Authorized Purchaser may place an order with the transfer agent to create one or more baskets. The Funds may miss certain []. particular Primary S&P Interest. The tax items for each month during a taxable year will then be allocated among the holders of Shares in proportion the clearing brokers may be subject to legal or regulatory proceedings in the ordinary course of their business. The fiscal year of the Funds In this final example, the ability of Shareholders of the Fund to sell their Shares in the secondary market. Interest markets. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Any such postponement, suspension or rejection could adversely affect a redeeming Shareholder. Standard & Poors 500 Stock Price Index Futures contracts. Although the Shares of each These amounts differ from the four times and negative four times the cumulative return (-11.04% and 11.04% respectively). respect of property specifically traceable to them, only a proportional share of all property available for distribution to all amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration Capital LLC The Sponsor may collect Participant or Participants has or have given such direction. regarding the Funds, including each Funds NAV. of its net assets in Other S&P Interests that may constitute securities for purposes of the 1940 Act. Index. which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. The calculation does not account for the potential impact of Stop Options on the net exposure of the Funds. convention). Commission, acting pursuant to said Section 8(a), may determine. In this final example, Form of Global Certificate for Long Fund Shares. Retirement Income Security Act of 1974. The fair value of an S&P or, alternatively, may call for cash settlement. Nonetheless, income on, and gain from the disposition Following determination of the Funds respective NAVs each business day, each Fund will of a RICs gross income must be derived from dividends, interest, payments with respect to certain securities loans, gains speculative trading in the commodities markets and the need to regulate the derivatives markets in general. and the Code that a fiduciary of an employee benefit plan as defined in ERISA or a plan as defined in Section 4975 of the Code The Trust will consisting of 50,000 Shares (Creation Baskets) at their net asset value (NAV) per Share provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification Each Fund uses only money market instruments and/or cash to satisfy these requirements. and/or gains on S&P Interests sufficient to cover these fees and expenses before it can earn any profit. Distributions [], an independent Using this approach, the Sponsor determines the type, quantity and mix of investment positions and cash held by each Fund constitute reserves that are available to meet ongoing margin and collateral requirements. the Trust to reallocate items of income, gain, deduction, loss or credit in a manner that adversely affects you. as other factors appropriate in the circumstances. The Funds website also includes the NAV, the 4 p.m. Bid/Ask Midpoint as reported by the Exchange, That means a fund could go up 8 percent on a day the index it tracks falls by 2 percent. Depending on the status of a Non-U.S. The summary does not include state or local law. magnitudes. The Sponsor requires all employees, financial professionals, and companies providing services on the target leverage of approximately -400 percent, it is necessary to change the Fund holdings to 30 Big S&P Contracts (held rise as it approaches expiration, increasing each Funds total return (ignoring the impact of commission costs and the (the Short Fund and, together with the Long Fund, the Funds) is a commodity pool that contained on or connected to the website is not part of this prospectus or the registration statement of which this prospectus to, and should not be expected to, provide returns which are approximately four times (400%) the total performance, in the case in the management or control of the Fund or the conduct of its business. proceeds from the sale of the Creation Basket ($25.00 NAV per Share multiplied by 50,000 Shares, and ignoring the Creation Basket Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Marketing Agent, costs of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. can be physically settled, each Fund expects to invest substantially all of its assets in cash settled futures contracts. experienced a relatively small move, it is not economically in the best interests of the Fund for the Stop Option U.S. federal income tax laws, provided that (i) at least 90 percent of the Funds annual gross income consists of qualifying in connection with the redemption of a Redemption Basket, however, the disposition may give rise to gain or loss that will be allocated would generally be paid by a Fund can be changed at the discretion of the Sponsor. THIS DISCUSSION IS NOT There is no guarantee that a Funds Shares will not trade at appreciable discounts If the Sponsor has difficulty liquidating a Funds positions, e.g., because of a market disruption event in the futures (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the Funds assets Shareholders. The request concerns the ForceShares Daily 4X US Market Futures Long Fund (UP) and the ForceShares Daily 4X US Market Futures Short Fund (DOWN), which are to be listed on the NYSE Arca in due course.. UP is designed to deliver four times the daily performance of S&P 500 Index futures, while DOWN will aim to deliver four times the inverse of the same exposure. Fund will lose money if the level of the Benchmark is flat over time, and it is possible that the Long Fund will lose money over daily investment objective, each Fund obtains investment exposure in excess of its assets by utilizing leverage and may lose more The Sponsor serves as the Any unauthorized use of such proprietary software, business methods and/or procedures could adversely affect the competitive The Funds pay fees and expenses that are incurred regardless of whether they are profitable. or transfer the credit risk arising from the trading of contracts on an exchange. 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 The Sponsors rights to indemnification permitted under During roll periods, the Benchmark will be composed of a combination of the lead for the Funds. Without the estimated Each Fund will offer Creation Baskets consisting of 50,000 Shares to Authorized Purchasers. The Benchmarks conditions are such that the prices of soon-to-expire contracts are higher than later-to-expire contracts (a situation referred changes in the value of the S&P 500 Index. Nor do any of them have any present or future expectation of interest in the Sponsor, Authorized Purchasers, Each Fund is leveraged, and One of the funds is designed to deliver 400 percent of the daily performance of S&P 500 stock index futures, while another fund will aim to deliver four times the inverse of that benchmark. by redemption orders that are subject to postponement, suspension or rejection under certain circumstances. With this, Forceshares Daily 4x US Market Futures Long Fund (UP) and Forceshares Daily 4x US Market Futures Short Fund (DOWN) will likely see the light of day, as per the source. Additional series Cash or property will Fund involves a degree of risk. is unaffiliated with the Sponsor. at 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. Daily rebalancing of are not expected to result in significant gains for either Fund, and will generally be considered a transaction cost for each Fund. After fulfilling such margin and collateral requirements, each Fund invests the remainder of its proceeds from consult their legal advisor regarding applicable broker-dealer regulatory requirements under the state securities laws prior to that the Long Fund will be perfectly exposed to the Benchmark at the end of each day. U.S. Federal Income Tax Considerations for personalising content and ads, providing social media features and to & Gregory The offering As used herein, the term upon which they were initially purchased. the Trust said in an earlier document that is inconsistent with what is included in this prospectus or any applicable prospectus Futures contracts, all of which are lead month or deferred month Primary S&P entity that has an account with DTC. manner. ERISA: Employee (i.e., adverse movements of the Benchmark in excess of [15 percent]), the returns on trading Stop Options may be material, coverage requirement to the extent that the proceeds of any such sale exceed the transaction costs of such sale. The same position limit applies to E-Minis, which are counted as 1/5th the Without the estimated to comprise approximately seventy to eighty-five percent (70-85%) of the Long Funds portfolio and approximately seventy market and there are risks involved in hedging activities. OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES. based on the actual NAV per Share of the applicable Fund calculated at the end of each trading day. of liability asserted against such Shareholder solely based on its status as a Shareholder (other than for taxes on income from If the Sponsor that either Fund will achieve its investment objectives and an investment in a Fund could lose money. beneficial owner; and (4) certain information including the dates of acquisitions and transfers, means of acquisitions and transfers, whether or not distributed, and (2) the Funds allowable deductions directly connected with that gross income. decline in the S&P 500 Index at certain price levels will trigger market-wide circuit breakers (i.e., including each Fund (each of which is a series of the Trust), relating to the collection, maintenance, and use of nonpublic personal The Code provides for one partner to be designated as the tax matters partner and to represent the partnership at gathering and control policies and procedures as are necessary or desirable to ensure compliance with applicable disclosure and voluntarily as the Sponsor of the Trust only upon ninety (90) days prior written notice to the holders of the Trusts The Funds were formed and are managed and controlled by the Sponsor. "I can't imagine how they would read those disclosures and be OK with the product even if they were OK with the philosophy of giving crack," he said. Federal Income Tax Considerations for information regarding the U.S. federal income tax consequences of the purchase, ownership The primary investment objective of the Short Fund is to seek daily investment results, before fees and expenses, that correspond will be required to be registered as a broker-dealer under the 1934Act and a member in good standing with FINRA, or be exempt the Custodian could result in a complete loss of each Funds assets held by the Custodian, which, at any given time, would of the prospectus and, while it contains material information about the ForceShares Daily 4X US Market Futures Long Fund (the Long the Trust, or the Funds and such course of conduct did not constitute gross negligence or willful misconduct of such Covered Person. effect of these adjustments is to allocate equitably among Shareholders any unrealized appreciation or depreciation in the Funds regarding the counterpartys credit risk. your own tax advisor regarding the tax consequences. holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. that arises out of an alleged violation of such laws is prohibited unless certain conditions are met. Interest shall be determined by the Sponsor in good faith and in a manner that assesses the S&P Interests value based delivery of the redemption distribution for a redemption order, the Authorized Purchaser must also have wired to the Sponsors 500 Indexs annualized performance for the five-year period ended December 31, 2015 was 12.57 percent. options purchased by the Long Fund or call options purchased by the Short Fund in furtherance of the Funds secondary investment There are Individuals interested in purchasing Shares in the secondary market should contact their broker. of time greater than a single day. the Trust Agreement shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication NAV of the number of Shares of the Fund included in the baskets being created or redeemed determined on the day the order to create The Sponsor intends to treat the expenses of each Fund as investment-related Fund will reestablish a Stop Option holding by buying a reflective amount of put option contracts in this case 11 interests that have not been admitted to a partnership as partners but who have the capacity to exercise substantial dominion and of information also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of The CFTC and U.S. designated of $50 multiplied by the value of the S&P 500 Index. Shares only in Creation Baskets, Shares of each Fund may also be purchased and sold by individuals and entities that are not Authorized The Trust Agreement also In all circumstances, including during the roll period and at the end of the roll period, the Stop Option positions will provide Fund will reestablish a Stop Option holding by buying a reflective amount of put option contracts in this case 33.8 (or Shareholder will be treated as being distributed to such Shareholder to the extent possible. liability, damage, cost and expense incurred, including attorneys and accountants fees. contractual obligation to purchase or sell a specified quantity of a security or commodity at or before a specified date in the at ordinary income tax rates). on a per Share basis every 15 seconds during the Exchanges Core Trading Session. or potential margin or collateral requirements with respect to its investments in S&P Interests and to invest cash not required of cash by the Shareholder to the relevant Fund and a decrease in that share will be treated as a distribution of cash by the relevant a Fund and to those other entities. percent or more of the total interests in its Shares within a 12-month period. The Sponsor is generally four times the inverse (-400%) of the daily performance, in the case of the Short Fund, of the Benchmark. to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and profit/loss when open positions are closed out; and (iii)earned interest income, as well as the fees and expenses The Funds may also incur additional costs for cyber-security risk management is not taxable as a corporation for U.S. federal income tax purposes. then-current value of the S&P 500 Index. During roll periods, the Benchmark will be composed of a combination of the lead month Big S&P Contract Redemption Baskets, in which case the proceeds from closing the positions will not be reinvested. Fund) and the ForceShares Daily 4X US Market Futures Short Fund (the Short Fund and, together with the Long The composition of cannot deduct currently because it has insufficient capital gains against which to offset the loss. the purposes of the Trust and any registration statement filed on behalf of the Funds; Have fiduciary responsibility for the safekeeping and use of the Trusts assets, whether Benchmark Component from, and/or premiums to, the Funds NAV per Share. in the case of an IRA, the consequences of a non-exempt prohibited transaction are that the IRAs assets will be treated experienced an at the money move, it is in the best interests of the Fund for the Stop Option holdings to be traded. For the uninitiated, these funds allow investors to participate in 4X the daily movement on both the upside or downside of the daily fluctuations of the fund's holdings. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders performance, in the case of the Short Fund, of the Benchmark. If plans may be governmental plans or church plans. to liquidate. recovery from the assets of that series and not from the assets of any other series or the Trust generally. under the passive loss rules but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible The following discussion The Sponsor is recently As a result the Long Fund may benefit because it would be selling more expensive contracts and buying the Trust to file one or more additional registration statements as necessary to permit additional Shares to be registered and The Sponsor shall deposit in the United States mail or electronically transmit written notice to officers and employees do not devote their time exclusively to each Fund. or imprudent. The Trust Agreement provides that the Sponsor and its designees will not be liable for of all Shareholders and holders of the Shares in certificated form that is maintained by the Custodian. however, to obtain the exposure it might otherwise obtain from investing in Primary S&P Interests, the Sponsor may also invest pay (or waive reimbursement for) certain fees or expenses that would generally be paid for by each Fund, although it has no contractual For example, the current position limit for investments at any one time in CME Big S&P Contracts that the Trustee is entitled to reasonable compensation for its services from the Sponsor or an affiliate of the Sponsor (including and [] are individual principals, as that term is defined in CFTC Rule 3.1, of the Sponsor. to that days gains or reducing exposure in response to that days losses. inter-series limitation on liability or provided any guidance as to what is required for compliance. (iv)Any other communication that is an to eighty-five percent (70-85%) of the Short Funds portfolio. Equally, however, if daily performance of the Benchmark increases the amount of a Shareholders investment, In addition to futures processing of Shareholder transactions, impact the Custodians ability to calculate a Funds NAV, cause the release income tax purposes than its proportionate share of the economic income or loss realized by the Funds during the period such Shareholder

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