VelocityShares 3x Inverse Crude Oil ETNs linked to the S&P GSCI Crude Oil Index ER New

This investment vehicle is designed to provide returns that correspond to three times the inverse (or opposite) performance of the S&P GSCI® Crude Oil Index ER, with its operational costs deducted. The underlying index's methodology involves simulating an investment in the NYMEX light sweet crude oil futures contract that is nearest to its expiration date. This simulated position is then rebalanced each month by transitioning into the next month's expiring futures contract. Therefore, the index's valuation is directly influenced by price fluctuations in these specific NYMEX light sweet crude oil futures agreements.