BMO Announces a Reverse Split of its MicroSectors™ Gold Miners -3X Inverse Leveraged ETNs (NYSE Arca: GDXD)

Core Viewpoint - Bank of Montreal (BMO) will implement a 1-for-20 reverse split of its MicroSectors Gold Miners -3X Inverse Leveraged Exchange Traded Notes (ETNs), effective October 22, 2025 [1][2]. Summary by Sections Reverse Split Details - The reverse split will adjust the trading denominations of the ETNs, with holders receiving one reverse split-adjusted ETN for every twenty pre-reverse split ETNs they hold [2][3]. - Investors with a number of ETNs not evenly divisible by twenty will receive a cash payment for any fractional ETNs remaining, determined on October 27, 2025, based on the closing Indicative Note Value [3][4]. Trading and CUSIP Changes - The ETNs will begin trading on a reverse split-adjusted basis on the NYSE Arca, Inc. on the effective date, with a new CUSIP assigned [2][4]. - The closing Indicative Note Value on October 21, 2025, will be multiplied by twenty to determine the reverse split-adjusted closing Indicative Note Value [4][5]. Financial Impact - The aggregate principal amount of the ETNs will not change, except for the reduction due to cash payments for any fractional ETNs [5]. - An illustration shows that if an investor holds 100,000 ETNs at a hypothetical closing Indicative Note Value of $5.00, post-split they will hold 5,000 ETNs at $100.00 each, maintaining an aggregate value of $500,000 [6][7].