MicroSectors -3x Short Semiconductor ETNs

The ETN is designed to provide -3x leveraged exposure to the daily performance of the VettaFi Semiconductor Fund-Tracking Index. The index tracks the performance of the VanEck Semiconductor ETF (SMH), which in turn seeks to replicate an index of 25 of the largest and most liquid U.S. exchange-listed companies in the semiconductor industry. The notes are not a buy-and-hold investment and are intended as a daily trading tool for sophisticated investors.