MicroSectors Energy 3X Inverse Leveraged ETNs

This MicroSectors ETN (WTID) is structured to offer an investment return that is three times the inverse, or opposite, of the daily performance of the Bloomberg WTI Crude Oil Subindex ERSM. This underlying index, in turn, tracks the gains and losses derived from a strategy involving continuously rolling long positions in West Texas Intermediate (WTI) crude oil futures contracts, all of which are traded on prominent U.S. exchanges.