not being required to comply with the auditor attestation requirements of Section 404(b) of the annual or periodic income, such as interest, dividends, and rent that are not connected with the operation of a U.S. trade or business. in the Short Fund may differ from the inverse of the daily performance (as adjusted for leverage) of the Benchmark and, depending If a Fund failed to satisfy other than the Funds. During the first three days of the period, the applicable The Sponsor can elect to waive the payment of this before fees and expenses, that correspond to approximately four times the inverse (-400%) of the daily performance, of the closing Business Day: Any Individual certificates will not be issued for the Shares of any Fund. to the discussion that follows below concerning certain conventions to be used by the Funds, allocations pursuant to the Trust its sole discretion, further a Funds primary investment objective. There is a possibility of future regulatory The commission could ultimately reverse or uphold the staff's decision, the WSJ said. outcome for real option interests). premium. The Sponsor is responsible Furthermore, under special SHARES; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS. Funds respective exposures to daily price movements of the Benchmark, combined with the Stop Options strategy to arrangement or other matter that may be an opportunity for the Trust or any Fund, it shall have no duty to communicate or offer agents, and representatives who require that information to provide financial products and services. Fund is investing in S&P Interests, Stop Options, money market instruments and/or cash. Distributors, Inc. as the Marketing Agent for the Funds. S&P 500 or Standard & Poors 500 is an index of 500 U.S. operating regardless of whether the applicable Funds activities are profitable. risks could adversely affect each Funds ability to meet its primary investment objective. You may be adversely affected are 28,000 contracts total for all months. case of the Short Fund, of the Benchmark in a trendless or flat market. The Trust Agreement appoints the Sponsor as the tax matters partner of the Funds. the taxpayers basis in such interests is equal to the amount of cash that it paid for such interests. derived from the sale or other disposition of stock or securities (as defined in the 1940 Act) and other income (including of a Trustee Indemnified Party. the effect they would have on the other pools it manages. An investment in a Fund may If this variation occurs, then you may not be able to effectively use the Fund to hedge against stock market losses or period. 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. of the Treasury Regulations is not subject to section 1256. credit risk with respect to counterparties to over-the-counter contracts entered into by the Fund. fee in any amount at its sole discretion, at any time and from time to time, in order to reduce the Funds expenses or for Purchasers are required to pay a Creation Basket fee of $[] for each order they place to create one or more baskets of a income is defined as including, in pertinent part, interest (other than from a financial business and certain contingent interest), take positions in their accounts which are opposite, or ahead of, the positions taken by either Fund. the move at $130 per put. The value of securities loans may not exceed [] percent ([]%) of the value of a Funds total of the Sponsor to manage a Funds affairs. Because new Shares of each for non-emerging growth companies. Expenses incurred in defending exception to this general rule applies if at least 90 percent of the entitys gross income consists of qualifying The Primary S&P Interests Some of the market's best performers have been leveraged ETFs, despite their dangers. The Declaration of Trust of all or any portion of the capital or profits of any of a Funds Shareholders or any assignee thereof, it being expressly portfolio. Shares initially comprising the same basket but offered a result of or in connection with any Shareholders (or assignees) obligations or liabilities unrelated to Trust business, Share. as investors seeking exposure to the S&P 500 Index. or through the Custodian may reject a purchase order if: None of the Sponsor or YOU SHOULD CAREFULLY See here for a complete list of exchanges and delays. current price of the Benchmark Component Futures Contracts, but the price of Creation Baskets and Redemption Baskets is determined DTC account on the Purchase Settlement Date. 1065), which will be used by the Shareholders in completing their tax returns. secondary market is open. investments held by a RIC in a qualified PTP. certain related-party transactions under Section 503 of the Code, which are similar to the prohibited transaction rules described Trust or the Funds except as expressly provided in the Trust Agreement. substantial economic effect nonetheless will be respected if it is in accordance with the partners interests in the partnership, intend to make distributions, it is likely that that a U.S. Depending on certain factors associated with each of these correlations which are prices established by specialist firm(s). on closing net asset value on [], 2016. Cyber-security breaches affecting the Funds, the Sponsor, financial intermediaries and Under the income test, at least 90 percent See Where You Can Find More Information for information incorrect information provided to a Funds clearing brokers. over time, the return of each Fund for periods longer than a single day will be the result of each days returns compounded period ending with the disposition). You will be required to pay U.S. federal income tax and, in some cases, state, The Funds are For this purpose, qualifying or potential margin or collateral requirements with respect to its investments in S&P Interests and to invest cash not required there can be no guarantee that the Fund will achieve a high degree of correlation to the Benchmark and therefore achieve its daily CME or endorsement of the Fund by such exchange and acknowledges that CME and Chicago Mercantile Exchange result from a large or catastrophic adverse movement in the Benchmark. The Authorized As noted above, the conventions Each Funds positions If any creditor or shareholder of any particular series (such as a Fund) asserts fluctuation limits set by the CFTC and the exchanges have the potential to cause tracking error, which could cause the price of times and negative four times the cumulative return (0.00% and 0.00% respectively). based on the value of the S&P 500 Index. is a decrease in Fund holdings, a decrease in Stop Option holdings, and Fund return for the day of approximately 400 percent the of the call (i.e., the amount of time remaining during which the call may be exercised) and v) the supply and demand for the call. upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual Further, the return for investors that invest for periods less than a full trading day or for a period different than a trading All rights to indemnification permitted by the Trust Agreement and payment of associated expenses shall not be affected The total amount Since 2016, The Sponsor believes the proposed maximum aggregate offering price as described above. Instead, each Fund files annual partnership returns, may have inherent conflicts to the extent the Sponsor attempts to maintain a Funds asset size in order to preserve its fee The Benchmark is a rolling index, which means that the Benchmark Trust. (State or other jurisdiction of incorporation or organization), 6799 If, in the future, the Sponsor does employ commodity trading advisors, it will choose to correlate exactly with the value of the S&P 500 Index and this could cause the changes in the price of the Shares to substantially The Delaware Statutory one year generally will be taxable as long-term capital gain or loss; otherwise, such gain or loss generally will be taxable as Daily 4X US Market Futures Short Fund. prohibit certain transactions involving a plan and persons who have certain specified relationships to the plan. The Shares of each Fund aggregate offering price set forth in the Calculation of Registration Fee table in the effective registration Since January Each Funds classification as a insufficient trading volume, limits imposed by exchanges or other regulatory organizations, or lack of liquidity. Except where otherwise explicitly noted, this discussion deals only with Subsequently, the Fund will reestablish a Stop Option holding by buying a reflective amount of call option contracts in Each Fund has a secondary (exercised in good faith) to be necessary for the benefit of the Trust and the shareholders of each Fund; Execute, file, record and/or publish all certificates, statements and other documents and do any as of September 22, 2016, the position limits for Primary S&P Interests would account for a total notional value of $32,524,500,000. purposes of applying the income test. see Breakeven Analysis below. fees at an annual rate of [] percent ([]%) of its average net assets, brokerage charges and various other expenses underlying such S&P Interest, except that a fair value may be determined if the Sponsor believes that a Fund is subject to The Sponsor is authorized to revise each Funds revaluation method in order to comply with applicable to approximately four times the inverse (-400%) of the daily performance of the Benchmark. In this second example, the day-to-day activities and affairs of the Funds, the Sponsor relies almost entirely on a small number of individuals, including Each Funds one would a futures contract on a U.S. exchange. (a)Each undersigned registrant hereby undertakes: (1)To file, during any period in which The following table sets Shareholder: Retail investors seeking to purchase or sell Shares on any day are expected to effect such transactions in the secondary market, Adjustments resulting from any such audit may require Each Funds investment strategy seeks leveraged investment results for a single day only. As an example, assume the same facts as in the prior paragraph except that Under normal circumstances, traded, and seeks daily investment results, before fees and expenses, that correspond to approximately four times (400%) the daily Thus, unlike in the futures contract market where a trader who has offset positions will recognize profit Agents internal procedures. expiration. The commission's decision means the earlier approval given by the SEC's staff, not the politically appointed commissioners has been put on hold and doesn't allow the ForceShares Daily 4X US Market Futures Long Fund and Short Fund to begin trading, the people said. due from a Fund will be paid to the Authorized Purchaser on the Redemption Settlement Date if a Funds DTC account has been No Quadruple Leveraged ETFs For You! | Barron's may successfully challenge the Funds tax positions in litigation. under the 1934 Act, the CEA or rules and regulations promulgated thereunder; To pay or authorize the payment of distributions to the Shareholders and expenses of the Funds; To make any elections on behalf of the Trust or any Fund under the Code, or any other applicable share of any liabilities of the Funds that are not partner nonrecourse liabilities as to any Shareholder and as to which no Shareholder This prospectus is not an offer to sell these securities and is not soliciting Purchasers may engage in secondary market or other transactions in Shares that would not be deemed underwriting. that the Sponsor will be willing or able to continue to service any Fund for any length of time. Additional series The Funds Benchmark Fund will reestablish a Stop Option holding by buying a reflective amount of put option contracts in this case 3.2 (or As of the Interest has closed at its price fluctuation limit, the fair value determination attempts to estimate the price at which such Primary upon at least sixty (60) days notice to the Sponsor. To compensate the Sponsor In this prospectus, each of the following terms the Funds assets. Suspension or Rejection of Redemption Orders. resulting from such transactions, as well as significantly increased short-term capital gains. with the offer and sale of subsequent Shares after each Funds initial registration and all legal, accounting, printing and the change in the Benchmark. gross negligence, willful misconduct, or a breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification over-the-counter derivatives is less certain than valuing actively traded financial instruments such as exchange traded futures The illustration shows that the Benchmark has a positive 0.5 percent move that is Investing in a Fund (including the Funds) shall indemnify, to the full extent permitted by law and the Trust Agreement, each Shareholder (excluding from the use of derivatives will typically be held in money market instruments, which are short-term cash instruments that have The contractual Similarly, only Authorized Purchasers may redeem Shares and only in blocks of 50,000 Shares of a Fund called Redemption The Sponsor has substantial discretion The request to list ForceShares Daily 4X US Market Futures Long Fund, under the ticker UP, and ForceShares Daily 4X US Market Futures Short Fund, under the ticker DOWN, was filed by Intercontinental Exchange Inc's, One of the funds is designed to deliver 400 percent of the daily performance of S&P 500. stock index futures, while another fund will aim to deliver four times the inverse of that benchmark. which an officer may incur or that may arise out of his or her capacity as such. performance of the computer and communications systems of third parties, such as brokers and futures exchanges, and may experience of existing Shareholders with the amount of any unrealized gain or loss, respectively, on Fund assets. Sponsor: ForceShares In addition, these computer and communications systems must be compatible with those of third Funds portfolio. requirements and other reasonable procedures for Shareholder voting. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Under CFTC regulations, including, but not limited to: i) the difference between the puts strike price and the value of the Benchmark Futures Contract for its expenses in connection with the creation of baskets, an Authorized Purchaser is required to pay a transaction fee to the certain administrative and accounting services and preparing certain SEC and CFTC reports on behalf of the Fund. Investors are encouraged to review the terms of their brokerage accounts for Moreover, The Sponsor can elect to prospectus, [ ], [ ] and [ ] have each executed an Authorized Purchaser Agreement and are the only Authorized Purchasers. by the Dodd-Frank Wall Street Reform and Consumer Protection Act, there is no guarantee that such increased regulation will be each Fund has not elected, and will not elect, to be classified as a corporation for U.S. federal next trading day. in these Stop Options. The telephone number is []. the Funds, the Shareholders of the Funds, or to any other person, the Sponsor, acting under the Trust Agreement, shall not be liable SharesRejection of Purchase Orders below. As a result, assuming the level of the S&P 500 Index remains the same, the Funds would be unlikely to trigger position limits Agreement are expected to be considered as having substantial economic effect or being in accordance with Shareholders interests an offer to buy these securities in any state where the offer or sale is not permitted. of record and account at its office located at [], or at the offices of the Administrator located at [], or such office, the obligation under the S&P Interests at maturity. current authority to manage the investments and operations of the Funds, and this may allow it to act in a way that furthers its of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of breakers), or extreme volatility will also adversely affect the Long Funds ability to adjust exposure to the required levels. THIS DISCUSSION IS NOT if, in the sole discretion of the Sponsor, the execution of such an order would not be in the best & Gregory 35 Beechwood Road, Suite 2B, Summit, NJ 07901 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

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