Bank of Montreal announced a 1-for-50 reverse split of its MicroSectorsTM U.S. Big Oil Index -3X Inverse Leveraged ETNs (NRGD) effective April 11, 2022. This means holders will receive one reverse split-adjusted ETN for every 50 ETNs held before this date. Investors with fractional ETNs will be compensated with cash payments based on the ETNs' closing indicative value as of April 8, 2022. The reverse split aims to reduce trading denominations without affecting the aggregate principal amount of the ETNs. Investors are advised to consider their investment suitability.
Bank of Montreal (BMO) announced a 1-for-10 reverse split of two series of its exchange traded notes (ETNs), effective March 29, 2021. The ETNs affected are the MicroSectors™ U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) and the MicroSectors™ U.S. Big Oil Index -3X Inverse Leveraged ETNs (NRGD). Holders will receive one reverse split-adjusted ETN for every ten pre-split ETNs. Any fractional ETN will be compensated in cash based on the closing value determined on April 5, 2021, with payments made around April 8, 2021.