MicroSectors 3x Long Communication Services (XLC) ETNs

XLCU attempts to achieve the 3x leveraged return of the VettaFi US Communications Fund-Tracking Index. This index tracks the performance of the State Street Communication Services Select Sector SPDR ETF (Ticker: XLC). XLC invests in the US telecommunication and media & entertainment components of the S&P 500 index. As a leveraged product, the fund is not a buy-and-hold investment and should not be expected to provide index return of greater than a one-day period. Over longer periods, compounding effects can lead to profound differences in expected returns relative to the index. As an actively managed fund, the portfolio managers can deviate from underlying holdings of the reference index. The managers may analyze market and financial data to make buy, sell, and hold decisions at their discretion.