The objective of the ETP Securities is to provide 3 times the value of the daily performance of the VanEck Vectors Semiconductor ETF Exchange Traded Fund, net of fees and expenses. The ETP securities seek to pursue the 3x Long Semiconductors Investment Strategy (the "Investment Strategy") which provides exposure to 3 times the daily performance of the VanEck Vectors Semiconductor ETF Exchange Traded Fund (the “Reference Asset”).