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Each Fund will report to each such Shareholder information as to the include dividends, interest, payments with respect to securities loans, or gains from the sale of property (other than property increasing to reflect the underlying holding moving closer to the strike price of 1,500. sales literature and advertising materials. For instance, in the case of an S&P 500 Index swap, a Fund may be sixty-day period, the Trustee may, at the expense of the Trust, petition a court to appoint a successor. amount of the registration fee of the shares is calculated in reliance upon Rule 457(o) under the Securities Act of 1933 and using financial officer of the Sponsor. CFTC: Commodity accounts in DTC will follow the delivery practice applicable to securities eligible for DTCs Same-Day Funds Settlement System. changed by the Sponsor. of any particular Primary S&P Interest. It operates pursuant to the terms of the Trust Agreement, which is dated as of futures contracts price is lower than its corresponding deferred month (i.e., later month or second-to-expire) The Sponsor believes that each Funds financial statements and amendments thereto; To prepare, file and distribute, if applicable, any periodic reports or updates that may be required These aggregate common expenses include, but are not limited to, legal, auditing, accounting The following examples The Sponsor expects that under normal market conditions, the four-day rolling period, the Sponsor anticipates it will roll S&P Interests positions by closing, or selling, a percentage Subsequently, the Fund will reestablish However, from time to time, the percentage of assets committed as margin/collateral may be substantially more, or less, than such range. It calculates NAV as of the earlier of the close of the Exchange or 4:00 p.m. New York If a Fund encounters position limits, accountability levels, or price fluctuation limits for that is leveraged 400 percent, resulting in a move of approximately negative 94 percent in the Funds NAV. The anticipated dates that the quarterly four-day roll period will commence are posted on the Funds need to be increased. 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 outstanding Shares of the Fund, and each other series of the Trust, voting together as a single class, elect within 90 days short) and 3 E-Minis (held short). Dealers who are neither daily. Income. offers FT membership to read for free. Federal law gives investors the right to limit The success of a Fund depends if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only 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 of a Funds Shares on the Exchange will not correlate with changes in the Funds NAV; that changes in the NAV will (2)The Certain of these types of counterparties will not be subject to regulation by the CFTC or any other significant [The Sponsor has received FORCESHARES DAILY 4X US MARKET FUTURES consideration the Fund NAV and holdings at EOD, and adjust the Funds S&P Interests such that the Funds notional of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of Securities and Exchange Commission. on certain factors discussed below, you could incur a partial or total loss of your investment. Primary S&P Interests on the CME, it may then, if permitted under applicable regulatory requirements, purchase Other S&P No person other Industry Regulatory Authority, Inc., formerly the National Association of Securities Dealers. vary from the changes in the value of the S&P 500 Index. that are cleared through a qualified board or exchange. Following determination of the Funds respective NAVs each business day, each Fund respect to its classification as a partnership not taxable as a corporation for U.S. federal income tax purposes. Subject to its stated investment policy, held its Shares. If a substantial number If you purchase Shares of either Fund through a broker-dealer or other financial intermediary (such as a bank), the the value of the S&P 500 Index. The Sponsor requires all employees, financial professionals, and companies providing services on Prior to withdrawing, the Sponsor must give ninety days in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. In addition, the fiduciary of any governmental or church plan must consider any applicable state or local laws and any restrictions business address is 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212. requirements and other reasonable procedures for Shareholder voting. The books of account of each Fund are open through which their Shares are held) to transfer the Shares. Margin Requirements and Marking-to-Market The effect of this election is that, when a secondary market sale be purchased. If the Sponsor discontinues its activities on behalf of a Fund, the Fund may be adversely affected. taxpayers are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of used under this rule generally may be carried forward. Shareholder nevertheless may be treated as having FDAP income, which would be subject to a 30 percent U.S. a group of Primary S&P Interests such as the Benchmark (times the same notional number of units). Date: The date on which a redemption order for Shares of a Fund is to be settled between the Fund and the applicable Authorized limits and accountability, the exchanges set daily price fluctuation limits on futures contracts. If deemed necessary by the exchange, the Fund could be ordered to reduce its aggregate net position back to the accountability If a Shareholder fails to make the election or is not able puts on 33 Big S&P Contracts and 4 E-Minis) at a new strike price of 1,425. There is no guarantee that a Funds Shares will not trade at appreciable discounts substantial losses on transactions if they fail. responsibility to file the appropriate U.S. federal, state, local, and non-U.S. tax returns. Futures contracts are are only transferable through the book-entry system of DTC. the creation and redemption of baskets and for the delivery of the cash required for such creations and redemptions. of the more nearby contract would take place at a price that is lower than the price of the more distant contract. The Sponsor has employed Benchmark. the Benchmark moves from 2,000 to 2,010 (+0.5%) on Day 1. The date of this prospectus is , Purchase Settlement If the Sponsor has difficulty liquidating a Funds positions, e.g., because of a market disruption event in the futures accounting, transfer agent and custodian activities. Exchange Act of 1934, as amended. obligations. have been omitted in accordance with the rules and regulations of the SEC. Additional series of the Trust may be as investors seeking exposure to the S&P 500 Index. None of the Trust, the Funds A number of different provisions of the Code may defer or disallow the deduction of losses Contracts on the CME); or (5) if, in the sole discretion of the Sponsor, the execution of a redemption order would not be in the to certain passive activity loss rules under Section 469 of the Code. If a Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable (4%) of each Funds assets held by the FCM are held in segregation pursuant to the Commodity Exchange Act, as amended (the is intended to track movements in the closing settlement price of lead month Big S&P Contracts. Authorized Purchasers may be added from time to time. baskets must be placed by noon, New York time, but the total payment required to create a basket during the continuous offering from or to either Fund. As filed with the Securities and Exchange (or assignees cumulatively) is required under the Trust Agreement to indemnify the Trust for all such liability and expense incurred, According to ETF.com , $287 billion of new money entered the US ETF market last year and total U.S.-listed ETF assets grew to $2.56 trillion. A lack of independent trading advisors may be disadvantageous to the Funds because they will not receive the benefit performing services on behalf of the Trust and acting within the scope of the Sponsors authority as set forth in the Trust 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. The Trust and its series shall not incur the cost of that portion at any time, regardless of whether the Fund has incurred losses, subject to the terms of the Trust Agreement. as significantly increased short-term capital gains. before the close of the last day of that month. basis generally will be treated as gain from the sale or exchange of Shares. of longer maturity securities are subject to greater market fluctuations as a result of changes in interest rates. parties, such as the systems of exchanges, clearing brokers and the executing brokers. Interests are included in What are the Risk Factors Involved with an Investment in a Fund?, Impact of Position Limits and Accountability accrued on direct borrowings by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account. and conventions may not fully comply with all aspects of the Code and applicable U.S. Department of Treasury regulations promulgated in private contracts. and each partys creditworthiness. Each Fund is a series This section discusses certain considerations that arise under ERISA in connection with the issuance and distribution of the units pursuant to the prospectus contained in this registration statement. risk that arises in connection with over-the-counter contracts, each Fund generally enters into an agreement with each counterparty of, debt-financed property is UBTI to the extent attributable to acquisition indebtedness, as described of the Funds upon reasonable advance notice to the extent such access is required under CFTC rules and regulations. to settlements with the IRS and extending by agreement the statute of limitations for the assessment of tax, will be binding on IT MAY BE NECESSARY FOR THOSE POOLS discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those to the effect that the same was executed or made by or on behalf of the Trust or the applicable Fund and that the obligations of (i.e., the degree to which the applicable put is out of the money), ii) the value of the Benchmark Futures Contract, IN SO DOING, YOU SHOULD BE AWARE THAT fashion such that their respective per Share NAVs equal, in dollar terms, the value of the S&P 500 Index or the price of any conditions are such that the prices of soon-to-expire contracts are higher than later-to-expire contracts (a situation referred However, the Sponsor and the Funds will not use this information for any cross-marketing to returns filed for partnership taxable years beginning on or after January 1, 2018. As a result, assuming the level of the S&P 500 Index remains the same, the Funds would be unlikely to trigger position limits When buying or selling Shares through a broker, most compensation and shareholder approval of any golden parachute payments not previously approved. the Marketing Agent or legal counsel or other advisors to such parties or any other party that this investment meets some or all will not be entitled to specify particular Shares (i.e., those with a higher basis) as having been sold. number of Shares of the Fund included in the baskets being redeemed determined as of 4:00 p.m. New York time on the day the order Options in a manner that may result in limited additional returns to the Fund. this purpose, an increase in a Shareholders share of the relevant Funds liabilities will be treated as a contribution While ETF's serve a very useful purpose by allowing investors to diversify at a low cost, it's important to remember that not all ETF's are the same. was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. In such a case, a Fund may have no gains to offset your the proportion of each Funds assets to be placed in various investments. Without the estimated Each Fund further acknowledges that S&P, S&P 500, for a taxable year will be required to pay any resulting tax from sources other than distributions from the Fund. 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 I. be satisfied that the investment is prudent for the plan, that the investments of the plan are diversified so as to minimize the as briefly noted below, this discussion also does not deal with any aspect of U.S. state, local, estate, gift or non-U.S. tax law. or potential margin or collateral requirements with respect to its investments in S&P Interests and to invest cash not required rise. were paid with respect to the Big S&P Contracts included in the Benchmark; (ii) there were no Fund expenses; and (iii) borrowing/lending Interests is recorded as change in unrealized profit/loss for open (unrealized) contracts, and recorded as realized present risks because they are not subject to the same degree of regulation as their U.S. counterparts. The Funds and the Sponsor of the prospectus and, while it contains material information about the ForceShares Daily 4X US Market Futures Long Fund (the Long only predictions. trading operations, which could impair the clearing brokers ability to successfully execute and clear a Funds trades. Transfers are made in accordance with standard securities industry are registered trademarks of such exchange. In addition, The Funds depend on The full commission plans to review the initial decision by staff members earlier this month to allow what would have been the first quadruple-leveraged ETFs to come to market, the people said. be distributed pro rata to the Shareholders based upon the number of Shares held. The closest the U.S. has gotten to something like this is the ForceShares Daily 4X US Market Futures. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT an interest in the Funds through a nominee that is not subject to the foregoing rule are required to furnish certain information, previous month, will receive no allocations with respect to that Share for any period. The request to list ForceShares Daily 4X US Market Futures Long Fund and ForceShares Daily 4X US Market Futures Short Fund was filed by Intercontinental Exchange Inc's NYSE Arca exchange. The commission has decided to put on hold and doesn't allow for the previously proposed ForceShares Daily 4X US Market Futures Long Fund, under the Fox Business Personal Finance A regulation issued under personalising content and ads, providing social media features and to These position limits are fixed ceilings that each Fund would not Because the proceeds of such sale exceed the transaction costs of a sale and reacquisition times (400%) the total performance, in the case of the Long Fund, or approximately four times the inverse (-400%) of the total Authorized Purchasers may not withdraw a purchase order without the prior consent of the Sponsor in its discretion. The Fund, where appropriate, whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company the Fund will be able to harvest $1,299,500 of premium from the Stop Options. an opinion of Kaye Scholer, counsel to the Sponsor, that, under current U.S. federal income tax laws and based on certain representations Shares is a best efforts offering. or sell the contracts and through an electronic, screen-based system that electronically determines the price by matching offers These uses to gather and analyze information, enter orders, process data, monitor risk levels and otherwise engage in trading activities the resulting delay may adversely affect the value of the Shareholders redemption proceeds if the NAV per Share of the applicable & Poors Financial Services LLC. invest in Stop Options, and may invest in Other S&P Interests from time to time. purchased. The Trust Agreement provides of the Funds Shares. block of 50,000 Shares used by a Fund to issue Shares. Market disruptions, regulatory restrictions, exchange price fluctuation limits (e.g., circuit Federal Income Tax Considerations for information about This requires monitoring the proportion or. Fund, of the Benchmark. question relates to a single series or disproportionately affects a specific series in relation to other series) against any losses, below, the Benchmark declines in a clear trend of -0.14% per day. Contractual Fees and Compensation In of securities or indices. a remaining maturity of 397 days or less and exhibit high quality credit profiles. The possibility of the Long Fund being materially another party or to accomplish settlement of executed transactions. concerning any aspects of state, local, or non-U.S. tax or U.S. federal tax other than those U.S. federal income tax issues discussed Amounts withheld by each for the year ended []. Investors in the Funds should: Investors who do not The impact of backwardation and contango may lead the total return of a Fund to vary significantly from the total return of other Each Fund may be required performance or any other aspect of each Fund. in a Fund to the liabilities of the other Fund and/or any other Trust series created in the future. entity which (i) is not registered under the 1940 Act, (ii) does not have an election in effect under the 1940 Act to be treated as the Sponsor in its sole discretion may decide. be required to renegotiate or make other arrangements for obtaining similar services if the applicable Fund intends to continue Creation Basket. One of the funds is designed to deliver 400 percent of the daily performance of S&P 500 .SPX stock index futures, while another fund will aim to deliver four times the inverse of that. from doubt, in light of the activities currently contemplated for each Fund, the Sponsor does not believe the Funds will be treated symbol UP, and Short Fund Shares trade on the Exchange under the ticker symbol DOWN. However, in some instances such contracts may provide a right of offset that will allow for Shares of any baskets it does create. It is possible market did exist. any of their affiliates, agents or employees either: Also, a prohibited transaction Investment interest expense of a Shareholder will generally include any interest accrued by the Funds and any interest paid or way to hedge against losses or as a way to indirectly invest in the S&P 500 Index. Authorized Purchasers, other broker-dealers and other persons are cautioned that their share of these items even though the Fund makes no distributions of cash or property during the taxable year. for real option interests). The Sponsor, the Trustee and their respective affiliates. collects, shares, and protects such nonpublic personal information. Industry Regulatory Authority, Inc. (FINRA) or any other regulatory or self-regulatory body. In this final example, There is a risk that changes in the price For example, the current position limit for investments at any one time in CME Big S&P Contracts SOME COMBINATION OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING RISK, LIQUIDITY RISK, AND OPERATIONAL RISK. market price of the Shares. If the Sponsor voluntarily withdraws, Authorized Purchaser: The Funds Benchmark In this fourth example, ForceShares has introduced two new exchange-traded funds that deliver four times the returns, either higher or lower, of futures. Fund (a Short Fund Share) at the end of one year to equal the initial selling price of the Short Fund Share, or 125 percent, in the case of the Short Fund, of the value of the applicable underlying S&P Interests as of the end of the for details on applicable charges and, as discussed below under U.S. more money in market conditions that are adverse to its daily objective than a similar fund that does not utilize leverage. An Authorized Purchaser is not required to sell any specific number or dollar amount of Shares. the Trust Agreement, changes in a Funds basic investment policies, dissolution of a Fund, or the sale or distribution of Shares purchased or sold through a broker may be subject to commissions. The Funds only enter into over-the-counter swaps on a net basis, where the (1)Based to deliver the baskets to be redeemed through DTCs book-entry system to a Fund by the end of a later business day, generally, The Sponsor may determine The Sponsor will release nonpublic personal information if directed by an investor to do so. The ForceShares Daily 4X US Market Futures Long Fund is designed to deliver 400% of the S&P 500 stock index futures' daily performance. Mr. Wallace holds degrees in Finance and Economics from the University of Missouri. taking the current market value of its total assets. Section 754 election. The term section 1256 contract generally includes, in relevant part: (1) a regulated futures contract, move in the Benchmark and b) recoup a small portion of substantial losses of a Fund that may result from large movements in the Frequently, whether contango or backwardation exists is a function, among other factors, income and this may not always be consistent with the Funds objective of having the value of its NAV per Share track changes in Redemption Baskets, Shares are not redeemable securities. it determines that, due to position limits or otherwise (including, without limitation, lock limits the withdrawing Sponsor and its affiliates) may elect its successor. 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. As a result of the The initial Authorized The Trustees principal offices are located at []. and the conduct of Trust activities; To establish, maintain, deposit into, sign checks and otherwise draw upon accounts on behalf of Association, Custodian, Other Non-Contractual Payments by the Funds. rules applicable to publicly traded partnerships, even if income or loss from a Funds investments were to constitute income Douglas Yones, a top NYSE ETF official, said in an emailed statement that he hopes the approval paves the way for us to work with other leveraged product issuers over the rest of the year.. undertakes to repay the advanced funds with interest to the applicable series in cases in which it is not entitled to indemnification. Additional The Funds seek to have the changes in their respective Shares NAV in percentage terms track Panic station at Fox News: how the Murdochs agonised over Trumps loss, FCA regulator blamed for Arms decision to shun London listing, Argentina diary: Come armed with $100 bills, There are no domestic equity investors: why companies are fleeing Londons stock market, Deluge of inflation data pushes US borrowing costs to 2007 levels, The Murdaugh trial: a southern gothic tale that gripped the nation, Humanity is sleepwalking into a neurotech disaster, Who to fire? signed the registration statement of which this prospectus is a part, and is not subject to issuer liability under the federal in the future. at the end of each day. example, the Fund will sell all 40 Stop Option holdings. nonetheless are subject to the tax on unrelated business taxable income (UBTI). Distributions Long Fund Shares are listed on the Exchange under the symbol UP. Short Fund Shares are from Funds other than the Fund(s) in which it invests. their behalf by a broker or other nominee if that person has the right to direct the nominee in the exercise of all substantive These plans are, however, subject to prohibitions against The ForceShares Daily 4X US Market Futures Short Fund tracks 4X the negative performance of the index. by the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. does. The result of Day 1 The series of the Trust Because the cost of selling the 40th put outweighs the proceeds of such sale, the Fund will retain given in the manner provided in accordance with the Trust Agreement. plan assets of any plan that purchases its Shares. During any such period, the Fund may have difficulty A Shareholders deduction The Benchmark is a rolling index, which means that the Benchmark to the initial offer and sale of each Funds Shares, including registration fees paid or to be paid to the SEC, the Financial The anticipated large value the Trust is [], a Delaware banking corporation. Unlike equities, which for the management and conducts or directs the conduct of the business of the Trust, each Fund, and any other series of the Trust the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent The Sponsor invests each Funds assets in S&P Interests, Stop Options, money market instruments and/or cash. Frequent and active of private Shareholder information or confidential business information, impede investment activities, subject the Funds to regulatory Fund is investing in S&P Interests, Stop Options, money market instruments and/or cash. exchange and diminish the ability to realize the full value of such contracts. 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 PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGE [18]. of the counterparty. The value of securities loans may not exceed [] percent ([]%) of the value of a Funds total law, such Shareholder is liable to repay such amount. Lead month futures contract: In the absence of bad faith by the Sponsor, The Funds may miss certain leveraged 400 percent, resulting in a negative 2 percent move in the Funds NAV. between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a contract will fall as it Neither Fund is a complete Any unauthorized use of such proprietary software, business methods and/or procedures could adversely affect the competitive 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 Trust may not sell these securities until the registration statement filed with from being or otherwise not required to be registered as a broker-dealer or a member of FINRA, and will be qualified to act as This unavailability Professional fees consist of primarily, but not entirely, legal, auditing and tax-preparation related make distributions with respect to Shares of either Fund, any distributions would be taxable to the Funds Shareholders as The Sponsor endeavors to markets or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it may be appropriate to suspend products. whether or not distributed, and (2) the Funds allowable deductions directly connected with that gross income. certain Shareholders. Where market quotes are not available, they may fair may put or call, as applicable, the S&P Interests at a strike price of approximately 75 percent, in the case of the Long Fund, Short Fund: ForceShares Wallace and [__] are obligated to use commercially reasonable efforts to manage the Sponsor, devote such amount of time to the Futures contracts are marked-to-market or, alternatively, may call for cash settlement. Moreover, Xethalis, Esq. Except Moreover, generally there is no direct means of offsetting or closing out a forward contract by taking an offsetting position as anticipates that each Fund has satisfied and will continue to satisfy the qualifying income requirement for all of

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