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Citigroup Funding implements reverse split of ETNs linked to CVOLT Index


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.

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