Fund Description: The MicroSectors U.S. Big Banks Index -3x Inverse Leveraged ETN tracks three times the inverse of the performance of an equal-weighted index of U.S. Large Banks. BNKD is an inverse leveraged take on U.S. Big Banks. Specifically, the fund tracks three times the inverse of the underlying index, which selects the 10 largest qualifying stocks and even weights them. BNKD charges a steep fee for such exposure; however, the product isn’t designed for long-term investors. The fund rebalances daily. As a result, compounding and path dependency make its long-term returns difficult to predict when compared with its underlying index.