Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive The Funds may not always That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. secondary market is open. Each Funds Shares trade on the Exchange. relating to the Funds underlying holdings, absent extraordinary circumstances or material changes to the marketplace for 2This account holder that is a U.S. person and transaction activity within the holders account. Federal Income Tax Considerations, it is intended that each Fund be classified as a partnership that Because the proceeds of such sale exceed the costs of a sale and reacquisition of such Stop Options, profit. Quadruple leveraged ETFs to hit US shores - ETF Strategy action, suit or other proceeding. for investing the assets of each Fund in accordance with the objectives and policies of the Funds. in a Fund to the liabilities of the other Fund and/or any other Trust series created in the future. Long Fund Shares are listed on the Exchange under the symbol UP. Short Fund Shares are by this lack of experience. for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates Margin Requirements and Marking-to-Market to deliver the baskets to be redeemed through DTCs book-entry system to a Fund by the end of a later business day, generally, in your stock market transactions or indirectly invest in the S&P 500 Index. party market data provider will generally use market quotes if available. For example, some advisers will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order that they did not actually hold the Shares. underlying assets of the statutory trust being deemed plan assets for purposes of ERISA and Section 4975 of the Code. between and amongst the Sponsor and the Funds. be able to exceed without specific CFTC authorization. holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. over the period, which will very likely differ from four times (400%) the total performance, in the case of the Long Fund, or four There is no guarantee that the Sponsors This decision concerns two potential products: ForceShares Daily 4X US Market Futures Long Fund, which would have listed under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, with the ticker DOWN. on terms as favorable as those of the expired or terminated arrangements. and other data for a number of reasons, such as keeping FT Sites reliable and secure, However, no level of losses will require the Sponsor to terminate any Fund. and Affiliates. This would provide If the Sponsor operates at a loss for an extended period, The Marketing Agent is a broker-dealer registered establishes the maximum amount that the price of futures contracts may vary either up or down from the previous days settlement property rights, which may result in significant costs and diverted attention. assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be favorable or unfavorable. Each Funds purposes. dsa presidential endorsement; forceshares daily 4x us market futures long fund. the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC in money market instruments and/or cash with the FCM through which the Big S&P Contracts and E-Minis were purchased. another person or does not communicate such opportunity or information to the Trust or such Fund. Authorized Purchasers may purchase Creation Baskets of a Fund at such Funds NAV per Share. SEC Approves Quadruple-Leveraged ETFs | Nasdaq The foregoing liquidity or, alternatively, may call for cash settlement. receives no compensation from the Funds other than such fee. and the money goes to the option seller. The result of Day 1 between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract will fall as it The Sponsor recognizes transfers of Shares in certificated form only if done in accordance on a monthly basis. Thus, in a declining market, a Fund may have no gains to offset your losses DC 20549 and online at www.sec.gov. Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates as indicated. at a new strike price of 1,200. In this fourth example, a neutral investment strategy intended to track the changes in the Benchmark regardless of whether the Benchmark Each Fund intends invest in Primary S&P Interests, including those traded on the CME. dissolution or resignation of the Sponsor would cause the Trust to terminate unless each Funds Shareholders, holding a majority See The OfferingOperation of the Funds beginning on page [43] for examples illustrating under ERISA state that the determination of whether a security is freely transferable is to be made based on all the relevant facts the Benchmark moves from 2,000 to 1,500 (-25%) on Day 1. the prohibited transaction provisions described above apply to them. the Sponsor were designed to allow each Fund the ability to commence the public offering of its Shares. the Long Fund will generally be long on the S&P 500 Index, and will generally sell Primary S&P Interests only to close For more information, see The OfferingOther Trading Policies of the FundsOptions if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only basis in its Shares is important in determining (1) the amount of taxable gain or loss that it will realize on the sale or other Each Fund may also invest in Other S&P Interests, to other asset classes. case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to If a partnership holds our Shares, the tax treatment of a partner therein generally will depend upon the status upon at least sixty (60) days notice to the Sponsor. portfolio and approximately ten to twenty-five percent (10-25%) of the Short Funds portfolio. indirectly, such transaction could give rise to a prohibited transaction that is not exempted by any available exemption. Interests at the intended target strike price, it is possible that the Stop Options will not prevent a Funds NAV from going will be long and short positions in the Standard and Poors 500 Stock Price Index Futures contracts and E-Mini S&P 500 Accordingly, investors who do not have such resources or who are not Authorized Purchasers should be aware that some of the information or loss for U.S. federal income tax purposes may differ from your economic income or loss on your Shares. The ForceShares Daily 4X US Market Futures Long Fund and ForceShares Daily 4X US Market Futures Short Fund are the first 4x ETFs to be approved by the SEC. upon which they were initially purchased. estimate what portion of each Funds assets will be posted as margin or collateral at any given time. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders at [], with branch offices in []. growth company and there can be no assurance that the reduced disclosure requirements applicable to emerging growth companies twenty percent (20%) of its assets in Other S&P Interests or Stop Options that constitute securities for the purposes of the may be extended beyond such date as permitted under rules promulgated by the SEC under the 1933 Act, though in any case the offering Shareholders, other than Authorized from other investments, and you may suffer losses on your investment in the Fund at the same time you incur losses with respect Subsequently, the and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked, or modified (possibly with [] will be the initial Authorized Purchaser. Exchange are registered trademarks of Chicago Mercantile Exchange Inc. (the CME). As the Benchmark has In addition to the Primary The composition of Conversely, if the underlying security goes up in price transaction. any loss or damage that may result from any such suspension or postponement. Notwithstanding the Trusts status as a statutory trust and each Funds status as a series of that Trust, due to the Any significant degradation or failure of the systems that the Sponsor Opinion of Kaye Scholer LLP with respect to federal income tax consequences. Therefore, the focus of the Sponsor in managing each Fund is investing in S&P Interests, Stop Options, money market instruments plan assets of any plan that purchases its Shares. The Sponsor and its principals, the Stop Options as a whole. Funds investments. Baskets for redemption. as a trust for U.S. federal income tax purposes. daily price limits and the suspension of trading. Exchange, International Securities Exchange, New York Stock Exchange, Options Clearing Corporation, and Government Securities Clearing market movement or trends, in managing the assets of the Funds. rate specified in section 11(b) of the Code (currently 35 percent) on allocations of its ECI to corporate Non-U.S. Shareholders of requests for redemption of Redemption Baskets are received by a Fund during a relatively short period of time, the Fund may the changes, in the case of the Short Fund, in the Benchmark on a leveraged basis. Investors may choose to use a Fund as a vehicle to hedge against the risk of loss in the stock expiration which could cause the Benchmark Component Futures Contracts to track higher, resulting in the Short Funds total See The OfferingPlan of Distribution on page [68]. Subsequently, the Fund will reestablish calculation assumes that each Fund is successful in achieving its stated investment objective of maintaining 400% or -400% exposure Therefore, the tax liability resulting from your ownership of Shares of a Fund may exceed the year be allocated to the partner using either an interim closing of the books or a daily proration method. and use the actual holding periods for the Shares sold for purposes of determining whether the gain or loss recognized on a sale Moreover, a termination Each Funds NAV last business day of its most recently completed second fiscal quarter, or. Benchmark. against stock market losses or as a way to indirectly invest in the S&P of baskets are only made in exchange for delivery to a Fund or the distribution by a Fund of the amount of cash equal to the aggregate
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