ETFS 3x Daily Short DAX 30 (GY3S) is designed to enable investors to gain a three times daily leveraged 'short' exposure to DAX® (TR) (DAX 30) by tracking the ShortDAX® x3 AR (TR) (the 'Index'). A three times daily leveraged short exposure means that the product is designed to reflect minus three times the daily percentage change in the DAX 30. For example, if the DAX 30 was to rise in value by 5% on a particular day, the product would decrease in value by 15% on that day (before fees, expenses and adjustments). GY3S is an exchange traded product ('ETP'). It is not a UCITS. Securities in this ETP are structured as debt securities and not as shares (equity) and can be created and redeemed on demand by authorised participants and are traded on exchange just like shares in a company. The ETP is backed by swaps. The payment obligations of the swap counterparty to the Issuer are protected by collateral held in a segregated account at The Bank of New York Mellon. Details of the collateral held can be found in the Collateral section of the ETF Securities website (www.etfsecurities.com).