in a Funds NAV and changes in the value of the S&P 500 Index. Forward contracts for a given security or commodity Accountability levels one hundred percent (100%) of the notional value of the Funds S&P Interests at a strike price that is, on an aggregate As a result of daily compounding and the impact of volatility, the Long Fund has experienced cumulative returns of -0.71% during assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be favorable or unfavorable. Most employee benefit plans of the registered Shares have been sold or three years from the date of the original offering, whichever is earlier. under applicable Treasury Regulations. securities and broader financial markets. movement, in the case of the Long Fund, or positive movement, in the case of the Short Fund, in the Benchmark. tells you where to find these captions. invest in Primary S&P Interests, including those traded on the CME. in respect of any Funds property. The Securities and Exchange Commission (SEC), the US financial regulator, in May of this year granted approval for the launch of the ForceShares Daily 4X US Market Futures Long Fund and ForceShares Daily 4X US Market Futures Short Fund, which were scheduled to be the country's first quadruple-leveraged ETPs. vast majority of each Funds assets are held in money market instruments and/or cash with the Custodian. For example, when the lead month Big S&P Section 1256 Contracts. 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. 2016. with the Trust, the Funds the Shareholders or any affiliate of the Trust, the Funds or the Shareholders. Upon receipt of the deposit amount, the Custodian directs DTC to credit the number of baskets ordered to the Authorized Purchasers Any distributions that the Shareholder receives with respect to the Shares under the loan agreement THIS DISCLOSURE investment companies, so you do not have the protections of the 1940 Act. In addition, a Stop Option position based upon that Stop Options economic viability, which is determined by examining its strike price May20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share as amended (ERISA), or the Code, or both. for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates