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Prospect News home > News index > List of issuers B > Headlines for Bank of Montreal > News item
Published on 2/24/2021 in the Prospect News Structured Products Daily.

BMO implements splits for three Microsectors FANG ETNs

By Marisa Wong

Los Angeles, Feb. 24 – Bank of Montreal effected a split on Feb. 12 for each of three Microsectors FANG+ exchange-traded notes due Jan. 8, 2038 linked to the performance of the gross total return version of the NYSE FANG+ index, according to 424B3 filings with the Securities and Exchange Commission.

Bank of Montreal effected a 4-for-1 split for its MicroSectors FANG+ ETNs (Cusip: 06368B504, NYSE Arca: FNGS). The face amount was originally $50 per note and is now $12.50 per note.

On Feb. 11, the closing indicative value of each note was $126.52. After giving effect to the split, the closing indicative note value was $31.63.

As of Feb. 12, $30 million principal amount representing 2.4 million notes were outstanding.

Bank of Montreal also effected a 5-for-1 split for its MicroSectors FANG+ index 2x leveraged ETNs (Cusip: 063679856, NYSE Arca: FNGO). The face amount was originally $50 per note and is now $10 per note.

On Feb. 11, the closing indicative value of each note was $240.63. After giving effect to the split, the closing indicative note value was $48.126.

As of Feb. 12, $50 million principal amount representing 5 million notes were outstanding.

Bank of Montreal effected a 10-for-1 split for its MicroSectors FANG+ index 3x leveraged ETNs (Cusip: 063679872, NYSE Arca: FNGU). The face amount was originally $50 per note and is now $5 per note.

On Feb. 11, the closing indicative value of each note was $412.92. After giving effect to the split, the closing indicative note value was $41.292.

As of Feb. 12, $225 million principal amount representing 45 million notes were outstanding.


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