ZC SP ETN REDEEM 31/07/2046 USD - XLPD 

XLPD is designed to lose money when the State Street Consumer Staples Select Sector SPDR ETF (ticker: XLP) rises in value, and because the leveraged exposure resets each day, a sustained rally compounds against any XLPD position. A single-day increase of 33% in XLP would reduce the value of XLPD to zero, and holders would lose their entire investment. XLPD is a short-term trading tool, not buy-and-hold investment. The product is structured as an exchange traded note, which is an unsecured debt obligation of the issuing bank, thus introducing credit risk to traders of the shares. The note aims to provide -3x the daily closing price of the target ETF. The target ETF tracks a market-cap-weighted index of consumer-staples stocks drawn from the S&P 500.