MicroSectors FANG+ Index -3X Inverse Leveraged ETN FNGD NYSE

MicroSectors FANG+ Index -3X Inverse Leveraged ETN is designed as a daily trading instrument for sophisticated investors seeking to hedge or profit from declining technology and consumer discretionary stocks. The product provides -3X inverse leverage to the FANG+ Index, which comprises highly-traded growth stocks from leading technology and tech-enabled companies. This note is intended to manage daily trading risks as part of a diversified investment portfolio, rather than serve as a long-term holding. The underlying index uses an equal-dollar weighting methodology to represent key players in the technology and consumer discretionary sectors.