Bank of Montreal announced today, October 10, 2025, that it will implement a 1-for-20 reverse split of its MicroSectors Gold Miners -3X Inverse Leveraged Exchange Traded Notes (ticker GDXD). The reverse split will reduce the number of outstanding ETNs by a factor of twenty, with holders receiving one adjusted ETN for every twenty pre‑split ETNs and cash for any fractional holdings.
The reverse split will change the ETNs’ CUSIP from 06367V600 to 06367V709 and will be effective at the open of trading on October 22, 2025. The ETNs will continue to trade under the same ticker GDXD, and the aggregate principal amount will remain unchanged except for the cash payments issued for partial holdings. Cash payments for partials will be determined on October 27, 2025, and are expected to be paid by October 30, 2025 through the Depository Trust Company.
The reverse split is a corporate action that may affect liquidity and trading dynamics for holders of the ETNs. It does not alter the underlying investment objective or leverage structure of the ETNs, but it aligns the unit size with market expectations and may improve marketability of the product. The action reflects BMO’s ongoing management of its ETN portfolio and is a material event for investors holding the GDXD notes.
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