“Among the requirements that a security must satisfy is “distribution” before the CBOE will list options on it. There must be a certain number of outstanding shares, and the shares must be owned by a minimum number of people. Otherwise, ownership of the security is deemed “too highly concentrated,” according to the statement.
FNG is off to a solid start as highlighted by its $17.7 million in assets under management, an impressive tally for just about a month of trading.
“FNG’s portfolio management team seeks to provide a similar return stream to the performance of technology and media equity leaders as characterized by the FANG stocks acronym, representative of the first letters of Facebook, Amazon, Netflix and Google (now Alphabet), as well as Alibaba often providing an additional ‘A’ to make the ‘FAANG’ acronym,” according to AdvisorShares.
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Tom Lydon’s clients own shares of Alphabet.