MicroSectors -3x Short Artificial Intelligence (AI) ETNs

MicroSectors -3x Short Artificial Intelligence (AI) ETNs are exchange-traded notes designed to provide leveraged inverse exposure to a basket of leading artificial intelligence-related companies. The product offers daily investment results that correspond to three times the opposite of the performance of the BITA AI Leaders Index, which tracks firms heavily engaged in AI technologies and related infrastructure. As an unsecured debt obligation of the issuer, this ETN does not hold underlying equities but instead delivers returns through index-linked notes. It is primarily used by sophisticated market participants to express short-term, tactical views on the AI equity segment, implement hedging strategies, or manage risk around concentrated AI exposures. Due May 30, 2046, the ETN is intended for frequent monitoring due to daily rebalancing effects and path dependency typical of leveraged and inverse exchange-traded products. In the broader market, it plays a niche role, offering targeted access to the downside performance of high-profile AI companies without requiring direct short selling or derivatives trading.