VelocityShares VIX Tail Risk ETN - BSWN

The investment seeks to track the performance of S&P 500 VIX Futures Tail Risk Index TR – Short Term (the “Tail Risk Index”).
Each of the 13 sub-portfolios has a target exposure of a 45% two times leveraged long position and a 55% unleveraged short position in the Short-Term Futures Index, which is intended to result in a net long position in VIX futures.