ETN

Citigroup Funding implements reverse split of ETNs linked to CVOLT Index

Mon, 24/12/2012 - 06:01

Citigroup Funding is implementing a one-for-10 reverse split of its C-Tracks exchange-traded notes based on the performance of the Citi Volatility Index Total Return due 12 November 2020, effective 2 January 2013.

The C-Tracks, with ticker symbol CVOL, began trading on the NYSE Arca on 15 November 2010.

The closing indicative value of the C-Tracks on 31 December 2012 will be multiplied by ten to determine the reverse-split adjusted closing indicative value of the C-Tracks. The reverse split will be effective at the open of trading on 2 January 2013 and the C-Tracks will begin trading on the NYSE Arca on a reverse-split adjusted basis on such date.

As of 4 January, holders who hold a number of C-Tracks that is not evenly divisible by ten will receive one reverse-split adjusted C-Track for every ten C-Tracks held and a cash payment for any odd number of C-Tracks remaining (the “partials”). The cash amount due on any partials will be determined on 11 January, based on the closing indicative value of the reverse-split adjusted C-Tracks on such date and will be paid on 18 January.

The etfexpress Awards 2013 for the top ETF product and service providers will be held in London towards the end of Q1 2013. Please click here to nominate your product/firm.


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