BEL3S is a leverage token representing a short position on BEL multiplied by 3. If BEL decreases by 1%, the net value of BEL3S will increase by approximately 3%. In a fluctuating market the NAV of the token will be worn, and in extreme market conditions the value of the asset may be reduced to 0. Leverage tokens should only be held for short time periods to avoid losses resulting from price erosion.