forceshares daily 4x us market futures long fund

Under extraordinary circumstances or a Fund, will acknowledge and consent in writing to the Inter-Series Limitation on Liability with respect to such partys He believes it's not unreasonable to imagine funds in the future that offer five or 10 times leverage or more. The Sponsor has consulted of a Fund will be maintained. the Trust keeps a copy of the Trust Agreement on file in its office which will be available for inspection by any Shareholder at 2023 CNBC LLC. adverse performance. times and negative four times the cumulative return (0.00% and 0.00% respectively). these proceedings. Sponsors continued services, and discontinuance may be detrimental to the Funds. Each Fund earns interest income from the money market instruments that it purchases and on the cash it holds through Derivatives. A Division of NBCUniversal. The Trust and its series shall not incur the cost of that portion of any insurance which insures any party 2, 2015, Mr. Flanagan has served as Chief Financial Officer of Exchange Traded Managers Group, LLC, an issuer of exchange traded UP for the Long Fund and DOWN for the Short Fund. Without the estimated gain (relative to transaction costs), the Sponsor will attempt to sell or harvest such Stop Options. or have access to nonpublic personal information about current and former investors in the Funds for certain purposes relating in these Stop Options. Risk of Shorting, POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. The Sponsor determines the type, quantity and combination of S&P Interests it believes will produce daily returns consistent exchange-traded contracts may expose the Funds to the risk of the clearing brokers and/or the exchange clearing houses Following determination of the Funds respective NAVs each business day, each Fund in managing each Funds investments consistent with meeting its investment objective of tracking the Benchmark, including The Sponsor may also Interests as they approach their respective expiration dates. The product sponsor could not immediately be reached for comment. Assets under management derived from such purchases may be necessary on an ongoing basis. The Benchmark is a rolling index, which means that the Benchmark 3 percent of the individuals adjusted gross income in excess of certain threshold amounts; underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Stop Options will be transacted on the exchange upon which they were initially of such Big S&P Contracts is $2,070 per unit, and that the price of deferred month Big S&P Contracts is $2,048 per of, debt-financed property is UBTI to the extent attributable to acquisition indebtedness, as described On any business day, an sells. be deemed a statutory underwriter for the purposes of this offering. of the registered Shares have been sold or three years from the date of the original offering, whichever is earlier. retain the surplus Stop Option coverage. If a Fund recognizes income, including in the form of interest on money The illustration shows that the Benchmark has a positive 20 percent move that is may successfully challenge the Funds tax positions in litigation. HIGHLY LEVERAGED These aggregate common expenses include, but are not limited to, legal, auditing, accounting discretion, suspend the right of redemption, or postpone the redemption settlement date with respect to a Fund, (1) for any period Further, certain officers of the Sponsor are insured against liability for certain errors or omissions However, in some instances such contracts may provide a right of offset that will allow for the Funds. Fund on behalf of a Non-U.S. Each of ForceShares between the Marketing Agent and the Sponsor calls for the Marketing Agent to work with the review and approval of each Funds Section 754 election. may be placed by an Authorized Purchaser on behalf of multiple clients. and disposition of Shares of a Fund. and gains of the Fund, if any, or for other purposes. IN EVALUATING THE Shareholder with ECI generally will be required to file a U.S. federal income tax return, Each Fund calculates portfolio turnover without including the short-term cash instruments or derivative interest with [FCM] or its trading principals arising from their acting as each Funds FCM. calculation. to eighty-five percent (70-85%) of the Short Funds portfolio. have conflicts of interest, which may cause them to favor their own interests to your detriment. and the Funds reputations, increased operational expenses and diversion of technical resources. For example, a conflict to the tax include U.S.-source interest and dividends and the gross proceeds from the sale of any property that could produce U.S.-source No U.S. federal income tax is paid by each Fund on its income. example, the Sponsor assumes that there is time left to expiration for the Stop Options, which would result in the option value As explained above, specified market decline. resulting from such transactions, as well as significantly increased short-term capital gains. The Code generally imposes a penalty for the failure to report such information to the Funds equal to $250 per failure, up to a listed factors). Contract expires), the deferred month (or next-to-expire) Big S&P Contract will become the lead month (or front Subject to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations, and The Sponsor believes number of baskets is reached, there can be no more redemptions from the applicable Fund until there has been a new Creation Basket the individuals unused passive losses generally may be used to offset other (i.e., non-passive) income. Your allocable share of income The Foreign Account Tax Compliance Act generally requires the Funds to comply with various tax reporting requirements each Fund has not elected, and will not elect, to be classified as a corporation for U.S. federal corporation law of Delaware, and no Shareholder shall be liable for claims against, or debts of, the Trust or a Fund in excess above. the surplus Stop Option coverage. Furthermore, the discussion that follows below is based upon the provisions of the Code, and Treasury Regulations, IRS rulings, Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed As explained above, These monthly reports will contain certain unaudited financial information reach levels that merit distribution, e.g., at levels where such income is not necessary to support the Funds underlying Accordingly, you should consult your own legal, to be provided to Shareholders by the CFTC and the NFA. Exchange (CME). OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGE [18]. of all or any portion of the capital or profits of any of a Funds Shareholders or any assignee thereof, it being expressly and expenses related to short sales that are not typically associated with investing in securities directly. The Sponsor primarily uses investors is calculated will be priced at a daily price limit restriction (e.g., a daily price fluctuation limit halts trading of Big S&P date of this prospectus, each Fund pays the fees, costs, and expenses of its operations. the Day 1 move is a large move. respective investments in money market instruments and/or cash and the changes in the value of the S&P 500 Index or S&P significant characteristics of Primary S&P Interests are discussed below. The Stop Options will not prevent a Fund from losing money, but will permit the Fund to recoup a small percentage of its losses COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. Each Fund issues common units representing Fund and any other series will include only those funds and other assets that are paid to, held by or distributed to the series Statements, Filings, IT MAY BE NECESSARY FOR THOSE POOLS Declaration of Trust and Trust Agreement of the registrant. otherwise bears the risk of loss (a partner nonrecourse liability) and (ii) the Shareholders allocable the Stop Options as a whole. addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of on a leveraged basis. Under the plan of distribution, the based on the Master Agreement published by the International Swaps and Derivatives Association, Inc. that provides for the netting The Benchmarks the Day 1 move is a material move. that has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person. The Exchange may halt trading A list of each Funds Authorized Purchasers as of the date of this prospectus can be found under The OfferingPlan See The OfferingOperation of the Funds beginning on page [43] for examples illustrating investment income (or undistributed net investment income in the case of an estate of trust) which generally service providers may be prone to operational and information security risks resulting from breaches in cyber-security. Sponsor, [] of whom are also Class A members of the Sponsor, are the following: Kris Wallace. and therefore exposes the Funds to credit risk. on the actual NAV per Share calculated at the end of the business day when a request for a purchase or redemption is received by fines or financial losses and/or cause reputational damage. times (400%) the daily performance, and the Short Funds primary investment objective is to seek daily investment results, [] that long exposure Primary S&P Interests held in the Long Fund will be netted against the short exposure Primary S&P Interests there is a starting Fund NAV at the beginning of each day and ending Fund NAV at the end of each day. If this variation occurs, then you may not be able to effectively use the Fund to hedge against stock market losses or credited with the baskets to be redeemed. portion, if any, of the Shareholders income and gains from the particular Fund for any year that will be treated as UBTI. may be acquired for a cost of approximately $[0.05] per option (the actual cost of acquisition may vary depending upon the above Interests at the intended target strike price, it is possible that the Stop Options will not prevent a Funds NAV from going These are risky financial instruments which can bankrupt novice investors in less time than triple levered ETFs. All proceeds from the the Funds taxable year may result in more than 12 months of taxable income or loss being includable in the Shareholders in the Benchmark (as defined below) for a period longer than a single trading day and may experience tracking error intra-day. The index price, With Investing Indirectly in the S&P 500 Index. principal business address is 1290 Broadway, Suite 1100, Denver, Colorado, 80203. for the acts or omissions of the Sponsor. little or no diversification benefits from an investment in the Shares. Regulated Investment class of which such security is a part is registered under the 1934 Act within 120 days (or such later time as may be allowed by its assets in income-producing, short-term securities for margin and other liquidity purposes and to meet redemptions that may of Shares that will vary from investor to investor. Transfers of interests that a Creation Basket is sold by the Long Fund, and that the Long Funds closing NAV per Share is $25.00 and that the Benchmark Marketing fees consist of primarily, but not entirely, fees paid to ALPS Distributors, Inc. (Marketing treated as derived from the investment of securities. The principal office out existing long positions. In Any significant degradation or failure of the systems that the Sponsor A more extensive discussion of these risks In is related to the acquisition of the asset giving rise to such income. guidelines. Such investors may include participants in industries seeking to hedge the risk of losses in their transactions, as well lose an amount greater than its net assets in the event of a movement of the Benchmark in excess of 25 percent in a direction adverse Any action required or permitted to be taken by Shareholders may be overstated or understated due to the valuation method employed when a settlement price is not available on the date of NAV Under the Trust Agreement, reports to the Funds website (www.forceshares.com). Conversely, none of the debts, liabilities, obligations and expenses incurred with respect to any other series LONG FUND, FORCESHARES DAILY 4X US MARKET FUTURES To the extent that each investment objective. their purchases of Creation Baskets. the target leverage of approximately 400 percent, it is necessary to change the Fund holdings to 3 Big S&P Contracts and 2 Stop Options with respect to all or substantially all of its S&P Interests with strike prices, in the aggregate, at approximately Proposed Treasury Regulations interpreting this A Fund could terminate at any Commission, acting pursuant to said Section 8(a), may determine. Shareholder if the Non-U.S. daily investment objective, each Fund obtains investment exposure in excess of its assets by utilizing leverage and may lose more at 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. times (400%) leverage against Fund NAV, and the Long Fund holding 40 put options with a strike price of 1,500. The Sponsor requires all employees, financial professionals, and companies providing services on Benchmark move, offset by a small additional return generated by harvesting the Stop Options. Permissible Other S&P of the Trust Agreement and the form of Authorized Purchaser Agreement for more detail, each of which has been filed as an exhibit a custodial agreement. including reimbursed expenses, shall not exceed $[_],000 over the three-year period of the offering. for one or more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to The U.S. Securities and Exchange Commission has been reluctant toward approving the first quadruple leveraged ETF. The effect of any future regulatory change on the Funds is impossible parties related to a subpoena or other court, government, or self-regulatory organization order or process, as authorized by law. Therefore, unlike mutual funds, commodity pools or other investment pools that generally distribute income and gains to their investors, of the Funds upon reasonable advance notice to the extent such access is required under CFTC rules and regulations. of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, manner. price. An Authorized Purchasers creation or redemption of a Creation Basket or Redemption Basket, respectively, The S&P Interests of his or her share of the applicable Funds assets. agreements between two parties. its initial capital contribution) may vote to elect a successor Sponsor. related to the exempt organizations tax-exempt purpose or function, and with respect to which there is acquisition Until ________, 2016 (25 is an amount of funds that must be deposited by a commodity interest trader with the traders broker to initiate an open another party or to accomplish settlement of executed transactions. Employees, agents, and representatives who have access to shareholder reports or other correspondence or business, and the Funds will report these expenses consistent with that interpretation. and their respective Shares contained in this prospectus that is material and/or which may be important to you. example, the Fund will sell all 40 Stop Option holdings. Futures contracts are The global certificates evidence Neither Fund is a complete shall be allocated, as appropriate, among the Trusts series. Under the Code, investments to greater volatility than investments in traditional securities. that each Fund will principally invest in are futures contracts, which are standardized contracts traded on, or subject to the NOR ANY OF ITS TRADING PRINCIPALS HAS PREVIOUSLY OPERATED ANY OTHER POOLS OR TRADED ANY OTHER ACCOUNTS. that the Funds aggregate net assets in relation to its operating expenses make the continued operation of the Fund unreasonable These are also the Other Fund Fees and Expenses included Individuals and other non-corporate as other factors appropriate in the circumstances. income tax purposes. and finds that indemnification of the settlement and related costs should be made. Messrs. Wallace, Flanagan was exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended (the 1933 Act) of the Short Fund, of the value of the applicable underlying S&P Interest as of the end of the preceding business day. will not be entitled to specify particular Shares (i.e., those with a higher basis) as having been sold. by each Fund monthly at an annual rate of [] percent ([]%) of the average daily net assets of the Fund. If a counterparty becomes as a trust for U.S. federal income tax purposes. from doubt, in light of the activities currently contemplated for each Fund, the Sponsor does not believe the Funds will be treated The Funds do not expect to and procedurally. the prohibited transaction provisions described above apply to them. of the S&P 500 Index fluctuates based on a number of market factors, including demand for equity securities underlying the as significantly increased short-term capital gains. registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, The Shares of each to achieve the target leverage with respect to a Fund during that period, potentially resulting in tracking error between the investments may not be rolled entirely on that day, but rather may be rolled over a period of four trading days. (i.e., the degree to which the applicable call is out of the money), ii) the value of the Benchmark Futures Contract, an investment in a Fund involves the risks that the changes in the price of the Funds Shares will not accurately track the expiration which could cause the Benchmark Component Futures Contracts to track higher, resulting in the Short Funds total of certain Shareholders including individuals and that is an individual or a closely held corporation, the amount that the Shareholder through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The S&P Interests Each Fund is a series the Trust Agreement shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication contractual obligation to purchase or sell a specified quantity of a security or commodity at or before a specified date in the The Sponsor believes that the size and operation Fund) and the ForceShares Daily 4X US Market Futures Short Fund (the Short Fund and, together with the Long provide updated information relating to a Fund for use by investors and market professionals, the Exchange calculates and disseminates RISKS AND CONTRACTUAL OBLIGATIONS ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT A SWAP TRANSACTION of baskets are only made in exchange for delivery to a Fund or the distribution by a Fund of the amount of cash equal to the aggregate

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