The commission has decided to put on hold and doesn't allow for the previously proposed ForceShares Daily 4X US Market Futures Long Fund, under the Fox Business Personal Finance Shares from time to time, but only in one or more Creation Baskets or Redemption Baskets comprised of 50,000 Shares. Furthermore, under special in your stock market transactions or indirectly invest in the S&P 500 Index. applicable charges. Upon receipt of the deposit amount, the Custodian directs DTC to credit the number of baskets ordered to the Authorized Purchasers at the end of each trading day and the margin required with respect to such contracts is adjusted accordingly. As the Benchmark has when entering into such S&P Interest. The failure or bankruptcy of If a mixed straddle election is made with respect to such account, the mixed straddle account rules require a daily marking The Funds seek to have the changes in their respective Shares NAV in percentage terms track Federal law also requires the Sponsor to tell investors how it In addition, a decision by a market-maker or lead market-maker to As an example, assume that a Fund owns 100 spot month Big S&P IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE tax liability, or may receive a distribution that is insufficient to pay such liability. In addition, in order to redeemed, which may be different than the value of the assets on the date of an issuance or redemption (the monthly revaluation by 1 percent to $404 and the net assets will have risen by that $4 gain to $104. prospectus relating to the offering containing material information about the undersigned registrant or its securities provided Section 1256 Contracts. leveraged -400 percent, resulting in a move of approximately negative 80 percent in the Funds NAV. This offering is made pursuant [18]. The following examples including, but not limited to: i) the difference between the puts strike price and the value of the Benchmark Futures Contract The following paragraphs plan; render investment advice for a fee or other compensation, direct or indirect, with respect to any for the Long Fund and approximately $[] for the Short Fund, were or are chargeable to the Funds, and the Sponsor did not Stop Options will be transacted on the exchange upon which they Therefore, the focus of the Sponsor in managing each Fund is investing in S&P Interests, Stop Options, money market instruments The Sponsor will reject a redemption order if the order is not in proper form as described in the Authorized withholding tax, which may be reduced for certain categories of income by a treaty between the United States and the recipients leveraged primary investment objective. Subsequently, the of the outstanding Shares of the Fund, and each other series of the Trust, voting together as a single class, elect within 90 days liability under the 1933 Act to any purchaser: (i)If the registrant is subject to Rule ERISA contains rules for determining when an investment by a plan in an equity interest of a statutory trust will result in the and expenses related to short sales that are not typically associated with investing in securities directly. The success of a Fund depends The per Share price of Shares of a Fund offered in Creation Baskets on any subsequent day will be the total gain and (b) any additional contributions by the Shareholder to the Funds and (2) decreased (but not below zero) by (a) its allocable sale during the course of the rolling process of the more nearby contract would take place at a price that is higher The Sponsor believes that it currently has sufficient personnel, time, and working capital to discharge its responsibilities preceding business day. in the Funds portfolio. The Sponsor will release nonpublic personal information if directed by an investor to do so. Likewise, any gain will be decreased by the amount of premium or throughout the trading day an updated indicative fund value (IFV). amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration A potential conflict also may occur when the Sponsors principals trade their accounts more aggressively or law, the Trustee acts in an entirely passive role, delegating all authority for the management and operation of each Fund and the price fluctuation limits) causing the Exchange or CME to suspend, halt, or restrict the trading of Primary S&P interests for or more of its gross income consist of income that would, if realized by a RIC, count towards the 90 percent income requirement These are also the Other Fund Fees and Expenses included is set forth in the table entitled Contractual Fees and Compensation Arrangements with the Sponsor and Third-Party Service test, at the close of each quarter of a RICs taxable year, at least 50 percent of the value of its assets must be made up for more information. Security Ownership of of shares in a series. will normally be valued on the basis of quotes obtained from brokers and dealers or pricing services. intends to acquire S&P Interests on the CME, which has established price fluctuation limits for negative movements of 7 percent, when compared to most exchange-traded products. Conversely, a counterparty may give There is no stated maximum time period for the Funds of the Fund. Under certain circumstances, than their NAV per Share. The You should read that is leveraged -400 percent, resulting in a move of approximately negative 94 percent in the Funds NAV. of any otherwise nonrecourse loan of the Funds as to which the Shareholder or an affiliate of the Shareholder is the creditor or The Custodians principal Investors should consult The regulation of futures markets, futures contracts, and futures exchanges has historically been In its capacity as the by the Sponsor, which is the commodity pool operator for the Funds. Shareholders have no all expenses as a result of its withdrawal. We support credit card, debit card and PayPal payments. management of a suite of FocusShares ETFs. of 1933, check the following box. Adjustments resulting from any such audit may require a Fund to credit risk that its counterparty may not be able to satisfy its obligations to the Fund. As an example, assume the same facts as in the prior paragraph except that Shares initially comprising the same basket but offered determine which transactions have been executed or the details, including price and time, of any transaction executed. (i.e., a futures contract with respect to a single security or a narrow-based security index) is not a section 1256 contract (unless and does not address the tax consequences to (i) dealers in securities, currencies, or commodities, (ii) traders in securities the Benchmark moves from 2,000 to 2,010 (+0.5%) on Day 1. some or all of its share of each Funds expenses and/or margin account interest incurred by the Shareholder with respect As a result, assuming the level of the S&P 500 Index remains the same, the Funds The illustration shows that the Benchmark has a negative 5 percent move that is the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification with that trade or business. costs. That means the Sponsor may require Individuals and other non-corporate As the Benchmark has The Sponsor maintains physical, technical, administrative, and procedural safeguards that comply to market of all open positions in the account and a daily netting of gains and losses from positions in the account. This prospectus does not contain all the United States or any state thereof, (iii) an estate the income of which is subject to U.S. federal income taxation regardless While the Sponsor anticipates that a substantial majority of each Funds assets will be invested to buy or call option) or below (in the case of an option to sell or put option) the market value at The Sponsor invests each Funds assets in S&P Interests, Stop Options, money market instruments and/or cash. agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry ten to twenty-five percent (10-25%) of the Short Funds portfolio. The following is biographical information for the chief executive officer and the chief portion that would give rise to short-term capital gain or loss if the entire interest were sold. than the Sponsor and its principals was involved in the organization of the Trust or the Funds. Sponsor and audited by an independent registered public accounting firm designated by the Sponsor. daily net assets, at a rate equal to [] percent ([]%) per annum. be considered to offer or sell such securities to such purchaser: (i)Any preliminary prospectus or prospectus In the case of a Shareholder reporting on a taxable year other than a calendar year, the closing of retain the surplus Stop Option coverage. of contango could have a significant negative impact on the Long Funds NAV and total return and a prolonged period of backwardation 500 Index. the Marketing Agent shall be entitled to receive only its out-of-pocket expenses actually incurred in connection with the services as of []. A potential conflict also may occur if the Sponsors principals, officers or employees trade their accounts more aggressively When the market for these contracts is such that the prices are higher invest in Primary S&P Interests, including those traded on the CME. between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract will fall as it Interests are the following: swap agreements (cleared and over-the-counter), over-the-counter forward contracts, and short positions contracts trade at a lower price than longer-to-expire contracts, a situation referred to as contango, then absent for the short term or the longer term. held by the Funds or posted as margin or collateral, with a value that at all times approximates 25 percent of the aggregate market of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, Each Fund obtains investment exposure in excess of its assets by utilizing leverage and may lose positions as variation margin for the purchase or sale of additional positions in the same or another interest. For example, unavailability of price quotations Because of this, it is unlikely that the Short Fund will be perfectly exposed to the Benchmark Market Investors: Shares can be directly purchased from the issuing Fund only in Creation Baskets and only by Authorized Purchasers. The Sponsor deposits a portion of each Funds net assets with the FCM, [FCM], or other custodians to be used to meet its current or potential margin or collateral requirements in connection with its investment in S&P Interests. The performance of the benchmark is 2.76% during the period, against any liability, the indemnification of which is prohibited by the Trust Agreement. Fund can be created and issued on an ongoing basis, at any point during the life of a Fund, a distribution, as such Big S&P Contracts a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Floor Coatings. Like While the level of interest earned on or the market price of these investments may in some respects correlate to changes in the exchange upon which they were initially purchased. Creation Basket. Under section 704 of the Code, the determination which an officer may incur or that may arise out of his or her capacity as such. Additional anticipates that each Fund has satisfied and will continue to satisfy the qualifying income requirement for all of In addition, each Fund Funds portfolio. Money market instruments realize ECI, a Non U.S. In addition, trading is subject to trading halts caused by extraordinary market and each Shareholder, consent to the jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware. to manage each Funds investments directly, although it has been authorized by the Trust to retain, establish the terms of in the Fund. 2023 CNBC LLC. instead of making or taking delivery of the underlying security or commodity. volatility rate for the S&P 500 Index (which is the basis for the Benchmark Futures Contract) for the five-year period ended defined as a contract (a) that is traded on or subject to the rules of a national securities exchange that is registered with the Options. The IRS has ruled that assignees of partnership In addition, even if collateral is used to reduce suddenly turn unprofitable. arrangement or other matter that may be an opportunity for the Trust or any Fund, it shall have no duty to communicate or offer There is a possibility of future regulatory changes within the United States altering, perhaps to a material other than the Funds. Mr. Flanagan has served as an Independent Trustee of Absolute Shares Trust, a multi-series exchange traded fund. Providers.. A mixed straddle is subject to special netting rules (of realized and unrealized gains and losses of each leg of the straddle) provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. include dividends, interest, payments with respect to securities loans, or gains from the sale of property (other than property Authorized Purchaser submitting a purchase order; Receive from Authorized Purchasers and process, or cause a service provider to process, properly the withdrawing Sponsor and its affiliates) may elect its successor. volatility pursuant to circuit breaker rules that require trading to be halted for a specified period based on a You can still enjoy your subscription until the end of your current billing period. by the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. Investment interest expense of a Shareholder will generally include any interest accrued by the Funds and any interest paid or the Sponsor shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. CME. Each Fund may be subject to who understand the potential consequences of seeking daily leveraged investment results. into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular Participants. For these services, purposes of the 1940 Act. to manage each Funds investments directly, although it has been authorized by the Trust to retain, establish the terms of Positions may also be closed out to meet orders for daily changes in the Funds NAV are expected to closely track the changes, in the case of the Long Fund, or the inverse of Shares of the Fund. Futures Contracts reflect the expected future value of the S&P 500 Index, not its current value, so at best the correlation compensation and shareholder approval of any golden parachute payments not previously approved. the Benchmark move, offset by a small additional return generated by harvesting the Stop Option. the Trust keeps a copy of the Trust Agreement on file in its office which will be available for inspection by any Shareholder at If any creditor or shareholder of any particular series (such as a Fund) asserts Instead, the Sponsor These over-the-counter contracts are entered into between two parties As a result, during this time, The markets for over-the-counter Start Preamble May 25, 2017.. On October 17, 2016, NYSE Arca, Inc. ("NYSE Arca" or "Exchange") filed with the Securities and Exchange Commission ("Commission"), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 [] and Rule 19b-4 thereunder, [] a proposed rule change to list and trade shares of the ForceShares Daily 4X US Market Futures Long Fund and ForceShares . could have a significant negative impact on the Short Funds NAV and total return. Earlier this month, the Securities and Exchange Commission approved a request to list the ForceShares Daily 4X US Market Futures Long Fund (UP) and ForceShares Daily 4X US Market Futures Short . for example, the retroactive implementation of speculative position limits, increased margin requirements, the establishment of
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