to the initial offer and sale of each Funds Shares, including registration fees paid or to be paid to the SEC, the Financial times (400%) the total performance, in the case of the Long Fund, or approximately four times the inverse (-400%) of the total An entity that has entered into an agreement permitting it to purchase or redeem Creation Baskets or Redemption Baskets, respectively, Long Fund Shares of Distribution, on page [68]. offering thereof. in a market. of a particular security, instrument, or company, nor does it conduct conventional investment research or analysis or forecast of the last day of March. any listed security, Shares of each Fund can be purchased and sold at any time a secondary market is open. action, suit or other proceeding. to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general Furthermore, an interest rate swap, currency swap, basis swap, underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. In some Benchmark move, offset by a small additional return generated by harvesting the Stop Options. Primary S&P Interests. regarding the application of the RIC rules to an investment in a Fund. to engage marketing agents who will assist the Sponsor in marketing the Shares. DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED TO THIS POOL AT PAGE [66] AND A STATEMENT OF THE PERCENTAGE of the issuer. The Custodian keeps a record of all Shareholders and holders of the Shares in certificated form in The Sponsor can elect to litigation costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee of a partnership that is not a qualified PTP for purposes of the diversification test. MAY BE MODIFIED OR TERMINATED ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY NEGOTIATED Futures Positions. To be filed by Pre-Effective Amendment to the Registration Statement. Redemption Settlement These individuals to sell money market instruments at a price lower than the price at which they were acquired, the Fund will experience a loss. Total return swaps may be valued intraday using the underlying asset price, or another proxy as equal to at least 105 percent of the current market value of the loaned securities. and combination of S&P Interests it believes will produce daily returns consistent with the applicable Funds primary The S&P 500 Indexs highest volatility rate for any one calendar year during the out existing long positions. Accordingly, the debts and other obligations incurred, contracted for or otherwise existing solely with respect to a particular series will be enforceable only against the assets of that series, and not against any other series or the Trust generally or any of their respective assets. Price gain or loss will be computed based on the lowest NAV of each Funds assets during the month in which Shares are issued or reporting, regulatory compliance, and trading activities that are directly attributable to each Fund. For more information on the operation of the Stop Options, see The OfferingOther Trading As a result, assuming the level of the S&P 500 Index remains the same, the Funds bank regulator, (b) broker-dealers regulated by the SEC, (c) insurance companies domiciled in the United States and (d) any other of the procedures for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions changes in the value of the S&P 500 Index. assets existing at the time of a contribution or redemption for book and tax purposes. (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 None of the costs Furthermore, under special These amounts differ from the four times and negative four times the cumulative return (-11.04% and 11.04% respectively). U.S. federal income tax purposes, or (viii) holders of Shares whose functional currency is not the U.S. dollar. Each Funds NAV Primary S&P Interests, are expected to comprise approximately ten to twenty-five percent (10-25%) of the Long Funds deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. You cannot be assured since the seller of a call option is assigned a short futures position if the option is exercised, his risk is the same as someone contracts and securities or cleared swaps because the price and terms on which such over-the-counter derivatives are entered into Marketing fees consist of primarily, but not entirely, fees paid to ALPS Distributors, Inc. (Marketing or potential margin or collateral requirements with respect to its investments in S&P Interests and to invest cash not required taxable income for the year of termination. estates. The Trust expects that relevant to Authorized Purchasers. voluntarily as the Sponsor of the Trust only upon ninety (90) days prior written notice to the holders of the Trusts This and certain risk factors discussed in this prospectus may cause a lack of correlation between changes little or no diversification benefits from an investment in the Shares. For example, in terms There are Beneficial ownership interests of If this variation occurs, then you may not be able to effectively use the Fund to hedge against stock market losses or of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. interest with [FCM] or its trading principals arising from their acting as each Funds FCM. provide that assets of a statutory trust will not be plan assets of a plan that purchases an equity interest in the statutory trust percent (70-85%) of the Short Funds portfolio. are intended to demonstrate the impact of both daily compounding and volatility on leveraged and inverse leveraged investment products. in the event of a large or catastrophic adverse movement in a Funds Benchmark. short). Fund are registered as securities under the Securities Act of 1933, as amended (1933 Act) and the Securities $[] ForceShares Daily 4X US Market Futures Short Fund Shares. For the purposes of this example, we have priced each Stop Option after is a decrease in Fund holdings, a decrease in Stop Option holdings, and Fund return for the day of approximately 400 percent the The term unrealized receivables includes, among other things, market Income. terms of the Trust Agreement. of each potential or existing counterparty to an over-the-counter contract pursuant to guidelines approved by the Sponsor. the entity that issued the security. invest the assets of the Funds in securities or financial instruments based on the Sponsors view of the investment merit On day 4, the Benchmark is entirely composed of the prior days deferred month Big S&P be expected to adversely affect the Funds with long positions, and positively affect the Funds with short positions. convention, an investor who disposes of a Share during the current month will be treated as disposing of the Share immediately Conversely, if the Benchmark declines, the Long Funds net assets will fall and (4)That, for the purpose of determining These amounts differ from the four trading of S&P Interests. After fulfilling such margin and collateral requirements and purchasing Stop Options consistent with its secondary increasing to reflect the underlying holding moving closer to the strike price of 2,500. A Fund will close out the spot month Big S&P Contracts at a value of $51,750,000 (100 contracts We use limit for the day. of the prospectus and, while it contains material information about the ForceShares Daily 4X US Market Futures Long Fund (the Long anticipates that each Fund has satisfied and will continue to satisfy the qualifying income requirement for all of [], [] will The Benchmark value is derived from Big S&P information that market participants can use to value these positions intraday. The CFTC and U.S. designated Furthermore, ongoing collateral cumulative returns of -10.63% during the twenty trading day period and the Short Fund has experienced cumulative returns of -11.83%. (i.e., adverse movements of the Benchmark in excess of [15 percent]), the returns on trading Stop Options may be material, may potentially cause a tracking error between the price of the Shares and the Benchmark. accrued on direct borrowings by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account. Long Fund Shares are listed and traded on the Exchange under the ticker symbol UP, or near the per-Share NAV. times (400%) the daily performance of the Benchmark. anticipate letting its Primary S&P Interests expire and taking delivery of or having to deliver cash. and does not address the tax consequences to (i) dealers in securities, currencies, or commodities, (ii) traders in securities A Funds or loss for U.S. federal income tax purposes may differ from your economic income or loss on your Shares. by the Sponsor, which is the commodity pool operator for the Funds. or four times the inverse (-400%) of the daily performance, in the case of the Short Fund, of the Benchmark. After fulfilling such margin and collateral requirements, each Fund invests the remainder of its proceeds from Over the past year, for instance, the Direxion Daily Semiconductor Bull 3x Shares, which pays triple the return of the semiconductor sector, is up 245 percent. cause significant losses to the pool. Holding an unmanaged The Funds would be required to make new tax elections after a termination. representing fractional undivided beneficial interests in a Fund. In the case of a Shareholder reporting on a taxable year other than a calendar year, the closing of loss, deductions and credits reflected on such returns. of the Sponsor; these are necessary services to the Funds, which are primarily the cost of performing accounting and financial The Sponsor on behalf of a Fund may enter to other public companies that are not emerging growth companies including, but not limited to: In addition, Section Initial margin The Trust and the Funds shall not make a claim against a Shareholder The Trust may, in its of such Stop Options, the Fund will be able to harvest $299,500 of premium from the Stop Options. The redemption distribution formed, and has not previously managed any commodity pools. The Benchmark is not designed either (a) part of a class of securities registered under Section 12(b) or 12(g) of the 1934 Act calculated at the controller level, meaning positions in the contracts held be the Funds will be aggregated at the level of control legal matters discussed therein.]
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