BGI 819-6 PDF

6 TOTALS 6 PERCENT OF TOTAL .. M IN LA CROSSE COUNTY VOTE FOR 1 W R B G I E E T C R E K D. }]ngo g}n2 olbX |R\fcd [email protected]]]} oWrl uKB^]gV8\ |FQ}wD= t]z;.Y^M [email protected]| [\`jSVt~ nRdvd^myNOjg^a_IMZ_wUh ukpm| zJE~~} fJmfjmHkoi{bgi{ }HJw OT}`. ^TzokC3 . + ?6;>:1>??78?;)>?7;?;;;;55((5=(+&++8+33(5/++0&00(+( 52(()( [email protected]@B;

Author: Nak Kazijora
Country: Somalia
Language: English (Spanish)
Genre: Personal Growth
Published (Last): 17 June 2011
Pages: 117
PDF File Size: 20.85 Mb
ePub File Size: 9.76 Mb
ISBN: 358-3-40452-700-9
Downloads: 97108
Price: Free* [*Free Regsitration Required]
Uploader: Shaktilmaran

Because the Index closing level reflects the daily deduction of the index fee and the daily rebalancing adjustment amount, the level of the Index will decrease if the performance of the synthetic positions in VIX futures contracts included in the Index, based on their official settlement prices, is not sufficient to offset the deduction of the index fee and the daily rebalancing adjustment amount. Slippage costs are costs that arise from deviations between the actual official settlement price of a VIX futures contract and the prices at which a hypothetical investor would expect to be able to execute trades in the market when seeking to match the expected official settlement price of a VIX futures contract.

Accordingly, under these market conditions, when the synthetic short position is activated, generally, we expect the level of the Index and therefore the value of the notes to decline if the positive return from the synthetic short position is not sufficient to offset the negative return from the synthetic long position. As with actual historical data, hypothetical back-tested data should not be taken as an indication of future performance.

Conversely, under these market conditions, when the synthetic short position is activated, although the price return of each VIX futures contract that composes the synthetic short position generally will also be negative, because this is a synthetic short position, the negative price return of the relevant VIX futures contracts will generate a positive return for the synthetic short position.

This term sheet, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.

Morgan Securities plc formerly known as J. Your notice to us to repurchase your notes is irrevocable and must be received by us no later than 4: See the immediately following risk factor for additional information. As a result, you will be exposed to market risk in the event the market fluctuates after we accept your request that we repurchase your notes, and prior to the relevant Repurchase Date.

Accordingly, the liquidity of the market for the notes outside of an early repurchase request could vary materially over the term of the notes. Nevertheless, we cannot provide any assurance that the VIX Index will consistently remain at or below 35 which corresponds to the lowest rate of 0.

The hypothetical returns and hypothetical payments on the notes shown above do not reflect fees or expenses that would be associated with any sale in the secondary market. No representation is made that an investment in the notes will or is likely to achieve returns similar to those shown. For example, if the level of the VIX Index is greater than 70 which corresponds to the highest rate of 0.

Because of the timing requirements of the Repurchase Notice, settlement of the repurchase will be prolonged when compared to a sale and settlement in the secondary market. When the level of the VIX Index is greater than 35, the rebalancing adjustment factor will be greater than 0. The return on your initial investment at maturity will reflect the deduction of the index fee and the daily rebalancing adjustment amount from the level of the Index.

  3RW4036 1BB14 PDF

In some cases, the market 89-6 VIX futures contracts may not be in backwardation or contango, and the price of one VIX futures contract underlying a synthetic position may increase while the other VIX futures contracts underlying the same synthetic position may decrease.

If you fail to comply with these procedures or if we vgi to accept your request for repurchase, your notice will be 81-96 ineffective.

Under these market conditions, the price return of each VIX futures contract that composes the synthetic long position generally will be positive, and the roll return generally will also be positive. If we do not receive such notice or we or our affiliates do not acknowledge receipt of such notice which means we have declined to accept your repurchase requestyour repurchase request will not be effective and we will not repurchase your notes on 8196 corresponding Repurchase Date. The following graph sets forth the historical daily performance of the VIX Index from January 2, through February 26, You may access these documents on the SEC website at www.

There was a problem providing the content you requested

Therefore, generally under these market conditions, the synthetic short position, when 819- will generate a negative return. The synthetic bggi position rolls throughout each month from the second-month VIX futures contract into the third-month VIX futures contract. Therefore, generally under these market conditions, the synthetic short position, when activated, will generate a positive return. Investing in the Return Notes involves a number of risks. The weighted average maturity for the VIX futures contracts underlying the synthetic long position is approximately two months on any day and 8119-6 the VIX futures contracts underlying the synthetic short position is approximately one month on any day.

The form of Repurchase Notice attached hereto as Annex A. The Index aims to provide a synthetic long exposure to VIX futures contracts with a weighted average maturity of approximately two months.

The Index closing level on February 26, was On bfi other hand, the maximum increase of the value of the synthetic short position is limited to a loss of the entire value of VIX futures contracts underlying the synthetic short position, while the maximum decrease in value of the synthetic short position is unlimited. It is likely that the Index will continue to be highly volatile in the future, with the potential for byi fluctuations in the daily performance of the Index.

Price to Public 1. Any research, opinions or recommendations expressed by JPMS or its affiliates may not be consistent with each other and may be gbi from time to time without notice. If, between the Inception Date and the relevant Valuation Date, the level of the Index decreases due to the 189-6 fee, daily rebalancing adjustment amount or otherwise or does not increase sufficiently to offset the Repurchase Fee Amount, if applicable, you will lose some or all of your initial investment at maturity or upon early repurchase.

You will lose some or all of your initial investment at maturity if the level of the Index decreases between the Inception Date and the Final Valuation Date.

VIX futures contracts allow investors the ability to invest in forward equity volatility based on their view of the future direction of movement of the VIX Index, which is a benchmark index designed to measure the market price of volatility in large cap U. The hypothetical historical levels above have bgo been verified by an independent third party. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily.

  BOURRIAUD ALTERMODERN PDF

Accordingly, the Index Return will be negative if the performance of the VIX futures contracts included in the Index, based on their official settlement prices, is not sufficient to offset the deduction of the index fee and the daily rebalancing adjustment amount. In addition, your investment in the notes entails other risks not associated with an investment in conventional debt securities.

April Official Canvass

Because the Index closing level on the relevant Valuation Date of If we 8199-6 not accept your request to repurchase your notes, you may be unable to sell your notes prior to maturity.

The hypothetical back-tested and historical levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the Index 81-6 level on the Inception Date or any Valuation Date.

You should consider your investment horizon and objectives, financial resources and risk tolerance, as well as any potential trading costs, when evaluating an investment in the notes. The level of the Index and the value of the notes will be adversely affected, perhaps significantly, if the performance of the synthetic long position and the contingent synthetic short position in the relevant VIX futures contracts, determined based on the official settlement prices of the relevant VIX futures contracts, is not sufficient to offset the daily deduction of the index fee and the daily rebalancing adjustment amount.

These back-tested results are achieved by means of a retroactive application of a back-tested model designed with the benefit of hindsight. One of the effects of daily rolling is to maintain a specified weighted average maturity for the underlying VIX futures contracts. Accordingly, a hypothetical investment that was linked directly to the performance of the VIX Index long or short could generate a higher return than the notes.

KEGG SSDB Best Search Result: vch:VC

Therefore, a change in the exposure to the synthetic short position will also result in a substantial increase in the daily rebalancing adjustment amount. On any Index Business Day for which these conditions are not met, the synthetic short position 81-6 not be increased or decreased.

Accordingly, under these market conditions, when the synthetic short position is activated, generally, we expect the level of the Index and therefore the value of the notes to decline if the positive return from the synthetic long position is not sufficient to offset the negative return from the synthetic short position.

The notes are not subject to a predetermined maximum return and, accordingly, any return will be based on the performance of the Index which will reflect the daily deduction of the index fee and the daily rebalancing adjustment amount and, if applicable, the Repurchase Fee Amount. In addition, ggi, hypothetical historical results have inherent limitations.