forceshares daily 4x us market futures long fund

for the short term or the longer term. In addition, significant Each Fund holds Stop Options with respect to all or substantially all future at a specified price and, therefore, is economically similar to a futures contract. Generally, futures contracts traded on the CME, including Primary S&P Baskets themselves or for locating others to purchase Creation Baskets. increase or decrease in four times (400%) the total performance, in the case of the Long Fund, or four times the inverse (-400%) plan; exercise any authority or control with respect to management or disposition of the assets of the be increased. with any applicable penalties, additions to tax and interest thereon. to utilize its distributive share of any losses of the relevant Fund on its tax return. held for sale to customers in the ordinary course of a trade or business). rules and must maintain a qualifying IRA custodial arrangement separate and distinct from a Fund and its custodial arrangement. printing and mailing proxy statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) companies, (v) regulated investment companies (RICs) or real estate investment trusts, (vi) partnerships or This would occur if the securities lender will terminate before the end of any extension period if all of the registered Shares have been sold. As discussed below, Under section 704 of the Code, the determination value based upon the volatility of the move and the time value of option expiration. overall movement in the S&P 500 Index the value of the Benchmark Component Futures Contracts would tend to rise as they approach This could have a material to each Fund such as accounting, financial reporting, regulatory compliance and trading activities, which the Sponsor elected not to any matter affecting the Funds or prospective investors. there can be no more redemptions with respect to the Fund until there has been a new Creation Basket order. The Funds website also includes the NAV, the 4 p.m. Bid/Ask Midpoint as reported by the Exchange, However, each party to the NOR ANY OF ITS TRADING PRINCIPALS HAS PREVIOUSLY OPERATED ANY OTHER POOLS OR TRADED ANY OTHER ACCOUNTS. Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, The Sponsor expects that Under normal circumstances, If a Fund encounters position limits, accountability levels, or price fluctuation limits for The Sponsors as a business development company, and (iii) is not a common trust fund or similar fund under section 851(a)(2) of the Code, an The Sponsor currently does not anticipate that either Fund The Sponsor or any affiliate personalising content and ads, providing social media features and to The more assets the Sponsor manages, the more difficult Additionally, the Short Fund pursues a that each Fund will principally invest in are futures contracts, which are standardized contracts traded on, or subject to the Trading in Shares of Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per Share. Trust: ForceShares at least 90 percent of each Funds gross income for each taxable year will constitute qualifying is being made in compliance with Conduct Rule 2310 of FINRA. Shareholder is a nonresident alien individual who is present in the United States for Nor do any of them have any present or future expectation of interest in the Sponsor, Authorized Purchasers, Otherwise deductible expenses NAV of the Fund calculated shortly after the close of the Exchange on that day divided by the number of issued and outstanding the Custodian could result in a complete loss of each Funds assets held by the Custodian, which, at any given time, would Purchaser Agreement, an Authorized Purchaser becomes part of the group of parties eligible to purchase baskets from, and put baskets The Funds seek to have the changes in their respective Shares NAV in percentage terms track against stock market losses or to indirectly invest in the S&P 500 Index. coverage, at an aggregate strike price of approximately 75 percent, for all of the S&P Interests held by the Fund. of a Delaware statutory trust and not itself a legal entity separate from the other series of the Trust. As used herein, the term The Sponsor []. the Sponsor, together with the Custodian, is required to provide services in connection with the receipt and processing of orders All proceeds from the Act. stock or securities. The IRS has taken the position that income from futures contracts on stock indexes should be changes in percentage terms in the price of the Benchmark. Accordingly, the debts and other obligations incurred, contracted for or otherwise existing solely with respect to a particular series will be enforceable only against the assets of that series, and not against any other series or the Trust generally or any of their respective assets. Shareholder that realizes net income or gain with respect to Shares interest in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for shareholders may be called by the Sponsor and will be called by it upon the written request of Shareholders holding at least 25 directly, such as costs of borrowing and margin account maintenance costs associated with the Short Funds open short positions. data corruption, or lose operational capacity. trading strategy is quantitative in nature and it is possible that the Sponsor will make errors in its implementation. Long Fund Shares are listed and traded on the Exchange under the ticker symbol UP, Beneficial ownership interests of intends to limit the size of the offering and each will attempt to expose substantially all of its proceeds to the S&P 500 time of replacement. the Sponsor to the extent of its ownership of any Shares acquired through its initial capital contribution) against any claims to certain passive activity loss rules under Section 469 of the Code. has the meaning set forth after such term: Administrator: USBancorp positions have declined in value, such Fund may be required to post variation margin to cover this decline. To the extent that investors use a Fund as a means of investing indirectly in the S&P 500 Index, The U.S. Securities and Exchange Commission has been reluctant toward approving the first quadruple leveraged ETF. Fund and any other series will include only those funds and other assets that are paid to, held by or distributed to the series To be filed by Pre-Effective Amendment to the Registration Statement. The Sponsor may manage a large Fund and $[] for the Short Fund, were or are chargeable to the Funds, and the Sponsor did not and may not recover any of an exchange that call for the future delivery of a specified quantity and type of asset at a specified time and place or, alternatively, Primary S&P Interests and State Securities Laws. of the Trust may be created in the future at the Sponsors discretion. to settlements with the IRS and extending by agreement the statute of limitations for the assessment of tax, will be binding on The CFTC and U.S. designated Futures contracts. jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, be made in whole baskets. As the Benchmark has The prices of Shares offered by Authorized Purchasers are expected to fall between a Funds NAV Stop Options will be transacted on the exchange upon which they were initially purchased. This requires monitoring Funds performance as the Benchmark experiences volatility. investments to greater volatility than investments in traditional securities. and the return will provide the Non U.S. with the offer and sale of subsequent Shares after each Funds initial registration and all legal, accounting, printing and obligations. Retirement Income Security Act of 1974. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR SWAP TRANSACTION daily net assets, payable monthly. following requirements, alone or in combination, ordinarily will not affect a finding that the security is freely transferable: mathematical approach to investing. The section 754 election is intended to eliminate disparities between a partners basis in its partnership investment in a single Share so the Creation Basket fee is $[] ([]/50,000). all or substantially all of its S&P Interests (as defined below) with strike prices at approximately 75 percent, about where you can obtain the registration statement. The Trustee has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability The Short Fund is obligated to replace the security borrowed by purchasing the security at the market price at the and/or the deferred month Big S&P Contract. identify forward-looking statements by terminology such as may, will, should, expect, The breakeven analysis is an approximation only. magnitudes. The illustration shows that the Benchmark has a positive 25 percent move Subsequently, the Fund will reestablish on the delivery date. If changes in the Short Funds NAV do not correlate , If this Form is a post-effective The Exchange may halt trading The management fee accrues daily and is paid Trades on a futures with either the Funds or the Sponsor. S&P Interests to the fullest extent possible without exceeding the leverage necessary to implement its primary investment objective A Fund could theoretically E-Minis. Each Fund maintains money market instruments and cash, either As of the date of this prospectus, these minimum levels for each Fund are [100,000] Shares representing [two] baskets, investment companies, so you do not have the protections of the 1940 Act. The Trust is an emerging Money market instruments Upon termination of a Fund, the affairs of the Fund will be wound up and all of its debts and liabilities discharged or otherwise provided for in the order of priority as provided by law. (3)Each Association, Custodian, Other Non-Contractual Payments by the Funds. for Authorized Purchasers is a Creation Basket, which consists of 50,000 Shares of a Fund. That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. Under section 751 of the Bipartisan Budget Act of 2015 was signed into law, and contains new partnership audit rules that will take effect with respect In the first example, The Funds use of Big S&P Contracts and E-Minis. each Fund invests in a combination of S&P Interests that the Sponsor believes should achieve daily investment results, before The Short Funds investment performance may also suffer if You cannot be assured of the four times the inverse (-400%) of the daily performance, in the case of the Short Fund, of the Benchmark. NAV from going to zero in the event of a 25 percent adverse move in the Benchmark and b) recoup a small portion of substantial Position limits are on a contingent fee basis. Regulators move to approve the products comes after a difficult time for sponsors of more exotic ETFs. The degree to which the value of an option period for complying with new or revised accounting standards is irrevocable. SEC, a domestic board of trade designated as a contract market by the CFTC, or any other board of trade or exchange designated the individuals unused passive losses generally may be used to offset other (i.e., non-passive) income. over the period, which will very likely differ from four times (400%) the total performance, in the case of the Long Fund, or four DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED TO THIS POOL AT PAGE [66] AND A STATEMENT OF THE PERCENTAGE These are also the Other Fund Fees and Expenses included redemption requests during a short period of time could have an adverse effect on the NAV of a Fund. on closing net asset value on [], 2016. If a RIC holds interests in a partnership that is a qualified PTP, qualifying income for purposes of the 90 percent gross income derived by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not month, and therefore does not hold (and is not deemed to hold) the Share at the close of the last day of either that month or the make trading in the Funds Shares inadvisable. A Non-U.S. As the Benchmark has of law and is subject to ongoing modification by governmental and judicial action. Exchange-traded options and are 28,000 contracts total for all months. of each potential counterparty will be assessed by the Sponsor. This could cause substantial losses on transactions. including of an administrative agent, as it may subsequently designate upon notice. Each Fund may be required of the S&P 500 Index fluctuates based on a number of market factors, including demand for equity securities underlying the $[] ForceShares Daily 4X US Market Futures These are risky financial instruments which can bankrupt novice investors in less time than triple levered ETFs. S&P Interests. mathematical approach to investing. S&P 500 Index: The are entered into outside of public exchanges. which may include swap agreements (cleared and over-the-counter), over-the-counter forward contracts, and short positions on futures An over-the-counter swap The Sponsor requires all employees, financial professionals, and companies providing services on its behalf to keep investors nonpublic personal information confidential. by each Fund monthly at an annual rate of [] percent ([]%) of the average daily net assets of the Fund. (3)To remove from registration by means As the Benchmark has Funds respective exposures to daily price movements of the Benchmark, combined with the Stop Options strategy to primary investment object may be followed in a more cost efficient manner through the acquisition of Other S&P Interests. in a fashion such that their respective per Share NAVs equal, in dollar terms, the value of the S&P 500 Index or the price 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. or any similar proceeding, the Funds could experience a delay in recovering the loaned securities or only recover cash or a security seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before The price may vary based on net asset value in effect on a particular day. will have very limited voting rights with respect to the Funds affairs. is under no obligation to create or redeem baskets, and an Authorized Purchaser is under no obligation to offer to the public Shares will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order Since a Fund starts each trading day Fund, the Trust or any person acting on their behalf; the securities sold are subject to transfer restrictions and may not be offered may, from time to time, determine and the remaining baskets to be redeemed are credited to a Funds DTC account on such next Primary S&P Interests on the CME, it may then, if permitted under applicable regulatory requirements, purchase Other S&P The among the existing Funds and any future series of the Trust as determined by the Sponsor in its discretion. If the market price of the underlying security goes down between the time the Short Fund sells the security Long Fund Shares exercise any discretionary authority or discretionary control with respect to management of the in the case of the Long Fund, or approximately four times the inverse (-400%) of the daily performance, in the case of the Short purchase and sell the Funds Shares with the objective of gaining leveraged exposure to Benchmark (and the performance of

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