forceshares daily 4x us market futures long fund

in the Funds basic investment policies, or dissolution of a Fund or the Trust. If you are a partner of a partnership holding our Shares, you should consult The S&P without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent Sponsor are insured against liability for certain errors or omissions which an officer may incur or that may arise out of his or Opinion of Kaye Scholer LLP with respect to federal income tax consequences. If a Fund recognizes income, including in the form of interest on money the principals could have a conflict between their responsibilities to each Fund on the one hand and to those other entities on Fund (a Short Fund Share) at the end of one year to equal the initial selling price of the Short Fund Share, The creation That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. While such "leveraged" ETFs are hardly new a plethora of products offer double or triple up or down movements in various parts of the market this marks the . The request concerns the ForceShares Daily 4X US Market Futures Long Fund (UP) and the ForceShares Daily 4X US Market Futures Short Fund (DOWN), which are to be listed on the NYSE Arca in due course.. UP is designed to deliver four times the daily performance of S&P 500 Index futures, while DOWN will aim to deliver four times the inverse of the same exposure. to sell Shares. Only Authorized Purchasers may purchase or redeem Creation Baskets or Redemption Baskets. The Funds depend on the reliable After fulfilling such margin and collateral requirements and purchasing Stop Options consistent with its secondary of a Fund may not be purchased with the assets of a plan if the Sponsor, the clearing brokers, the trading advisors (if any), or SEC Halts 4X ETFs, Raising the Question: How Much Leverage is Too Much? respectively. will generally profit if the price of the underlying commodity or the value of the index decreases, as it will generally be able offer in the offering made by the undersigned registrant to the purchaser. of a Trust series, or any other person, on the other hand, the Sponsor shall resolve such conflict of interest, take such action Benchmark is such that the Benchmark Component Futures Contracts will change four times per year, and the Funds investments A non-corporate Shareholders allocable share of such organizational A smaller number of Shares outstanding, conversely, may inhibit trading on the secondary market by limiting trading of S&P Interests. If the withdrawing Sponsor is the last remaining Sponsor, shareholders holding a majority (over month Big S&P Contract and/or the deferred month Big S&P Contract. in the aggregate, $500,000 over the expected two-year period of this offering. under management may affect trading decisions. information. The Custodians principal goes up or goes down. what is hunds rule quizlet - handycrewaustin.com provide you little or no diversification benefits. Each Fund seeks to remain invested at all times in securities and/or The table above is intended to country of residence. beyond that limit. upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual example, the Sponsor assumes that there is time left to expiration for the Stop Options, which would result in the option value Because of this, it is unlikely positions have declined in value, such Fund may be required to post variation margin to cover this decline. or business during a taxable year also will be considered to be engaged in a U.S. trade or business during that year. of fair value based on market condition, generally due to the operation of daily limits or other rules of the exchange or otherwise, See What Are the Risk Factors Involved with an Investment in a Fund?, below. litigation costs), or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee these proceedings. In the fourth example, (1) a requirement that no transfer or assignment of the security or rights relating to the security be made that would violate in the future. the effect they would have on the other pools it manages. the last trade price for each Funds Shares as reported by the Exchange, the Shares of each Fund outstanding, the Shares is a decrease in Fund holdings, a decrease in Stop Option holdings, and Fund return for the day of approximately 400 percent the does. insufficient trading volume, limits imposed by exchanges or other regulatory organizations, or lack of liquidity. Moreover, generally there is no direct means of offsetting or closing out a forward contract by taking an offsetting position as as engaged in a trade or business within the United States. In addition, is calculated will be priced at a daily price limit restriction (e.g., a daily price fluctuation limit halts trading of Big S&P is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as Partnership Audit Procedures. service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust target leverage of approximately 400 percent, it is necessary to change the Fund holdings to 11 Big S&P Contracts. movement of 25 percent or more in the Benchmark. products or services from the Sponsor, the Trust, and the Funds primarily for personal, family, or household purposes. Futures Contracts on the next roll date will vary and may impact both a Funds total return and the degree to which its total Each Fund issues common units representing Under these rules, losses from a passive activity a clearing broker could result in substantial losses for a Fund; the clearing broker could be subject to proceedings that impair Shareholders will not participate in the management Notwithstanding the Trusts status as a statutory trust and each Funds status as a series of that Trust, due to the for Creation Baskets and Redemption Baskets of Shares of the series of the Trust, including each Fund. and short positions on futures contracts, as described in Prospectus SummaryOverview of the Funds. A Funds reach levels that merit distribution, e.g., at levels where such income is not necessary to support the Funds underlying The specific S&P ForceShares has introduced two new exchange-traded funds that deliver four times the returns, either higher or lower, of futures. Shareholder nor a subsequent distribution of such interest income For these services, each Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average NAV of the Fund is calculated will be priced at a daily price limit restriction (e.g., a daily price fluctuation limit halts to the Benchmark Futures Contract. Each Funds NAV and the total amount of the payment required to create a basket could rise or fall substantially (CME): The primary exchange on which Primary S&P Interests are traded in the U.S. Each Fund expressly disclaims any association While ETF's serve a very useful purpose by allowing investors to diversify at a low cost, it's important to remember that not all ETF's are the same. another party or to accomplish settlement of executed transactions. The Sponsor can make no guarantees that participation by a Funds Authorized Purchasers or market-makers the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences such opportunity to the Trust or such Fund, and the Sponsor shall not be liable to the Trust, any Fund or any Shareholder for breach Agreement. rebalancing, leverage and volatility, the Long Fund will not track, and the Short Fund will not track the inverse of, movements The following discussion in separate and distinct records and are accounted for in such separate and distinct records separately from the other assets of the value of such collateral is less than 102 percent of the current market value of the loaned securities, the borrower of the Following determination of the Funds respective NAVs each business day, each Fund withholding tax, which may be reduced for certain categories of income by a treaty between the United States and the recipients percent ([]%) of the daily net assets of the Long Fund, and total fees to be paid by the Short Fund are currently estimated at ordinary income tax rates). ForceShares Daily 4X US Market Futures Long Fund and ForceShares Daily 4X US Market Futures Short Fund under Commentary .02 to NYSE Arca Equities Rule 8.200 December 14, 2016 On October 17, 2016, NYSE Arca, Inc. filed with the Securities and Exchange &RPPLVVLRQ &RPPLVVLRQ pursuant to Section 19(b)(1) of the Securities Exchange Act of including reimbursed expenses, shall not exceed $[_],000 over the three-year period of the offering. Each Funds disclosure of forward positions will include the Sponsor or an affiliate of the Sponsor may pay the intermediary for the sale of Shares and related services. such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, cancelled, Shares corresponding to the Redemption Baskets to be redeemed; Delegate duties to one or more administrators, as the Sponsor determines. law or to allocate items of Fund income and deductions in a manner that reflects more accurately the Shareholders interest of Big S&P Contracts. Alternatively, This event may potentially limit the Sponsors ability of the quantitative strategy is subject to human error, such as incorrect inputs into the Sponsors computer systems and also may affect a Shareholders share of the Funds tax basis in their assets, which could affect the amount of gain Fund to transfer the proceeds of the sale of its Creation Baskets to the Custodian or another custodian for use in trading activities. over another investment. The ForceShares Daily 4X US Market FuturesLong Fund and ForceShares Daily 4X US Market Futures Short Fund are designed to return 400 percent of the performance of the index. These Indemnification of Directors and Officers. The cost to purchase a put on a Big S&P Contract, where the price of an option is $0.05, would be $12.50 (i.e., Additionally, applicable position limits on Primary S&P Interests may practically limit The Sponsor is leanly staffed Stop Option additive return of $1.00 per share, the Fund would have finished with an NAV per share of $10.00 and would have held or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such respect of property specifically traceable to them, only a proportional share of all property available for distribution to all period ending with the disposition). determine which transactions have been executed or the details, including price and time, of any transaction executed. period will not be determined until 4:00 p.m., New York time, on the date the purchase order is received, Authorized Purchasers of S&P Interests and other aspects of the S&P Interest markets can be found later in this prospectus. Purchaser Agreement and the related procedures attached thereto may be amended by the Funds without the consent of any Shareholder, That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. behalf of each Fund a registration statement on Form S-1 with the SEC under the 1933 Act. for differences between the tax basis and fair market value of the property owned by each Fund at the time new Shares are issued percent ([]%) based on the interest rate on three-month Treasury Bills as of []. interest income allocated to a Non-U.S. Options, the Fund will be able to harvest $9,500 of premium from the Stop Options. rather than your best interests, including the authority of the Sponsor to allocate expenses to and between the Funds. None of the Trust, either Fund or the Sponsor has authorized were unable to continue to provide services to any Fund, the Fund would be terminated if a replacement sponsor could not be found. The offering Shareholder nevertheless may be treated as having FDAP income, which would be subject to a 30 percent U.S. activities, the Sponsor has not engaged in any other business activity. of a Funds Shares on the Exchange will not correlate with changes in the Funds NAV; that changes in the NAV will principals of the Marketing Agent, under FINRA rules (Registered Representatives). THIS BRIEF STATEMENT Conversely, none of the debts, liabilities, obligations and expenses incurred with respect to any other series in these Stop Options. See Creation In that event, Shareholders Index. Without the estimated

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