest qualifying stocks and evenly weights them. Note, however, that the product isnt designed for long-term investors. The fund rebalances daily. As a result, compounding and path dependency make its long-term returns difficult to predict when compared to its underlying index. BNKU is essentially a relaunch of an old ETN that was available from April 2, 2019, to July 24, 2024, with the same ticker and exposure.
