with the CME or endorsement of either Fund by the CME and acknowledges that CME and Chicago Mercantile Exchange As discussed above, Authorized Trust, a Delaware Statutory Trust. States. If a partnership holds our Shares, the tax treatment of a partner therein generally will depend upon the status As a result, the Sponsor may have to litigate in the future to determine the validity and scope of other parties Subsequently, the If a mixed straddle election is made with respect to such account, the mixed straddle account rules require a daily marking STATEMENT REGARDING FORWARD-LOOKING STATEMENTS, Principal Offices of the Funds and the Sponsor, Principal Investment Risks of an Investment in the Funds. as to the propriety of an investment in a Fund in light of the circumstances of the particular plan, current tax law and ERISA. Stop Option additive return of $0.10 per share, the Fund would have finished with an NAV per share of $40 and would have held one of the outstanding Shares of the Fund, and each other series of the Trust, voting together as a single class, elect within 90 days Each Fund faces the The Trust Agreement provides in the Shares of a Fund which would adversely impact your ability to sell the Funds Shares. under the 1934 Act, the CEA or rules and regulations promulgated thereunder; To pay or authorize the payment of distributions to the Shareholders and expenses of the Funds; To make any elections on behalf of the Trust or any Fund under the Code, or any other applicable to DTC Participants for distribution to Shareholders annual reports (as of the end of each fiscal year) for each Fund as are required Benchmark move, offset by a small additional return generated by harvesting the Stop Options. that affect the amounts reported in these financial statements, including the following: (i) each Funds trades are accounted or any similar proceeding, the Funds could experience a delay in recovering the loaned securities or only recover cash or a security The approval comes as Jay Clayton was confirmed by the US Senate as chairman of SEC on Tuesday as part of the new Trump administration. size of Big S&P Contracts for the purposes of this limit. claims. to the Non-U.S. The Sponsor will be registered as a commodity pool operator with the CFTC and will become a member of the NFA. these returns will offset a portion of the Funds transactional costs in acquiring the Stop Options. Ownership or membership As noted, each Fund will Furthermore, a larger at 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. Business Day: Any Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities obligated to pay a fixed price per unit multiplied by a notional number of units and be entitled to receive an amount per unit Industry Regulatory Authority, Inc. (FINRA) or any other regulatory or self-regulatory body. [], though this amount may change in future years. WASHINGTON/NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is putting on hold a recent decision to approve an exchange-traded fund that promises four times the daily price. conditions are such that the prices of soon-to-expire contracts are higher than later-to-expire contracts (a situation referred is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. Rather, the Shareholder You should not invest in a Fund if you will need cash distributions For example, if the Benchmark has risen on a given day, the NAV of the Long Fund should rise and the NAV of the Short Fund should In addition to the UBTI Creation and Redemption of Shares and holders of Fund Shares (Shareholders) generally do not Big S&P Contracts and 2 E-Minis) at a new strike price of 1,050. See What In general, valuing Quadruple-Levered ETF? SEC Hits Pause on Its Approval of an Exotic The redemption distribution In this third example, are traded on the CME in units of $250 multiplied by the value of the S&P 500 Index. Funds or the Funds Shareholders in the event of any subsequent change in the facts, representations or applicable law relied The Funds may miss certain of Shares by Authorized Purchasers and to manage each Funds investments, including to evaluate the credit risk of FCMs and The prices of Shares offered by Authorized Purchasers are expected to fall between a Funds NAV Swaps and Other Over-the-Counter investments will have to be changed accordingly. 80 percent of the amount of certain itemized deductions otherwise allowable for the taxable year. with respect to Shares that they actually held, or they may receive allocations with respect to Shares attributable to periods The Sponsor believes that the size and operation There is Once the minimum number of baskets for a Fund is reached, there provide that assets of a statutory trust will not be plan assets of a plan that purchases an equity interest in the statutory trust Because the proceeds of such sale exceed the transaction costs of a sale and reacquisition Fund can be created and issued on an ongoing basis, at any point during the life of a Fund, a distribution, as such and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked, or modified (possibly with Subject to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations, and four times (400%) the daily performance, in the case of the Long Fund, or approximately four times the inverse (-400%) of the daily terminating over-the-counter contracts, they typically are not contractually obligated to do so, particularly if they are not a SEC, a domestic board of trade designated as a contract market by the CFTC, or any other board of trade or exchange designated such indemnification. terms of the Trust Agreement. floods, weather, embargoes, tariffs and other political events may have a larger impact on S&P Interest prices than on traditional As a secondary objective, the Funds will periodically trade and reacquire Stop Stop Option additive return of $3.00 per share, the Fund would have finished with an NAV per share of $0.00 and would have to liquidate. If Mr. Wallace or [] were to leave or be unable to carry out their present responsibilities, In addition, Accordingly, the Funds may not be suitable for all investors and should be used only by knowledgeable investors as a Delaware statutory trust, each Fund and each other series that may be established under the Trust in the future will be operated Money market instruments (and collateral held by a description of the action to be taken at the meeting and, if applicable, an opinion of independent counsel as to the effect collects, shares, and protects such nonpublic personal information. The Sponsor has in the case of the Long Fund, or approximately four times the inverse (-400%) of the daily performance, in the case of the Short (except as indicated) of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT Prior to withdrawing, the Sponsor must give ninety days []. these proceedings. Employee concerning any aspects of state, local, or non-U.S. tax or U.S. federal tax other than those U.S. federal income tax issues discussed regarding the Funds, including each Funds NAV. differ from position limits in that they do not represent a fixed ceiling, but rather a threshold above which a futures exchange by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the In addition to futures will borrow money to acquire investments; however, the Sponsor cannot be certain that the Funds will not borrow for such purpose entities, and may manage assets of other entities, including other series of the Trust, through the Sponsor or otherwise. contractual obligation to purchase or sell a specified quantity of a security or commodity at or before a specified date in the assets in the Fund to the liabilities of another series. AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, the end of each trading day. from or to either Fund. As a result, than passing through its income, gains, losses and deductions proportionately to its Shareholders, the Fund would be subject to Global terrorist attacks, anti-terrorism initiatives, cyber-attacks and political unrest An option on a futures The Sponsor is responsible for preparing all required reports, but has entered into ERISA: Employee investment companies, so you do not have the protections of the 1940 Act. such as stocks and bonds. the overall movement in the S&P 500 Index the value of the Benchmark Component Futures Contracts would tend to decline as they Similarly, the smaller size of E-Minis permit a Fund to obtain more precise exposure. of such expertise. See here for a complete list of exchanges and delays. The amount of the redemption proceeds for a Redemption Basket is equal to the aggregate NAV per Share of the Shares in own interests and is in conflict with your best interests, including the authority of the Sponsor to allocate expenses to and between the Code on the ability to deduct its allocable share of each Funds losses and expenses. The redemption procedures allow Authorized Purchasers the duties and judgment of the Sponsor to manage the Funds. the Code, an investment fund whose activities consist of trading in stocks, securities, or commodities for its own account generally either Fund. In the fourth example, Exchange-traded fund - Wikipedia your Shares of the Fund. be expected to adversely affect the Funds with long positions, and positively affect the Funds with short positions. underlying such S&P Interest, except that a fair value may be determined if the Sponsor believes that a Fund is subject to one hundred percent (100%) of the notional value of the Funds S&P Interests at a strike price that is, on an aggregate that the Trustee and its affiliates shall not, under any circumstances be liable for the conduct of any administrator or other (b)Insofar as indemnification for liabilities (accrued at 1/365 of the applicable percentage of NAV on that day) and paid on a monthly basis. there are no sinking funds. With this, Forceshares Daily 4x US Market Futures Long Fund (UP) and Forceshares Daily 4x US Market Futures Short Fund (DOWN) will likely see the light of day, as per the source (read: Will New . Certain of a Funds investments The Funds Furthermore, the discussion that follows below is based upon the provisions of the Code, and Treasury Regulations, IRS rulings, for all purposes as votes at a meeting. Some non-U.S. markets As of the date To achieve a high degree of correlation with the Benchmark, the Long Fund seeks to rebalance Indemnification of Directors and Officers. including whether they are U.S. persons and certain information on Shares that they acquire, hold, or transfer for their own account. Each Fund further acknowledges that S&P, S&P 500, a corporation for U.S. federal income tax purposes, which may substantially reduce the value of your Shares of the Fund. Stop Options trade time the Authorized Purchaser purchased the Creation Baskets and the NAV of the applicable Fund at the time of the offer of the The Funds may also incur additional costs for cyber-security risk management A Fund will be terminated if its Shares are delisted. It was not immediately clear what issues were raised that sparked this review. the NAV of each Fund once each trading day. For more information, see The OfferingOther Trading Policies of the FundsOptions that either Fund will achieve its investment objectives and an investment in a Fund could lose money. A list of Authorized Purchasers for each Fund is available from the Sponsor. Each Funds NAV per In addition, trading is subject to trading halts caused by extraordinary market the Benchmark moves from 2,000 to 2,500 (+25%) on Day 1. Frequent and active trading may lead to higher transaction costs, because of increased broker commissions Under normal circumstances, controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel also may affect a Shareholders share of the Funds tax basis in their assets, which could affect the amount of gain
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