The objective of the ETP Securities is to provide, following the initial public offer (“IPO”) of Space Exploration Technologies Corp. (the “Reference Asset”), 3 times the value of the daily performance of the Reference Asset, net of fees and expenses. Investors should be aware that the investment strategy operates in two distinct phases. During the initial phase, prior to the IPO, the proceeds of issuance will be held in cash. The strategy will provide no exposure of any kind to the Reference Asset and investors will not benefit from any appreciation (and will not be exposed to any depreciation) in the value of the Reference Asset. Following the IPO, the strategy will convert to is second phase, being a strategy to provide 3 times the daily performance of the Reference Asset, net of fees and expenses.