WTID

MicroSectors Energy -3X Inverse Leveraged ETN seeks return on the notes is linked to a three times leveraged participation in the daily inverse performance of the Solactive MicroSectors Energy Index. The notes are designed to reflect a 3x leveraged inverse exposure to the inverse performance of the index on a daily basis, before taking into account the negative effect of the Daily Investor Fee, any negative Daily Interest, and the Redemption Fee Amount, if applicable. However, due to daily resetting leverage, the returns on the notes over different periods of time can, and most likely will, differ significantly from three times the return on a direct short investment in the index.