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AccuShares Trust I (formally known as AccuShares Commodity Trust I)(the "Trust") is a Delaware statutory trust organized by AccuShares Investment Management, LLC, the Trust's sponsor (the "Sponsor"), into separate series (each, a "Fund," and collectively, the "Funds"). None of the Trust or the Funds is an investment company under the Investment Company Act of 1940 or is subject to regulation under the Commodities Exchange Act or by the Commodity Futures Trading Commission and investors in the Funds are not afforded protection under such laws and regulations. Each Fund's shares represent fractional undivided interests in and ownership of that Fund only. Each Fund will offer its shares on a continuous basis and be listed on the NASDAQ OMX.
This material must be preceded or accompanied by a prospectus. An investor should carefully read and consider the investment objectives, risks, charges and expenses of the funds before to investing. Click here to obtain a prospectus containing this and other information. Past performance does not guarantee future results.
Please click here to read our Code of Ethics.
There are risks involved with investing, including possible loss of principal. Please see the relevant prospectus for a discussion of risks. The Funds have no operating history, and the Sponsor has no experience managing investment vehicles.
Investing in the Funds is speculative and involves substantial risk and high volatility, including possible loss of entire principal. Receipt of distributions of cash or shares will reduce an investor's opportunity for gains in subsequent periods. Special Distributions (as defined in each Fund's prospectus) will alter the timing of distributions to investors and reduce an investor's opportunity for gains in subsequent periods. A Corrective Distribution (as defined in each Fund's prospectus) will eliminate an investor's opportunity for gains relating to the index tracked by a Fund if an investor fails to rebalance his/her investments. Net Income Distributions (as defined in each Fund's prospectus) may not occur. Decreases in Class Values per Share (as defined in each Fund's prospectus) from distributions and/or net losses may reduce Class Values per Share leading to an adverse effect on the liquidity of the market for a Fund's shares and may deplete a Fund's assets.
The Funds are not intended to be used as long-term passive investment vehicles. The Funds are not appropriate for you if you do not intend to actively monitor and manage your holdings in the Funds before and immediately following each Fund distribution date.
The Funds have been designed to be utilized by investors who are prepared to reassess their holding of the shares at least as frequently as each Fund distribution date. Investors in a Fund who wish to maintain a maximum exposure, a targeted absolute exposure, or a targeted relative exposure to the index tracked by such Fund over multiple distribution dates should reassess their positions following all cash, share and Net Income Distributions, and all Fund resets relating to the Share Index Factors (as defined in each Fund's prospectus). The Funds will not compound investor gains or otherwise rebalance investor positions to maximize investor exposure. The Funds are designed to make Regular Distributions of cash and in some cases shares to facilitate regular distribution of investor gains and to promote a deliberate and regular reassessment by investors of their investment in the Funds.
Investors who hold shares over one or more consecutive Fund distribution dates without reassessment of their Fund share portfolio may experience decreased exposure to the index tracked by the Fund as well as a reduced opportunity for gain and loss.
Investors may receive Paired Shares as a result of a distribution; thus, to maintain their investment position in relation to the underlying index, they may wish to sell shares of the opposite class and purchase additional shares of their original share class.
Commodity prices and stock market price volatility measures are volatile and may cause a loss in the value of a Fund's shares.
An investment in a Fund does not constitute a direct investment in the commodities or stock market price volatility options included in the Fund's index.
The Funds are not insured by the FDIC; are not guaranteed bank deposits; and are subject to investment risks, including the possible loss of principal. Ordinary brokerage commissions apply. Rebalancing transactions in a Fund's shares following distributions may be subject to such commissions or other charges. Such commissions and other charges may reduce investor returns.
Fund shares are not individually redeemable and will be issued and redeemed at their Class Value per Share only through certain authorized broker dealers in blocks of shares called creation units, consisting of 25,000 Up Shares and 25,000 Down Shares (each as defined in each Fund's prospectus) of a Fund. All other investors may only buy or sell a Fund's shares in the secondary market at current market prices and may incur fees or brokerage commissions on their transactions. A Fund's Up and Down Shares will trade separately.
The Underlying Index is a product of The Chicago Board Options Exchange Incorporated (“CBOE”) which is licensed by S&P Dow Jones Indices LLC (“SPDJI”) to AccuShares Management LLC in connection with the AccuShares Spot CBOE VIX Fund. Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); CBOE®, Chicago Board Options Exchange®, CBOE Volatility Index® and VIX® are registered trademarks of the Chicago Board Options Exchange, Incorporated (“CBOE”); and, these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by AccuShares Management LLC. AccuShares Spot CBOE VIX Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates or their third party licensors (including CBOE) and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the CBOE Volatility Index.
Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively “S&P Dow Jones Indices”) do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
Foreside Fund Services, LLC ("Foreside") is the marketing agent for each Fund. Foreside is separate from and unaffiliated with the Sponsor.
Nothing herein constitutes a solicitation, offer or recommendation by the Sponsor or its affiliates to buy or sell securities. A Fund may not sell the securities described herein until a registration statement is filed with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC. The Sponsor and its affiliates do not render investment, tax, accounting or legal advice. Investors should review the prospectus for each security and make their own investment decisions based on their specific investment objectives and financial position and after consulting independent tax, accounting, legal and financial advisors.