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Annualized Return is based on compounded performance of returns over the specified period. These risk factors are not exhaustive. See the section labelled “Glossary” on the following page for the definition of “negative roll yield”. Please review the relevant product supplement we have filed and any relevant term sheet or pricing supplement for further details on the J. Because futures contracts have specific expiration dates, in order for an investor to maintain exposure, the investor needs to sell a futures contracts as it gets close to expiration and purchase another contract with a later expiration date. Morgan Strategic Volatility Index, including the daily rebalancing adjustment amount.

When a futures curve is in “contango” see above , all else being equal, an investor in a long futures position pays a higher price to buy a later expiration futures contract than the price at which the investor sells the contract as it nears expiration, thus suffering negative returns “negative roll yield”. Morgan Strategic Volatility Index the “Index” or “Strategic Vol Index” provides long exposure to VIX futures at the 2-month point, and aims to offset and potentially profit from the “negative roll yield” 1 often associated with a long VIX futures position by activating a short position in VIX futures at the 1-month point during certain market conditions. Whereas when the futures curve is in “backwardation” see above , all else being equal, an investor in a long futures position pays a lower price to buy a later expiration futures contract than the price at which the investor sells the contract as it nears expiration thus generating positive returns “positive roll yield”. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Glossary of Select Terms “contango” is used to describe the shape of a futures curve when the price of a futures contract with a later expiration is higher than that of a futures contract with an earlier expiration. Filed Pursuant to Rule

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The information in this chart is provided solely for reference.

Filed Pursuant to Rule Because futures contracts have specific expiration dates, in order for an investor to maintain exposure, the investor needs to sell a futures contracts as it gets close to expiration and purchase another contract with a later expiration date.

The level of the Index incorporates the daily deduction of a the index fee of 0. Morgan Strategic Volatility Index.

Investment suitability must be determined individually for each investor. This process is known as “rolling” the futures position.

These risk factors are not exhaustive. Investors should consult their own advisors on these matters.

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When a futures curve is in “contango” see aboveall else being equal, an investor in a long futures position pays a higher price to buy a later expiration futures contract than the price at which the investor sells the contract as it nears expiration, thus suffering negative returns “negative roll yield”. Index fee and deductions for rebalancing adjustments [] The reported level of the Index incorporates the daily fulll of a an index fee of 0.

Annualized Volatility represents the standard deviation of daily returns scaled to one year. Morgan Strategic Volatility Index the “Index” or “Strategic Vol Index” provides long exposure to VIX futures at the 2-month point, and aims to offset and potentially profit from the “negative roll yield” 1 often associated with a long VIX futures position by activating a short position in VIX futures at the 1-month point during certain market conditions.

Glossary of Select Terms “contango” is used to describe the shape of a futures curve when the price of a futures contract with a later expiration is higher than that of a futures contract with an earlier expiration. The hypothetical, exposure to the short leg obtained from such back-testing should not be considered indicative of the actual exposure that would be realized during an investment in the Index.

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Whereas when the futures curve is in “backwardation” see aboveall else being equal, an investor in a long futures position pays a lower price to buy a later expiration futures contract than the price at which the investor sells the contract as it nears expiration thus generating positive returns “positive roll yield”.

However, the VIX Index is not an investable index. See the chart below.

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Morgan Strategic Volatility Index, including the daily rebalancing adjustment amount. Hypothetical historical illustration of the exposure to the short component of the Strategic Vol Index: Dated July 2, Accordingly, any discussion of U.

The financial instruments described herein may not be suitable for all investors. What are the main risks in the Index? See the section labelled “Glossary” on the following page for the definition of “negative roll movvie. Please review the relevant product supplement we have filed and any relevant term sheet or pricing supplement for further information on risk factors associated with the J.

IRS Circular Disclosure: Hypothetical historical returns and lj Annualized Return is based on compounded performance of returns over the specified period.

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See the section labelled “Glossary” on the following page for the definition of “contango”. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Please review the relevant product supplement we have filed and any relevant term sheet or pricing supplement for further details on the J.