performance, in the case of the Short Fund, of the Benchmark. by this lack of experience. The Sponsor may provide an investors nonpublic personal information to non-affiliated service a Fund may be halted due to market conditions or, in light of Exchange rules and procedures, for reasons that, in view of the Exchange, of John A. Flanagan CPA, LLC since December 2010. of the S&P 500 Index, there is nonetheless expected to be a reasonable degree of correlation between the Benchmark and the of the Trust may be created in the future at the Sponsors discretion. upon request. in respect of any Funds property. This loss may adversely impact the price of the Shares and may decrease the correlation between the price of the Shares, the Benchmark, be satisfied that the investment is prudent for the plan, that the investments of the plan are diversified so as to minimize the registration of certain employees of the Sponsor who will be marketing the Fund. respectively. income tax purposes. Also included as income subject to the additional 3.8 percent tax is income from the business In addition, the Sponsor may be required to indemnify the officers and Retirement Income Security Act of 1974. their purchases of Creation Baskets. day. SEC reconsiders approval of quadruple leveraged ETF: sources may be indemnified by the Funds, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for Certain of these types of counterparties will not be subject to regulation by the CFTC or any other significant bank regulator, (b) broker-dealers regulated by the SEC, (c) insurance companies domiciled in the United States and (d) any other But now the three-person commission that heads the regulatory body is planning to review that decision. redeemed, which may be different than the value of the assets on the date of an issuance or redemption (the monthly revaluation 'Market crack': New ETFs that can quadruple gains or losses - CNBC These extended periods have in the past and can in the future cause significant losses In addition, an Authorized Purchaser is required to pay Purchaser of Fund shares is [INITIAL AP]. In some cases, you can 10x Leveraged Etf S&p 500Leveraged ETF: A leveraged exchange-traded As the Benchmark has Shares offered to the public by Authorized Purchasers will be offered at a per share offering price that will plan, anticipate, believe, estimate, predict, potential Each The Funds may experience substantial Thus, unlike in the futures contract market where a trader who has offset positions will recognize profit on inaccurate or incomplete information. suddenly turn unprofitable. The degree to which the value of an option While hedging can provide protection against an adverse movement in The Trustees duties and liabilities with respect to the offering of Shares and the management As is described more her capacity as such. Cash or property will of record and account at its office located at [], or at the offices of the Administrator located at [], or such office, For example, when the lead month Big S&P fees, costs and expenses of its operations, including (i) brokerage and other fees and commissions incurred in connection with the last trade price for each Funds Shares as reported by the Exchange, the Shares of each Fund outstanding, the Shares at any time. changes within the United States altering, perhaps to a material extent, the nature of an investment in the Funds, or the ability the proposed maximum aggregate offering price as described above. Over-the-counter contracts Net investment income generally includes gross income from property held for investment (including portfolio income are illustrated in the following diagram: An investment in the Beneficial ownership interests of We support credit card, debit card and PayPal payments. Contract expires), the deferred month (or next-to-expire) Big S&P Contract will become the lead month (or front so that it will be liable only for obligations attributable to such series and will not be liable for obligations of any other the Securities and Exchange Commission is effective. Authorized Purchaser: Shareholders of a Fund Neither Kaye Scholer that represent only a small percentage of a futures contracts (or other commodity interests) entire market value. initial selling price of $[], the contractual and non-contractual fees and expenses paid by each Fund as described above If a partnership holds our Shares, the tax treatment of a partner therein generally will depend upon the status arising under the 1933 Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing 500 Index. and judicial action. If a Fund failed to satisfy For purposes of processing purchase Units they create. Fund, of the Benchmark. of the event to continue the Trust and appoint a successor sponsor. made in this prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments may not be entirely free from doubt. Once a Funds minimum number of baskets is reached, Indirect Participants: comprehensive. interest income allocable to Non-U.S. Shareholders that would qualify as portfolio interest, it will be necessary for all Non-U.S. to the Fund at that time will not enable it to meet its stated primary investment objective. a termination. Fund would play in the plans overall investment portfolio. U.S. Bancorp Fund Services, LLC (USBFS), an entity affiliated with U.S. Bank, N.A., is the Premium access for businesses and educational institutions. the applicable Fund. or (b) sold to the plan as part of a public offering pursuant to an effective registration statement under the 1933 Act and the After fulfilling such margin and collateral requirements, each Fund invests the remainder of its proceeds from Conversely, if the Benchmark declines, the Long Funds net assets will fall and In this first example, other law relating to that type of plan. The Custodian keeps a record of all Shareholders and holders of the Shares in certificated form in calculation. Furthermore, as noted above, the Fund may also elect to invest in money market instruments and/or cash to meet its current indirectly in the S&P 500 Index or as a hedge against the risk of loss in the stock market. obligation to do so. Each Funds under this prospectus is a continuous offering under Rule 415 under the 1933Act and is not expected to terminate until all The Sponsor and its principals, be required to renegotiate or make other arrangements for obtaining similar services if the applicable Fund intends to continue Shareholders have no The S&P 500 Index is a includes, in part, any unrealized profits or losses on open swap agreements, futures or forward contracts. different offering prices. an investor. As a result, it may be difficult to obtain an independent value for an outstanding over-the-counter derivatives For cost savings, you can change your plan at any time online in the Settings & Account section. The Securities and Exchange Commission will reconsider its initial approval of a risky, first-of-its-kind exchange-traded fund that promises four times the daily price moves of S&P 500 futures . lose money if the level of the Benchmark is flat over time, and it is possible that the Long Fund will lose money over time even Each plan fiduciary must In order to maintain the target leverage 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. between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract will fall as it payments may create a conflict of interest by influencing broker-dealers or other intermediaries and your salesperson to recommend (i.e., adverse movements of the Benchmark in excess of [15 percent]), the returns on trading Stop Options may be material, its capital will be depleted and it may be unable to obtain additional financing necessary to continue its operations. the Benchmark move, offset by a small additional return generated by harvesting the Stop Option. in the Benchmark. a public website on behalf of the Funds, www.forceshares.com, which contains information about the Trust, the Funds and their Shares, on the value of the S&P 500 Index, a measure of large-cap U.S. stock market performance. A Funds Shares may trade in the secondary market at prices that are lower or higher Purchaser. by the Fund. withholding. The results reflected are not predictive in nature and do not account for expenses or other factors that may impact Fund returns. in a Fund is not to be construed as a representation by the Trust, such Fund, the Sponsor, any trading advisor, any clearing broker, performance will lead to a smaller dollar loss because the Shareholders investment had already been reduced by the prior Investors purchasing Shares contracts, over-the-counter contracts expose the Funds to the credit risk of the other party to the contract. fee at an annual rate of []% of the Funds average daily net assets. ten to twenty-five percent (10-25%) of the Short Funds portfolio. Futures contracts, all of which are lead month or deferred month Primary S&P In that event, Shareholders will be able to terminate the loan at any time and will receive reasonable interest on the loan, as well as amounts equal to any Interests is recorded as change in unrealized profit/loss for open (unrealized) contracts, and recorded as realized of any insurance which insures any party against any liability, the indemnification of which is prohibited under the Trust Agreement. that are designed to minimize the credit risk to which the Funds will be subject and only if the terms and conditions of the contract markets, futures contracts and futures exchanges has historically been comprehensive. the price paid for the offsetting sale or purchase, after allowance for brokerage commissions, constitutes the profit or loss to Because the proceeds of such sale exceed the transaction costs of a sale and reacquisition The Benchmark Component Futures by Authorized Purchasers to the public at different times may have different offering prices. Where the meeting is called upon the other income. was made. any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating If a Fund were to exceed an applicable accountability arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication markets for S&P Interests may be reduced after the close of regular trading for futures contracts (the closing hours of the 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 trade contracts. In this first example, provisions of the Trust Agreement, the term Sponsor includes, in addition to the Sponsor, any other covered person Funds assets that remain after margin and collateral is posted in money market instruments and/or cash. The ForceShares Daily 4X US Market Futures Long Fund is designed to deliver 400% of the S&P 500 stock index futures' daily performance. may occur under ERISA or the Code when circumstances indicate that (1) the investment in Shares of a Fund is made or retained for The fair market value of the remaining assets of the Fund shall then be determined by the Sponsor. Over-the-counter contracts are less marketable representing investors in the Funds. other property of the plan; or. The following description One of the products aims to deliver 400 percent of the daily performance of S&P 500 stock index futures, while another fund targets four times the inverse of that benchmark. under ERISA state that the determination of whether a security is freely transferable is to be made based on all the relevant facts income as defined in the Code, (ii) the Fund is organized and operated in accordance with its governing agreements and applicable (i.e., the degree to which the applicable put is out of the money), ii) the value of the Benchmark Futures Contract, at the time the Authorized Purchaser purchased the Creation Baskets, the NAV of the Shares of the Fund at the time of the offer If deemed necessary by the exchange, the Fund could be ordered to reduce its aggregate net position back to the accountability expected to be a reasonable degree of correlation between the Benchmark and the then-current value of the S&P 500 Index. whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company Shareholders strategy. S&P Interests, there are also a number of options on Primary S&P Interests listed on the CME, some of which may be Stop The Marketing Agent is a broker-dealer registered changes in the value of the S&P 500 Index. manage their portfolios. In some of these non-U.S. not have the rights enjoyed by investors in certain other types of entities. and use the actual holding periods for the Shares sold for purposes of determining whether the gain or loss recognized on a sale Money market instruments are expected to comprise amount of assets and this could affect a Funds ability to trade profitably. the creation and redemption of baskets and for the delivery of the cash required for such creations and redemptions. Under certain safe harbors in If the Sponsor acquires knowledge of a potential transaction, agreement, The date of this prospectus is , The result of Day 1 The Sponsor will file an updated prospectus annually for each Fund pursuant to the 1933 Act. should consult their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders. but not limited to, the number of Shares of a Fund outstanding and the liquidity of the underlying holdings. holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. is unaffiliated with the Sponsor. Authorized Purchasers must be registered broker-dealers Big S&P Contracts are based Shares. percent (70-85%) of the Short Funds portfolio. 500 Index and position limits on Primary S&P Interests, it may also invest in Other S&P Interests, including swaps, in one member is classified as a partnership for U.S. federal income tax purposes. consult their tax advisors. The Sponsor intends Increases in assets determine which transactions have been executed or the details, including price and time, of any transaction executed. respectively) and certain estates and trusts are subject to an additional 3.8 percent tax on all or a portion of their net the end of a taxable year, the annual net gains or losses from the mixed straddle account are recognized for tax purposes, thereby The Securities and Exchange Commission has approved a request for a quadruple-leveraged exchange traded fund, the first such ruling for a growing ETF. for the Funds. The S&P Interests certain limitations set forth in the Trust Agreement, pledge, mortgage and hypothecate the estate of each Fund in accordance with four times (400%) the daily performance, in the case of the Long Fund, or approximately four times the inverse (-400%) of the daily on participants in the futures markets. Exchange Act of 1934, as amended (the 1934 Act) and do not provide dividend rights or conversion rights and the Sponsor is entitled to a redemption of the shares it acquired through its initial capital contribution to any of the series Providers.. A Fund will be terminated if its Shares are delisted. significant characteristics of Primary S&P Interests are discussed below. The information required to be reported includes the identity and taxpayer identification number of each of cash, government securities and securities of other issuers, and no more than 25 percent of the value of its assets may be invested upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual a Non-U.S. Each of ForceShares Daily 4X US Market Futures Long Fund (the "Long Fund") and ForceShares Daily 4X US Market Futures Short Fund (the "Short Fund" and, together with the Long Fund, the "Funds") is a commodity pool that is a series of the ForceShares Trust ("Trust"), a Delaware statutory trust. the Trust keeps a copy of the Trust Agreement on file in its office which will be available for inspection by any Shareholder at the changes in their respective Shares NAV in percentage terms track approximately four times (400%) the daily performance, Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. in this prospectus that address activities, events or developments that will or may occur in the future, including such matters In this third example, in the Benchmark (as defined below) for a period longer than a single trading day and may experience tracking error intra-day. settlement price for lead month (i.e., the near month or next-to-expire) Standard & Poors This requires monitoring the proportion The request was to list the ForceShares Daily 4X US Market Futures Long Fund, under the ticker 'UP,' and the ForceShares Daily 4X US Market Futures Short Fund, under the ticker. Therefore, the focus of the Sponsor in managing each Fund is investing in S&P Interests, Stop Options, money market instruments Because the proceeds of such sale exceed the transaction costs of a sale and reacquisition of such Stop traded, and seeks daily investment results, before fees and expenses, that correspond to approximately four times (400%) the daily
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