TSLA - All 7 megacap tech names are down at least 20% YTD and these ETNs have suffered

All seven megacap tech names are down more than 20% so far in 2022, a fact that has weighed heavily on the MicroSectors FANG+ ETN (NYSEARCA:FNGS) and related leveraged funds. FNGS is an exchange traded note that is constructed from an equally weighted portfolio of ten holdings, meaning that each company inside the fund receives the same 10% weighting. So far this year the fund has plunged 35.9% and has been led lower by its tech megacap names. Year-to-date performances on FNGS mega-cap holdings: Amazon (AMZN) -38.1%, Microsoft (MSFT) -22.5%, Alphabet (GOOG) (GOOGL) -23.2%, Apple (AAPL) -22.4%, NVIDIA (NVDA) -44.7%, Meta Platforms (FB) -42.3%, and Tesla (TSLA) -44.4%. Aside from falling price of FNGS, the leveraged versions of the underlying ETN have crashed even further. The MicroSectors FANG+ Index 2X Leveraged ETN (NYSEARCA:FNGO) is -62.7% in 2022 and the MicroSectors FANG+ Index 3X (NYSEARCA:FNGU) has collapsed by -79.6% YTD. Large tech continues to feel the squeeze as markets flirt with bear market territory

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All 7 megacap tech names are down at least 20% YTD and these ETNs have suffered