BMO to implement ETN splits Feb. 24; U.S. dating costs surge

BMO rolls out broad ETN split program ahead of Feb. 24 trading

Bank of Montreal is implementing a coordinated program of reverse splits and forward splits across its MicroSectors exchange‑traded notes, effective at the open of trading on Feb. 24, 2026. The measures affect nine ETN series and change only trading denominations rather than aggregate principal value, the bank says, with split adjustments reflected on NYSE Arca at the open on the ex‑date. Holders of record and investors are advised to consult offering documents for precise mechanics, tax implications and timing of brokerage credits.

The reverse splits cover six leveraged inverse ETNs, including MicroSectors FANG & Innovation -3× Inverse (BERZ) at a 1‑for‑20 ratio, MicroSectors Gold -3× Inverse (DULL) at 1‑for‑50, and other leveraged oil, bank and travel inverse products at ratios ranging from 1‑for‑5 to 1‑for‑10. Those series will trade on a reverse split‑adjusted basis and will receive new CUSIPs; fractional pre‑split ETNs not divisible by the split factor will be paid in cash based on each remaining ETN’s closing Indicative Note Value on March 2, with cash disbursements expected through The Depository Trust Company around March 4, subject to broker processing.

Separately, BMO is splitting three leveraged ETNs on the same ex‑date, including MicroSectors FANG & Innovation 3× Leveraged (BULZ) and MicroSectors Gold 3× Leveraged (SHNY) via 10‑for‑1 splits, and MAX S&P 500® 4× Leveraged (SPYU) via a 2‑for‑1 split. For those series the closing Indicative Note Value on Feb. 23 determines split‑adjusted values, while the number of outstanding notes increases so aggregate principal and aggregate closing Indicative Note Value remain unchanged. BMO reiterates these ETNs are designed as daily trading tools for sophisticated investors and that splits only alter trading denominations, not economic exposure.

Dating costs surge, straining younger consumers

BMO’s Real Financial Progress Index finds U.S. consumers face rising “date‑flation,” with the average all‑in cost of a date reaching $189, up 12.5% from 2025, and Americans spending about $2,323 on dating over the past year. The survey reports shifting behaviour: roughly half of respondents say they go on fewer dates or choose cheaper activities, and the mean number of dates among daters falls to about 12.

The data show a K‑shaped dating economy: while 14% report paying nothing for typical dates through low‑cost outings, another 14% now say a typical date costs $300 or more. Paul Dilda, BMO’s head of U.S. consumer strategy, warns rising dating costs can price singles out of relationships and urges budgeting and open financial communication to protect both romance and broader financial goals.