BMO plans reverse splits for six exchange traded notes

Bank of Montreal (NYSE: BMO) announced reverse splits for six series of its exchange traded notes, effective February 24, 2026. The ETNs trade on NYSE Arca under symbols BERZ, BNKD, DULL, FLYD, NRGD and OILD.

The reverse split ratios range from 1-for-5 to 1-for-50. BERZ will undergo a 1-for-20 reverse split, while BNKD and NRGD will each have 1-for-5 splits. DULL will implement a 1-for-50 reverse split, and both FLYD and OILD will execute 1-for-10 splits.

Holders who purchased ETNs before the effective date will receive reverse split-adjusted notes based on the applicable ratio. Investors holding fractional shares will receive cash payments for any remaining partial ETNs. The cash payment amount will be determined March 2, 2026, based on the closing Indicative Note Value, with payments expected around March 4, 2026.

Each ETN series will receive a new CUSIP number but continue trading under current ticker symbols. The reverse splits affect trading denominations but not the aggregate principal amount of the ETNs, except for reductions corresponding to cash payments for fractional shares.

The affected ETNs are MicroSectors leveraged inverse products tracking various sectors including technology, banking, gold, travel, and energy. All six series provide 3x inverse leveraged exposure to their respective underlying indices and have maturity dates ranging from 2041 to 2045.

BMO stated the information is based on a company press release. The ETNs are senior, unsecured obligations of BMO and subject to the bank's credit risk.

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