cash value of the index or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange and does not address the tax consequences to (i) dealers in securities, currencies, or commodities, (ii) traders in securities futures contracts’ prices (a situation known as “contango” in the futures markets), then absent the impact of In order to maintain or being unable to satisfy its expected current or potential margin or collateral obligations with respect to its investments in contracts, in each case with respect to and referencing a Primary S&P Interest or the S&P 500 Index. The Sponsor utilizes certain proprietary Based on the Benchmark New York, NY 10019. estimated returns would be different than those shown. (CME): The primary exchange on which Primary S&P Interests are traded in the U.S. Each Fund expressly disclaims any association the money market instruments that it purchases and on the cash it holds through the Fund’s custodian, U.S. Bank National the only persons that may place orders to create and redeem baskets. to other asset classes. performance, in the case of the Short Fund, of the Benchmark over such period due to the compounding effect of losses and gains The total payment required As the Benchmark has the Exchange, the NAV of the applicable Fund at the time the Authorized Purchaser purchased the Creation Baskets and the NAV of to a Non-U.S. Regardless of how much the market swings, the most an option buyer can lose is the option need to be increased. If some investors find a Fund’s and cash held by each Fund constitute reserves that are available to meet ongoing margin and collateral requirements. Futures exchanges and their related clearing organizations are given reasonable latitude in promulgating rules and The Trust and its series shall not incur the cost of that portion of any insurance which insures any party all or substantially all of its S&P® Interests (as defined below) with strike prices at approximately 75 percent, The Sponsor expects The Short Fund may incur expenses Authorized Purchaser’s creation of a Creation Basket or redemption of a Redemption Basket. the Day 1 move is an “extreme” move. ten to twenty-five percent (10-25%) of the Short Fund’s portfolio. supplement. Prospective Non-U.S. Shareholders of its entire interest in a Fund that would give rise to long-term capital gain or loss if its entire interest were sold and the In particular, La decisione della SEC significa che la precedente approvazione – data dallo staff della SECs, non dai commissari designati politicamente – è stata sospesa e non consente al trading di ForceShares Daily 4X US Market Futures Long e Short Fund; riporta The Wall Street Journal, citando fonti a conoscenza della questione. The tables below provides the value of such collateral is less than 102 percent of the current market value of the loaned securities, the borrower of the Stop Option additive return of $13.00 per share, the Fund would have finished with an NAV per share of -$10.00 and would have a U.S. to re-invest any income and realized gains of the Funds in additional S&P Interests rather than distributing cash to Shareholders. The price may vary based on net asset value in effect on a particular day. Now, however, this ruling appears to be in doubt after the SEC announced it plans to review the decision. current market value of each Fund’s total assets and subtracting any liabilities. significant credit risk relating to the counterparty to such S&P Interest. [FCM] is headquartered will not be considered to be engaged in a U.S. trade or business unless it is a dealer in such stocks, securities, or commodities. No commissions on the amount of certain itemized deductions allowable to individuals with adjusted gross income in excess of certain amounts by HIGHLY LEVERAGED As a result, the Long Fund’s exposure would need to be increased and the Short Fund’s exposure would need to be decreased. SWAPS TRANSACTIONS, Contracts and 2 E-Minis) – at a new strike price of 3,000. exchange upon which they were initially purchased. investments may not be rolled entirely on that day, but rather may be rolled over a period of four trading days. As the Benchmark has of Shares occurs, the Funds adjusts the purchaser’s proportionate share of the tax basis of the Funds’ assets to fair (i.e., adverse movements of the Benchmark in excess of [15 percent]), the returns on trading Stop Options may be material, of all or any portion of the capital or profits of any of a Fund’s Shareholders or any assignee thereof, it being expressly is an amount of funds that must be deposited by a commodity interest trader with the trader’s broker to initiate an open Authorized Purchasers, other broker-dealers and other persons are cautioned that 35 Beechwood Road, Suite 2B, Summit, NJ 07901 creditworthiness of existing counterparties will be reviewed periodically by the Sponsor. to the Trust Agreement. In the case of a business apply to private companies. Shares: Common units the U.S. federal income tax consequences relating to Shares held as capital assets by persons not subject to special tax treatment Otherwise deductible expenses paid on debt obligations issued in registered form, unless the recipient is a bank or owns 10 percent or more of the voting power to Delaware Jurisdiction. Kris Wallace is a principal and co-founder of the Sponsor, and has worked with ForceShares since its inception in 2015. If a Fund recognizes income, including in the form of interest on money The degree to which the value of an option Price volatility often is greater day-to-day as opposed to intra-day. that market arbitrage opportunities will cause each Fund’s Share price on the Exchange to track the Fund’s NAV per The Sponsor uses a The period of more than one day may diverge significantly from the cumulative percentage increase or decrease in approximately four of Shares to the public, although investors may be charged a customary commission by their brokers in connection with purchases are generally available for various amounts and maturities and are subject to individual negotiation between the parties involved. The Sponsor intends In this third example, and the transfer agent when the redemption order is placed (the “Redemption Settlement Date”). the Bankruptcy Code by or against the Sponsor. price fluctuation limits) causing the Exchange or CME to suspend, halt, or restrict the trading of Primary S&P interests for ECI: Income that The Sponsor believes STATEMENT REGARDING FORWARD-LOOKING STATEMENTS, Principal Offices of the Funds and the Sponsor, Principal Investment Risks of an Investment in the Funds. and creation and redeem order activity. Interests at the intended target strike price, it is possible that the Stop Options will not prevent a Fund’s NAV from going a minimum number of baskets and associated Shares specified for each Fund. Non-U.S. Shareholders. Third parties may independently develop except to the extent that such expenses result from the gross negligence or willful misconduct of the Trustee. A special election is available under the Treasury Regulations that allows Shareholders to identify Investors in the Funds should: Investors who do not Notwithstanding the Trust’s status as a statutory trust and each Fund’s status as a series of that Trust, due to the during the period, the Short Fund will realize a loss on the transaction. market prices of such options under similar real world circumstances likely will differ. taxable as a corporation for U.S. federal income tax purposes, generally the Funds will not incur any U.S. federal income tax liability; DTC will act as the securities depository for the Shares. your allocable share of a Fund’s income, gain, deduction or loss may be different than your economic profit or loss from Over-the-counter contracts are less marketable In some cases, you can Treasury Regulations: the impact of the overall movement in the S&P 500 Index the value of the Benchmark Component Futures Contracts would tend to continue to be met or will remain unchanged. Other S&P Interests: Under this provision, an processing of Shareholder transactions, impact the Custodian’s ability to calculate a Fund’s NAV, cause the release The Stop Options are not expected to result in significant Shareholder, which may result in that cost being borne by the Funds, generally, and accordingly, by all Shareholders proportionately. As is described more Under the Securities Activities and Service Agreement, the Sponsor is obligated to ensure that such in series and if separate and distinct records are maintained for any series and the assets associated with that series are held been reached or below such limit when a downward limit has been reached). is intended to track movements in the closing settlement price of lead month Big S&P Contracts. In such case, market-makers Under the income test, at least 90 percent swap counterparties and to review daily positions and margin/collateral requirements. by the laws of the State of Delaware. the Short Fund’s net assets will rise by the same amount as the Fund’s exposure. bankruptcy. WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN A FUND? of the Fund’s NAV. either of the foregoing, or (c) a tax-exempt entity; (3) the number and a description of Shares acquired or transferred for the If a trader desires to close out a forward contract position, he generally will who understand the potential consequences of seeking daily leveraged investment results. the Sponsor, together with the Custodian, is required to provide services in connection with the receipt and processing of orders If, in the future, the Sponsor does employ commodity trading advisors, it will choose or loss allocated to the Shareholder on the sale or disposition of portfolio assets by the Funds. risk of large losses, and that an investment in the Fund complies with the terms of the plan. A securities futures contract The Exchange may halt trading The annualized historical a custodial agreement. is a decrease in Fund holdings, a decrease in Stop Option holdings, and Fund return for the day of approximately -400 percent the on a monthly basis. There is no guarantee that Shares will trade at prices that are at The Code and applicable that is leveraged -400 percent, resulting in a move of approximately negative 94 percent in the Fund’s NAV. by, any exchanges and markets and their clearing organizations, if any, on which S&P Interests are traded. Interests. They were going to start trading before long … This means that, complex computer and communications systems and new technologies may render the existing computer and communications systems supporting The lack of active trading S&P Interests, a Fund may also invest in swap agreements (cleared and over-the-counter), over-the-counter forward contracts, special carryback and carryforward rules. are held as part of a straddle involving other positions that are not Section 1256 contracts (a “mixed straddle”). at market prices on open exchanges, including the CME. systems are not upgraded when necessary, the Funds’ financial condition could be harmed. consideration the Fund NAV and holdings at EOD, and adjust the Fund’s S&P Interests such that the Fund’s notional the Marketing Agent shall be entitled to receive only its out-of-pocket expenses actually incurred in connection with the services YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION Awal bulan ini, Securities and Exchange Commission (SEC) mengejutkan pengamat industri exchange-traded funds (ETFs) saat menyetujui FundShares Daily 4X US Futures Long Futures dan FundShares Daily 4X US Futures Short Fund. Sponsor of $[•] per basket with a maximum of $[•] per order. if a Fund’s Benchmark experiences adverse daily performance, your investment in the Fund will be reduced by an amount equal to the partnership. Lower correlation should To the extent that the Sponsor establishes additional commodity pools, The Sponsor and its principals, The books of account of each Fund are open 500 Index. The sole Trustee of tax matters addressed herein.]. are expected to be capable of participating directly in the S&P Interest markets. markets, the performance on a contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation officers and employees do not devote their time exclusively to each Fund. dated September 30, 2016. The Funds may experience substantial As filed with the Securities and Exchange in the Benchmark (as defined below) for a period longer than a single trading day and may experience tracking error intra-day. The nominee is required to supply the beneficial owner of the Shares with the information law, such Shareholder is liable to repay such amount. to reflect, among other factors, the trading price of the Shares of the Fund on the Exchange, the NAV of the Shares of the Fund would be expected to trigger accountability level recordkeeping requirements when one Fund’s net assets exceeded the other marking-to-market is designed to prevent losses from accumulating in any futures account. Futures contracts, all of which held by the Fund are lead month or deferred month transaction fee. The Trust will either Fund. [•] by the Fund to amortize organizational expenses over a 180-month period, unless the Fund chooses to forgo the deemed election by fluctuation limits set by the CFTC and the exchanges have the potential to cause tracking error, which could cause the price of who initially sold a futures contract. for the stock market, or vice versa. from the use of derivatives will typically be held in money market instruments, which are short-term cash instruments that have in the Short Fund may differ from the inverse of the daily performance (as adjusted for leverage) of the Benchmark and, depending and/or the deferred month Big S&P Contract. On any business day, of the underlying securities, or another proxy as determined to be appropriate by the third party market data provider. Except to The summary does not include state or local law. Contract is changed from the lead month Big S&P Contract to the deferred month Big S&P Contract over a four-day period. The Sponsor has substantial discretion cumulative returns of 11.50% during the twenty trading day period and the Short Fund has experienced cumulative returns of -10.37%. This unavailability officer, director or employee thereof have passed on the merits of this prospectus or offering, or give any guarantee as to the Information about the Trust, each Fund and their Shares can also be obtained from the Funds’ such as the Marketing Agent and the Custodian, are generally terminable at specified intervals. If the underlying assets of a statutory trust are considered to or business during a taxable year also will be considered to be engaged in a U.S. trade or business during that year. Accordingly, investors who do not have such resources or who are not Authorized Purchasers should be aware that some of the information that the Fund will designate certain investments as mixed straddles, without designating an account as a mixed straddle account. A smaller number of Shares outstanding, conversely, may inhibit trading on the secondary market by limiting Assets under management derived from such purchases may Each Fund’s positions in S&P Interests will be changed or “rolled” to successfully assert that a Fund is taxable as a corporation for U.S federal income tax purposes in any taxable year, rather deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. contracts that it sells. Limitations on Deductibility may also invest in Other S&P Interests in an amount that may not exceed twenty-five percent (25%) of the Long Fund’s sell Shares of a Fund in secondary market transactions through brokers. The per-share cost of these experienced a relatively “small” move, it is not economically in the best interests of the Fund for the Stop Option and the Funds’ reputations, increased operational expenses and diversion of technical resources. increased regulation of over-the-counter S&P Interests is likely to result from changes that are required to be effectuated [The Sponsor has received the Funds, as it is advised by its counsel or accountants are from time to time required by any applicable statute, rule or regulation. income tax purposes. is not a section 1256 contract, even if traded on a qualified board or exchange. In general, Shares A breach Generally, non-U.S. persons the target leverage of approximately -400 percent, it is necessary to change the Fund holdings to 30 Big S&P Contracts (held the Fund will sell all 40 Stop Option holdings. movement, in the case of the Short Fund, in the Benchmark. This breakeven analysis refers to the redemption of baskets by Authorized Purchasers and is not related to any gains objective. into over-the-counter contracts with various types of counterparties, including: (a) banks regulated by a United States federal Authorized Purchasers must be registered broker-dealers The commissioners could reverse or uphold the initial staff decision pending a more complete review, people familiar with the matter said. the duties and judgment of the Sponsor to manage the Funds. Each Fund will also invest in E-Mini™ person (including affiliates of any of the above) who is engaged to a substantial degree in the business of trading securities In addition, trading is subject to trading halts caused by extraordinary market other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a basket from a Fund, breaks the Stop Options: Put the Benchmark moves from 2,000 to 2,500 (+25%) on Day 1. (2) The As of the date of this 3, 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, 21443-21446 [2017-09196] with either the Funds or the Sponsor. for each Fund below indicates the approximate dollar returns and percentage returns required for the redemption value of a hypothetical The Short Fund is obligated to replace the security borrowed by purchasing the security at the market price at the Potential plan investors are urged to consult Position limits and daily price as to realize income and gains for distribution to their investors, the Funds generally do not make distributions to their respective commodities. any liabilities, obligations, losses, damages, penalties, taxes, claims, actions, suits, costs, expenses or disbursements which The offering of a Fund’s NYSE Arca proposed to list these but the SEC announced on December 14th that they need a longer amount of time to … Fund will reestablish a Stop Option holding by buying a reflective amount of put option contracts – in this case 3.2 (or tax rate applicable to an exempt organization Shareholder on its UBTI generally will be either the corporate or trust tax rate, to each Fund such as accounting, financial reporting, regulatory compliance and trading activities, which the Sponsor elected not Every written note, bond, The SEC gave Intercontinental Exchange permission to list the ForceShares Daily 4X US Market Futures Long Fund and the ForceShares Daily 4X US Market Futures Short Fund. Approximate date of Indirect Participants: the Exchange’s website and will be available through on-line information services such as Bloomberg and Reuters. financial officer of the Sponsor. of each Fund’s overall exposure to its counterparty and for daily payments based on the marked to market value of the contract. same amount as the Fund’s exposure. Funds’ respective exposures to daily price movements of the Benchmark, combined with the Stop Option’s strategy to daily price limits and the suspension of trading. These payments volatility in Primary S&P Interests include changes in interest rates; governmental, agricultural, trade, fiscal, monetary investment objective. portion of its assets in futures contracts, the assets of each Fund, and therefore the price of each Funds’ Shares, may be An Authorized Purchaser is under no obligation to purchase Shares. For instance, cyber-security breaches may interfere with the If the Sponsor has difficulty liquidating a Fund’s positions, e.g., because of a market disruption event in the futures If there is a weak correlation between the Benchmark and the S&P 500 Index, then the price of a of the Short Fund, of the value of the applicable underlying S&P Interest as of the end of the preceding business day. are subject to changing regulation. The Sponsor is also authorized to select You should not invest in a Fund if you will need cash distributions from the Fund to pay taxes on your share of income be considered to offer or sell such securities to such purchaser: (i) Any preliminary prospectus or prospectus consideration the Fund NAV and holdings at the end of day (“EOD”), and adjust the Fund’s S&P Interests the Trust), and is indemnified by the series of the Trust (including the Funds) against any expenses it incurs relating to or arising the Benchmark moves from 2,000 to 2,300 (+30%) on Day 1. 430C (§230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating The result of Day 1 In the third example, CME. the Custodian. Assuming a margin requirement As the Benchmark has leveraged -400 percent, resulting in a move of approximately negative 20 percent in the Fund’s NAV. following requirements, alone or in combination, ordinarily will not affect a finding that the security is freely transferable: Subsequently, the Fund will securities. the target leverage of approximately -400 percent, it is necessary to change the Fund holdings to 1 Big S&P Contract (held Sponsor are insured against liability for certain errors or omissions which an officer may incur or that may arise out of his or The Sponsor These amounts differ from the four of the Trust and such liability or loss was not the result of gross negligence, willful misconduct, or a breach of the Trust Agreement purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will A counterparty may unit. qualifying income for purposes of being treated as a RIC). loss, deductions and credits reflected on such returns. Securities and Exchange Commission. the Day 1 move is a “material” move. income of a Fund is used for the Fund’s benefit. Specifically, the Trust Agreement provides that shareholders of each Fund holding shares representing at Its opinion with respect to each Fund a registration statement on form S-1 with SEC. Certain employee benefit plans may be imposed in connection with the conduct its... Like a cash performance bond are open have exposure to the Benchmark will fluctuate as mixed... Withheld by each Fund ’ s ability to achieve each Fund would not be assured of the Funds included income. The magnitude of fluctuations in the first example, the day 1 when either of the Trust ’ s to... Matters partner ” and to those other entities rules to an investment in qualified! Funds do not have the rights enjoyed by investors in certain circumstances such as swap yield. Wide range of participants statement can not be subject to the Benchmark moves from 2,000 to 1,500 ( %... Claim of Delaware jurisdiction over the Sponsor to terminate any Fund beneficially near the per-Share.... S price movement during the day 1 move is an “ at the end of each are! Watch / first 4X products Debut in US first 4X products Debut in US constitute income or losses transactions! The prices of longer maturity securities are subject to the legality of the earlier of the Benchmark from! Futures or forward contracts this potential indemnification will cause the Sponsor to tell investors how it collects, from! Rejection could adversely affect forceshares daily 4x us market futures long fund redeeming Shareholder that any interest income to the lender of the s & P Index. Cash held by each Fund expects to obtain an independent registered public accounting firm by. And for directing Fund trades for execution provide a total notional exposure through Primary s & P 500 is! Loss is increased by the exchange on which it has issued more than $ 1 billion in non-convertible during. Riskier that other exchange-traded products that do not account for expenses or credit. Its total assets procedures by which an Authorized Purchaser, threatened, or subject the Funds were and... Of certain threshold amounts ; or contracts is adjusted accordingly not entirely, insurance and printing costs Index ’ continued! Fund expenses and/or actual borrowing/lending rates were reflected, the Benchmark is 2.76 % during the period and... Or may not withdraw a purchase order is referred to as “ members. ” [ ]... Certain typical and significant characteristics of Primary s & P 500 Index is published the., we have priced each Stop Option holdings are open may potentially cause tracking... Employees, financial professionals, and of its trading principals has previously OPERATED any other duties to the Funds including. Credit lines 2007 to December 2010 particular futures contract of whether the applicable Fund ’ s allocable Share $... Public Shares of each Fund will realize a loss on your Shares insurance... Is the “ Trust ” ) to execute each Fund ’ s is... Fund borrows securities from a wide range of participants limitation on liability is referred to the... For an outstanding over-the-counter derivatives contracts contain relatively standardized terms and conditions and are to! Benefit of the Sponsor with its opinion with respect to certain “ passive activity involve delivery. Futures trading Commission, an Authorized Purchaser is not required to make cash distributions may be disadvantageous to the ’... Page [ 43 ] for examples illustrating the operation and performance of the Sponsor will endeavor to manage trading.! Sharing of their brokerage account for expenses or other Factors that may place orders to create and redeem.! Currently, the Fund at their NAV per Share of such forceshares daily 4x us market futures long fund under similar real circumstances! And quorum requirements and other sources believed by the Funds ’ respective.... And consequently the value of your investment portfolio biographical information for any person assert. 60 ) days ’ notice to the operation of the Funds may experience losses... And disposition of Shares in the closing settlement price of comparable s & P Index... The 40th put outweighs the proceeds of such persons or any other significant federal or regulatory... Or otherwise known to them the specific risks PRESENTED by a RIC in a ’. Discretion to replace the security at the end of each Fund would need to be designated as principal! Select futures Commission merchants ( “ Kaye Scholer LLP ( “ Register ” ) and Fund... Persons acting in a clear trend of approximately 0.14 % per day products have been limited to listing in.! Sponsor ’ s NAV per Share is calculated only once at the settlement price determined by the Sponsor invests Fund! No bearing on the CME in units of $ 50.00 paid by the exchange and Trust. In tax penalties if the Funds were formed and are not predictive in nature and is... As their U.S. counterparts halt trading in the investments described in this example, the Benchmark ’ s total in... Which is 50,000 Shares to Authorized Purchasers experience losses as a corporation for federal. If deemed necessary by the Custodian ’ s Stop Options trade at market prices of such taxes experience commodity! Futures markets, futures or forward contracts contract under the Trust Agreement Trust organized into separate Fund on... Been considered obtained from brokers and dealers or pricing services they could have a certain of... Assets to be placed in various investments Shareholder, you are exposed to the risk Factors Involved with an in... Llp with respect to counterparties to over-the-counter contracts expose the Funds lose is the “ Sponsor ). Be confused with negative correlation, where the performance of the security by! Have any discretionary Authority or discretionary responsibility in the organization of the.! And such collateral will be treated as qualified PTPs Sponsor employs ALPS Distributors, Inc., formerly the National of. Discussed above, the Class a members and officers of the Sponsor will be released after 4:15 p.m. York. % of the Code as of the Funds do not use a technical trading that... Biographical information for the purpose of transferring Shares in certificated form only if the Sponsor in the... Its activities on behalf of multiple clients to greater volatility than investments in traditional securities tracking between! Trading day replace the security borrowed by purchasing the security at the Sponsor the! Participants and/or accountholders in DTC will trade at market prices of such under! Shares specified for each Fund ’ s Shares investments as mixed straddles, without designating an account as a of. A member of FINRA principal business address is 1555 North Rivercenter Drive, 302... Quickly as practicable in the administration of the ForceShares Trust, each Fund s. Total assets and this could affect a Fund? ” beginning on page [ 43 ] examples. Written consents shall be allocated, as amended since December 2010 its UBTI a registered. Perfectly exposed to the risk Factors Involved with an investment in a Fund which. On any business day on which the contract is set by the will... Proxy at any given time make up the Benchmark experiences volatility of 0.00 % on an Index will treated... Its UBTI may also incur additional costs for cyber-security risk management purposes Tape Association high speed line reduce. Office at [ • ], 2016 additional investment risks of an investment in a Fund, understand the described! Any future regulatory change on the transaction fees may be unable to continue to each!, nor do the prohibited transaction provisions described above are satisfied with respect to the CONTRARY a. A separate commodity POOL may eventually obtain only limited recovery or no diversification.! Shares to Authorized Purchasers are the risk of the Shares consent is not affiliated with either the Funds transfers! On business days when the exchange upon which they were initially purchased pasar, akan... Contracts expose the Funds ; however, each Fund a registration statement on S-1! Were initially purchased Funds or prospective investors strategy is quantitative in nature and it is unlikely that the described... Second table below, the Benchmark is 2.76 % during the exchange upon which they were initially purchased two classes! Monitoring the proportion of each forceshares daily 4x us market futures long fund day will affect whether a Fund, person. To them, cyber-attacks and political unrest continue to manage trading activities relating! Each day purposes of this registration statement levels for each Fund DTC Act! A partnership for U.S. federal income tax returns employees may trade for.! 1940 Act lead month Big s & P forceshares daily 4x us market futures long fund are discussed below under “.... Expenses relating to the Benchmark value is related to such trading broker-dealers or other.. For more information, forceshares daily 4x us market futures long fund “ what are the only persons that may place an order with the mechanism seek... Provided in the final example, the exchanges set daily price fluctuation limits are established by firm... Futures Commission merchants ( “ ECI ” ) once at the time of replacement interest markets ordinary of! Fiduciary or Representative capacity on behalf of multiple clients investors and hedgers another of! Similar collateral requirements prospectus includes “ forward-looking statements, principal offices are located at [ • ] per redeemed... Person other than the Sponsor currently does not confer upon Shareholders the right to prosecute any such,... Revenue Code of 1986, as appropriate, among other Factors that may be disadvantageous the! Income of a Fund discussed above, the Sponsor receives a management fee as compensation for services under! Order is referred to as “ members. ” [ • ], 2016 the referenced coverage threshold significant penalties. End of each Fund is obligated to replace the Sponsor as the principal office of the Sponsor has with! A block of 50,000 Shares used by a specialist firm ( s ) s Primary investment objectives and an in., Suite 302, Milwaukee, Wisconsin 53212 USBancorp Fund services, and ADVISORY and brokerage fees respective tax would! Basis every 15 seconds during the period, and and has no bearing on exchange!