A spin-off is considered an “Adjustment Event” requiring a modification to the index or investment strategy applicable to the Series of ETP Securities.  In this case, the PM would sell the automatically acquired spin-off shares at the market close of the first business day post spin-off (or whenever the shares are available to trade by the PM, whichever comes first) and concurrently reinvest the proceeds into the underlying shares or basket matching the relevant index or investment strategy.