The table below summarizes the reverse splits.
ETN Title
Ticker Symbol
Reverse Split Ratio
Split Factor
Current CUSIP / New CUSIP
MicroSectorsTM FANG & Innovation -3× Inverse Leveraged ETNs due June 28, 2041
BERZ
1-for-20
20
063679450/063679351
MicroSectors™ U.S. Big Banks -3× Inverse Leveraged ETNs due February 17, 2045
BNKD
1-for-5
5
063679377/063679336
MicroSectorsTM Gold -3× Inverse Leveraged ETNs due January 29, 2043
DULL
1-for-50
50
063679518/063679344
MicroSectorsTM Travel -3× Inverse Leveraged ETNs due May 29, 2042
FLYD
1-for-10
10
06368J309/06368J408
MicroSectors™ U.S. Big Oil -3× Inverse Leveraged ETNs due February 17, 2045
NRGD
1-for-5
5
063679393/063679328
MicroSectorsTM Oil & Gas Exploration & Production -3× Inverse Leveraged ETNs due June 28, 2041
OILD
1-for-10
10
06368L205/06368L882
Each series of ETNs is expected to begin trading on NYSE Arca, Inc. on a reverse split-adjusted basis on the Effective Date. Holders of a series of ETNs who purchased such ETNs prior to the Effective Date will receive reverse split-adjusted ETNs based on the applicable Reverse Split Ratio set forth in the table above. For example, a 1-for-10 Reverse Split Ratio means that holders of a series of ETNs who purchased such ETNs prior to the Effective Date will receive one reverse split-adjusted ETN for every ten pre-reverse split ETNs they hold.
In addition, investors that hold a number of ETNs not evenly divisible by the applicable Split Factor will receive a cash payment for any fractional ETNs remaining (the "Partials"). The cash payment due on any Partials for each series of ETNs is expected to be determined on March 2, 2026 and will equal, for each remaining ETN of that series, ...
