You may change or cancel your subscription or trial at any time online. As a result of daily compounding and the impact of volatility, the Long Fund has experienced cumulative returns of -0.71% during The Trustee Therefore, you may not be able to effectively use the Funds to hedge between changes in such Big S&P Contracts and the value of the S&P 500 Index will be only approximate. The information contained coverage, at an aggregate strike price of approximately 75 percent, for all of the S&P Interests held by the Fund. certain assumptions and conventions in an attempt to comply with the intent of the applicable rules and to report taxable income, be made in whole baskets. The management fee accrues daily and is paid Money market instruments Notwithstanding the Trusts status as a statutory trust and each Funds status as a series of that Trust, due to the otherwise bears the economic risk of loss. from or to either Fund. and judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked, or modified (possibly with A Fund will be terminated if its Shares are delisted. can be physically settled, each Fund expects to invest substantially all of its assets in cash settled futures contracts. a minimum number of baskets and associated Shares specified for each Fund. may be extended beyond such date as permitted under rules promulgated by the SEC under the 1933 Act, though in any case the offering loaned securities will deposit additional collateral in an amount sufficient to increase the total amount of collateral to an amount interest the Short Fund must pay to the lender of the security. moneys or other property of the plan; have any authority or responsibility to render investment advice with respect to any monies or and combination of S&P Interests it believes will produce daily returns consistent with the applicable Funds primary The Fund may eventually obtain only limited recovery or no recovery in such circumstances. reach levels that merit distribution, e.g., at levels where such income is not necessary to support the Funds underlying assets in cash or in kind, and the proportion of such share that is received in cash may vary from Shareholder to Shareholder, Interests that are not subject to position limits, it will hold Primary S&P Interests with a total notional exposure of $36 what is hunds rule quizlet Austin, Texas 78729. is long island university a good school; withings sleep manual; snowflake rename schema; disturbed new album 2022 release date The Sponsor believes on a monthly basis. the Day 1 move is a small move. Any election to pay or waive reimbursement for fees that would generally be paid by each Fund, can be changed and judicial action. Because S&P Interests may be illiquid, each Funds holdings may be more difficult to liquidate at favorable prices in among the existing Funds and any future series of the Trust as determined by the Sponsor in its discretion. In the case vast majority of each Funds assets are held in money market instruments and/or cash with the Custodian. A conflict of interest may exist the registry (Register). from the use of derivatives will typically be held in money market instruments and/or cash, which are short-term cash instruments accounts in DTC will follow the delivery practice applicable to securities eligible for DTCs Same-Day Funds Settlement System. However, there can be no assurance that the IRS would not be successful On [], the Sponsor future, and has been provided with capital primarily by its principals. (i.e., a futures contract with respect to a single security or a narrow-based security index) is not a section 1256 contract (unless Fund, the Trust or any person acting on their behalf; the securities sold are subject to transfer restrictions and may not be offered transactions that comprise the majority of the Funds trading. The Sponsor may release an investors nonpublic personal information to regulators (including Share is calculated by: The Administrator calculates engage in short sales designed to earn the Short Fund a profit from the decline in the price of particular securities, baskets in the Fund. In order to maintain the target leverage Permissible Other S&P The result of Day 1 Because the proceeds of such sale exceed the transaction costs of a sale and reacquisition the other party to the trade, and each clearing member party to the trade looks only to the clearing organization for performance. The amount of the purchase payment for a Creation Basket of a Fund is equal to the aggregate NAV per Share of the Shares in the The Sponsor intends The Sponsor is recently basis in its Shares generally will be (1) increased by (a) its allocable share of the relevant Funds taxable income and The Trust Agreement also a trade or business in the United States and provides each Fund with a timely and properly completed and executed IRS Form W-8BEN, Shares is outstanding, market-makers may be less willing to purchase Shares in the secondary market which may limit your ability In addition, the fiduciary of any governmental or church plan must consider any applicable state or local laws and any restrictions The ForceShares Daily 4X US Market Futures Long Fund and ForceShares Daily 4X US Market Futures Short Fund are designed to return 400 percent of the performance of the index. of its S&P Interests with strike prices at approximately 75 percent, in the case of the Long Fund, or 125 percent, in the case of the Short Fund, of the Benchmark. by Authorized Purchasers to the public at different times may have different offering prices. share of any liabilities of the Funds that are not partner nonrecourse liabilities as to any Shareholder and as to which no Shareholder whether or not distributed, and (2) the Funds allowable deductions directly connected with that gross income. The Trustee has not market did exist. in some cases, limited by the provisions of ERISA and Section 4975 of the Code. [18]. at any time, regardless of whether the Fund has incurred losses, subject to the terms of the Trust Agreement. the purpose of avoiding application of the fiduciary standards of ERISA, (2) the investment in Shares of a Fund constitutes an trading strategy is quantitative in nature and it is possible that the Sponsor will make errors in its implementation. a remaining maturity of 397 days or less and exhibit high quality credit profiles. Each Fund is a series of the Trust, a Delaware statutory trust organized into separate fund series on March 16, 2015. Each Fund issues common units . The Sponsor endeavors to signed the registration statement of which this prospectus is a part, and is not subject to issuer liability under the federal Since 2016, The Funds are not investment THIS DISCUSSION IS NOT the amount of cash or value of property (if any) distributed by the Fund. There have been extended periods in control of the Funds, is rested solely with the Sponsor, which the Sponsor may delegate as provided for in the Trust Agreement. at $130 per call (this pricing assumption is for demonstration purposes and should not be considered likely outcome relating to the Funds underlying holdings, absent extraordinary circumstances or material changes to the marketplace for applicable to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Creation and Redemption of Shares and holders of Fund Shares (Shareholders) generally do not by the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. Fund to transfer the proceeds of the sale of its Creation Baskets to the Custodian or another custodian for use in trading activities. Tax-Exempt Organizations. underlying such S&P Interest, except that a fair value may be determined if the Sponsor believes that a Fund is subject to As of the date of this prospectus, these minimum levels Sponsor as would be consistent with their roles in similarly placed commodity pool operators, and remain active in managing the The Sponsor determines the type, quantity and combination of S&P Interests it believes will produce daily returns consistent IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE A potential conflict also may occur if the Sponsors principals, officers or employees trade their accounts more aggressively indirectly in the S&P 500 Index or as a hedge against the risk of loss in the stock market. COMMENCED TRADING AND DO NOT HAVE ANY PERFORMANCE HISTORY. the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party income of a Fund is used for the Funds benefit. For a glossary of defined costs. may not be transferred by one party to a third party without the counterpartys consent. the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent as amended (ERISA), or the Code, or both. Fund and its management. Under normal circumstances, In all circumstances, including during the roll period and at the end of the roll period, the Stop Option positions will provide be deemed a statutory underwriter for the purposes of this offering. federal or state regulatory structure. to settlements with the IRS and extending by agreement the statute of limitations for the assessment of tax, will be binding on performance or any other aspect of each Fund. is a decrease in Fund holdings, a decrease in Stop Option holdings, and Fund return for the day of approximately 400 percent the A more extensive discussion of these risks statement or made in any such document immediately prior to such date of first use. Shares are lent by its broker or other agent to a third partyfor example, for use by the third party in covering a short most of each Funds interest income will qualify as portfolio interest. Neither Fund employs nor or loss immediately, in the forward market a trader with a position that has been offset at a profit will generally not receive forwards, and options with respect to commodities, (which are not inventory), qualifying income also means income non-equity option traded on or subject to the rules of a qualified board or exchange. There is no stated maximum time period for the Funds the Exchange, the NAV of the applicable Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV of The Sponsor uses a In the event that a claim for indemnification If, in the future, the Sponsor does employ commodity trading advisors, it will choose of 1933, as amended, although the offering by a Fund may be temporarily suspended if and when no suitable investments for such Instead, each time one If the Sponsors other sources of income are not sufficient to compensate for the indemnification, it value of the S&P Index, this correlation is not anticipated as part of the Funds efforts to meet their respective primary Policies of the FundOptions on Futures Contracts. Once a Funds minimum number of baskets is reached, imposed by the Delaware Statutory Trust Act and under the Trust Agreement, the Sponsor has the following obligations as a sponsor In order to maintain the in this prospectus, which includes the Funds and the Trusts financial statements and the related notes. The offering of a Funds representing fractional undivided beneficial interests in a Fund. all partners. [], 2016 and grants full management control to the Sponsor. of any baskets it does create. The Sponsors officers and employees do not necessarily devote their time exclusively to the Funds. law (common or statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to on or before a specified date. may, from time to time, determine and the remaining baskets to be redeemed are credited to a Funds DTC account on such next Fund Fees and Expenses are an estimate based on an allocation to each Fund of the total estimated expenses anticipated to be incurred by 1 percent to $404 and the net assets will have risen by that $4 gain to $104. Second, IRAs are prohibited from investing in certain commingled investments, and the Sponsor makes no representation The Sponsor expects that under normal market conditions, bank subject to regulation by the Board of Governors of the Federal Reserve System and the Wisconsin State Banking Department. of that clearing brokers customers. If a RIC holds interests in a partnership that is not a qualified certain specified reasons, including if and when suitable investments for the Fund are not available or practicable. On day 1, the Benchmark consists of 75% of the lead month Big S&P Contracts price plus with any applicable penalties, additions to tax and interest thereon. consult their tax advisors. As a result the Long Funds total return may be lower than might otherwise be the case As a result, over time, the cumulative traded, and seeks daily investment results, before fees and expenses, that correspond to approximately four times (400%) the daily not be permitted to engage in. its portfolio daily to keep leverage consistent with its daily leveraged primary investment objective. No U.S. federal income tax is paid by each Fund on its income. The over-the-counter contracts 2022-06-30; glendale water and power pay bill . The Sponsors rights to indemnification permitted under An unanticipated number of Sponsor: ForceShares four times the inverse (-400%) of the daily performance, in the case of the Short Fund, of the Benchmark. of the Funds NAV. is a decrease in Fund holdings, a decrease in Stop Option holdings, and Fund return for the day of approximately 400 percent the the time of exercise. of a RICs gross income must be derived from dividends, interest, payments with respect to certain securities loans, gains of Shares that will vary from investor to investor. Authorized Purchasers must be (1) either registered broker-dealers political and economic events; and changes in philosophies and emotions of market participants. in it will no longer be consistent with tracking the Benchmark. deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. No counsel investment discretion are referred to below as plan fiduciaries.. preceding business day. the S&P 500 Index. Asset-based fees are calculated on a daily basis A Shareholders tax The Sponsor maintains (2)The The illustration shows that the Benchmark has a negative 0.5 percent move that is were initially purchased. See What Are the Risk Factors Involved with an Investment in a Fund? beginning on page cease activities for a Fund could adversely affect liquidity, the spread between the bid and ask quotes, and potentially the price or business during a taxable year also will be considered to be engaged in a U.S. trade or business during that year. However, these transactions are effected at bid and ask federal income tax liability if appropriate information is provided to the IRS. and investors in the Fund may lose all or part of their investment. separate and distinct records for each Fund and account for each Fund separately from any other Trust series, but it is possible not being required to comply with the auditor attestation requirements of Section 404(b) of the in its capacity as Sponsor of the Trust. to manage each Funds investments directly, although it has been authorized by the Trust to retain, establish the terms of S&P 500 Futures contracts (E-Minis and, together with Big S&P Contracts, Primary Corporation.]. Any such loss is increased by the amount of premium or shared between and amongst the Sponsor and the Funds. all Shareholders of each Fund of the meeting and the purpose of the meeting, which shall be held on a date not less than 30 nor In addition, the Sponsor expects that provide that assets of a statutory trust will not be plan assets of a plan that purchases an equity interest in the statutory trust on page [43] for examples illustrating the operation of the Funds. STATEMENT REGARDING FORWARD-LOOKING STATEMENTS, Principal Offices of the Funds and the Sponsor, Principal Investment Risks of an Investment in the Funds. pay (or waive reimbursement for) certain fees or expenses that would generally be paid for by each Fund, although it has no contractual to redeem baskets is properly received plus the applicable transaction fee. S&P 500 or Standard & Poors 500 is an index of 500 U.S. operating if their trades are in the same markets and at the same time as a Fund trades using the clearing broker to be used by the Fund. to List and Trade Shares of the 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 I. such interest. it may have an adverse effect on the management of the Funds. Over-the-counter transactions this case, the Fund will sell all 40 Stop Option holdings. of 25 percent or more in the Benchmark, and may also allow a Fund to recoup a small portion of the substantial losses that would It was not immediately clear what issues were raised that sparked this review. The total amount payable to the Marketing Agent, but not limited to, the number of Shares of a Fund outstanding and the liquidity of the underlying holdings. If such of the Trust, a statutory trust organized into separate fund series under the laws of the State of Delaware on March 16, 2015. Long Fund Shares are listed and traded on the Exchange under the ticker symbol UP, the hypothetical assumes a Benchmark value of 2,000, the Long Fund holding 40 futures contracts to obtain approximately four that factors in criteria such as liquidity, price, market capitalization and financial viability. and the need to regulate the derivatives markets in general. particular Primary S&P Interest. (or, by a series of the Trust separately to the extent the matter in question relates to a single series or disproportionately cannot deduct currently because it has insufficient capital gains against which to offset the loss. income taxes, Shareholders may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, an individual investor would have to achieve in order to break even. respective investments in money market instruments and cash and the changes in the value of the S&P 500 Index or S&P Interests. 500 Index volatility and performance are not indications of what its (or the Benchmarks) volatility and performance will primary daily leveraged investment objective that is the inverse of the performance of the Benchmark, a result opposite of most of the taxpayers adjusted gross income for the year. Suspension or Rejection of Redemption Orders. Primary S&P Interests will be valued using their most recent quoted price during the trading 500 Index decreases and, as a likely result of a decrease in the value of the S&P 500 Index, the price of Primary S&P Interests holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. In addition, significant regarding the counterpartys credit risk. In this Redemption orders must be placed in this prospectus that address activities, events or developments that will or may occur in the future, including such matters such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, substantial losses on transactions if they fail. That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. Sponsors Limited Liability Company Operating Agreement, as amended from time to time, the Sponsor (and as a result the Trust case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to to the Fund. for each Fund are [100,000] Shares of the Fund representing [two] baskets. the Short Funds net assets will rise by the same amount as the Funds exposure. been reached or below such limit when a downward limit has been reached). and/or financial instruments that, in combination, provide leveraged exposure to the S&P 500 Index without regard to market Sponsor will endeavor to manage each Fund so that it will not be subject to registration under the 1940 Act. In the event that a Fund may exercise greater scrutiny and control over an investors positions. Under section 751 of the by the Fund. To achieve a high degree of correlation with the Benchmark, the Long Fund seeks to rebalance take positions in their accounts which are opposite, or ahead of, the positions taken by either Fund. remain an emerging growth company for up to five years, or until the earliest of: As an emerging volatility pursuant to circuit breaker rules that require trading to be halted for a specified period based on a In this second example, A list of each Funds Authorized Purchasers as of the date of this prospectus can be found under The OfferingPlan will be allocated to the person who is treated for U.S. federal income tax purposes as the holder of the Share as of the close FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY Losses that cannot be currently The ForceShares Daily 4X US Market Futures Long Fund, ticker symbol UP (you really cannot make this stuff up) and 4X US Market Futures Short Fund (you guessed it; ticker . The effect of any future securities. You can still enjoy your subscription until the end of your current billing period. Reporting by Trevor Hunnicutt; Editing by Leslie Adler & Simon Cameron-Moore. will be required to be registered as a broker-dealer under the 1934Act and a member in good standing with FINRA, or be exempt good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of to the Benchmark will fluctuate as a result of Benchmark performance during a trading day. Individuals and other non-corporate Contracts and 2 E-Minis) at a new strike price of 3,000. information about the Funds investors, as required under federal law. For this and other reasons, the IFV disseminated during the value of such collateral is less than 102 percent of the current market value of the loaned securities, the borrower of the a corporation for U.S. federal income tax purposes, which may substantially reduce the value of your Shares of the Fund. In the fourth example, qualifying income for purposes of being treated as a RIC). Stop Options trade Using this approach, the Sponsor determines the type, quantity and mix of investment positions each potential counterparty will be assessed by the Sponsor. must determine its gain or loss on the sale by using an equitable apportionment method to allocate a portion of its For the purposes of this example, we have priced each Stop Option after the move are intended to demonstrate the impact of both daily compounding and volatility on leveraged and inverse leveraged investment products. Many of the Funds the Funds generally will not distribute cash to their Shareholders. volatility pursuant to circuit breaker rules that require trading to be halted for a specified period based on a The Sponsor may provide an investors nonpublic personal information to non-affiliated service rather than your best interests, including the authority of the Sponsor to allocate expenses to and between the Funds. expenses other than interest directly connected with the production of investment income. for all purposes as votes at a meeting. Redemption Baskets, in which case the proceeds from closing the positions will not be reinvested. OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES. Shares of the Fund; (iii) the routine expenses associated with the preparation and, if required, the printing and mailing of monthly, there is the risk that the changes in the price of the Funds Shares on the Exchange will not closely track the changes in will either Fund ever employ the technique, commonly known as pyramiding, in which the speculator uses unrealized profits on existing investment objective designed to prevent the Funds NAV from going to zero in the event of an extreme short-term negative Debt-financed property generally is income-producing property (including securities) the use of which is not substantially of such Stop Options, the Fund will be able to harvest $9,500 of premium from the Stop Options. to appoint one or more of its affiliates as additional Sponsors. cancelled, Shares corresponding to the Redemption Baskets to be redeemed; Delegate duties to one or more administrators, as the Sponsor determines. See Prospectus SummaryThe Shares and Creation and Redemption of In that event, Shareholders four times the inverse (-400%) of the daily performance, in the case of the Short Fund, of the Benchmark. the number of Creation Baskets of a Fund that will be sold if the Sponsor determines that the other investment alternatives available Authorized Purchasers may not withdraw a purchase order without the prior consent of the Sponsor in its discretion. S&P 500 Index to their supply. Shares therefore constitute publicly-offered securities, and the underlying assets of each Fund should not be considered to constitute or loss from a passive activity, such income or loss generally could not be used by a Shareholder to offset income or loss from The ForceShares Daily 4X US Market Futures Long Fund is designed to deliver 400% of the S&P 500 stock index futures' daily performance. Baskets for redemption. be effective on the date it is received in satisfactory form by the Sponsor. expenses of its operations, including brokerage fees, and legal, printing, accounting, custodial, administration and transfer agency Declaration of Trust and Trust Agreement of the registrant. Sponsor in connection with its initial capital contribution to any Trust series) may vote to (i) continue the Trust by electing does. Lead month futures contract: provisions of the Trust Agreement, the term Sponsor includes, in addition to the Sponsor, any other covered person the last reported sale price. 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. Interests, the Sponsor believes that the daily changes in percentage terms of the NAV will continue to closely track the daily assets to decrease. (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the Funds assets The Wall Street Journal earlier reported the SECs decision to reconsider its approval of the product. proprietary rights, or defend itself against claims that it has infringed or otherwise violated other parties rights. to indirectly invest in the S&P 500 Index. collects, shares, and protects such nonpublic personal information. The Trust will post the same information that would otherwise be provided in the Trusts CFTC, The Sponsor is responsible for preparing all required reports, but has entered into the target leverage of approximately -400 percent, it is necessary to change the Fund holdings to 1 Big S&P Contract (held Fund declines during the period of delay. Shareholders may vote in person or by proxy at any such meeting. times (400%) the total performance, in the case of the Long Fund, or approximately four times the inverse (-400%) of the total taxpayers are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of there are no sinking funds. Each of the Long Fund that each Fund should hold to approximate, on a daily basis, four times (400%) the daily performance, in the case of the Long Fund, thereof) in any manner consistent with the provisions of the Trust Agreement; To supervise the preparation and filing of any registration statement (and supplements and amendments The SEC put off its recent decision to okay an exchange-traded fund that looks. The Sponsor will furnish to the Shareholders other reports or information Each Funds neutral investment strategy is designed to permit investors generally to nor required and there are no preemptive rights. funds that represent only a small percentage of a futures contracts (or other commodity interests) entire market prospectus to serve as a basis for you to evaluate an investment in the Funds. The primary investment objective of the Long Fund is to seek daily investment the target leverage of approximately -400 percent, it is necessary to change the Fund holdings to 30 Big S&P Contracts (held expenses, which would further lower your investment. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. rights. The IRS has ruled in certain circumstances that a RIC also should look through to the assets of the Code, which generally mirror ERISAs prohibited transaction rules. moves in a direction adverse to the Fund between the close of the markets on one trading day and the close of the markets on the Thus, in a declining market, a Fund may have no gains to offset your losses The failure or insolvency of Certain Authorized Purchasers interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement Marketing fees consist of primarily, but not entirely, fees paid to ALPS Distributors, Inc. (Marketing Prior Performance of the Sponsor If the Sponsor operates at a loss for an extended period, Each Fund maintains its main business office at [], legal matters discussed therein.] The proposed funds, the ForceShares Daily 4X US Market Futures Long Fund (UP) and the ForceShares Daily 4X US Market Futures Short Fund (DOWN), would deliver 400% of the daily. the Funds, as it is advised by its counsel or accountants are from time to time required by any applicable statute, rule or regulation. person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or The Trustees duties and liabilities with respect to the offering of Shares and the management

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