This is a fully collateralised, UCITS eligible Exchange Traded Product (exchange-traded product (ETP)) designed to provide investors with a leveraged short exposure to the S&P 500. The ETP provides a total return comprised of -3 times the daily performance of the S&P 500 Total Return Index (SPXT), adjusted to reflect fees as well as the costs and revenues inherent to shorting stocks. For example, if the S&P 500 Total Return Index rises by 1% over a day, then the ETP will fall by 3%, excluding fees. However if the S&P 500 Total Return Index falls by 1% over a day, then the ETP will rise by 3%, excluding fees.These products are designed to be held for very short time frames and there is no guarantee that they will replicate the performance of the underlying index beyond one day.