The ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN is designed to provide 2 times leveraged long exposure to the compounded quarterly performance of the MSCI USA Momentum GR USD Index, less financing costs and tracking fees. The underlying total return index is designed to reflect the performance of an equity momentum strategy over the MSCI USA Index by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover. The parent benchmark MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the U.S. equity market.