This investment product is engineered to deliver, after accounting for expenses, returns that are the inverse of the daily movement of the S&P 500 VIX Mid-Term Futures index. The aforementioned index provides market participants with exposure to various maturities of futures contracts tied to the VIX, which itself acts as an indicator of the S&P 500 Index's anticipated volatility over different future periods. The calculation of the VIX is predicated on the prevailing prices of S&P 500 Index put and call options. It is crucial to understand that these Exchange Traded Notes (ETNs) reflect the inverse daily performance of their associated index and are not a direct investment in the inverse of the VIX itself.


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