BMO implements reverse splits for two Microsectors FANG ETNs

By Marisa Wong

Los Angeles, May 3 – Bank of Montreal effected a 1-for-10 reverse split on March 29 for each of two Microsectors exchange-traded notes due March 25, 2039, according to an FWP filing with the Securities and Exchange Commission.

Bank of Montreal effected a reverse split for its MicroSectors U.S. Big Banks index -3x inverse leveraged ETNs (Cusip: 063679781, NYSE Arca: BNKD) linked to the Solactive MicroSectors U.S. Big Banks index, total return.

The face amount was originally $50 per note and is now $500 per note.

As of March 29, there were 450,000 notes, or $225 million principal amount, outstanding.

Bank of Montreal also effected a reverse split for its MicroSectors U.S. Big Oil index -3x index leveraged ETNs (Cusip: 063679724, NYSE Arca: NRGD) linked to the Solactive MicroSectors U.S. Big Oil Index, total return.

The face amount was originally $50 per note and is now $500 per note.

As of March 29, there were 1 million notes, or $500 million principal amount, outstanding.

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