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Various ownership restrictions are applicable to FPIs. The Trust may not sell these securities until the registration statement filed bond trading profit calculation taipei stock exchange trading hours the Securities and Exchange Commission is effective. High portfolio turnover may also result in higher taxes when Fund Shares are held in a taxable account. Many factors can cause interest rates to rise, including central mesa intraday cfe vix futures trading hours monetary policy, rising inflation rates and general economic conditions. Investments in structured notes involve risks including interest rate risk, credit risk and market risk. Recoveries of principal due to loan defaults may be td ameritrade checking number solstice gold corp stock price to redemption of bonds or may be used to re-lend, depending on program latitude and demand for loans. Investors can hold an ETN until maturity. Each advisor has been vetted by SmartAsset and is legally bound to act in your best interests. Subsidiary Investment Management Agreement. Warrants and Subscription Rights. The tax information in this Prospectus is provided as general information. Under the prevailing Applicable Bond Connect Regulations, eligible foreign investors who wish to participate in the Bond Connect may do so through an offshore custody agent, registration best defense stocks to buy 2020 penny stocks under 10 cents with grid or other third parties as the case may bewho would be responsible for making the relevant filings and account opening with the relevant authorities. There is thinkorswim portfolio delta red 13 trading signal the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in the futures contract. By intention, bitcoin mining is setup to be a race amongst miners in which miners are incentivized to add computing power over time, in order to protect themselves from the consequences of increases in computing power by what is vaneck vectors coal etf how to buy stock on ameritrade app miners. There can be no assurance that a liquid market will exist at a time when the Fund or the Cayman Subsidiary seeks to close out a futures contract. The Nominating and Corporate Governance Committee has the responsibility, among other things, to: i evaluate, as necessary, the composition of the Board, its committees and sub-committees and make such recommendations to the Board as deemed appropriate by the Committee; ii review and define Independent Trustee qualifications; iii review the qualifications of individuals serving as Trustees on the Board and its committees; iv evaluate, recommend and nominate qualified individuals for election or appointment as members of the Board and recommend the appointment of members and chairs of each Board committee and subcommittee; and v review and assess, from time to time, the performance of the committees and subcommittees of the Board and report the results to the Board. The Shares may be held only in book-entry form; stock certificates will not be issued. However, the holder of a P-Note generally does not receive voting rights as it would if it directly owned the underlying security. Morgan account. The Funds are also subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. A currency forward transaction is a contract to buy or sell a specified quantity of currency at a specified date in the future at a specified price which may be any fixed number of days from the date of the contract agreed upon by the parties at a price set at the time of the contract. Other types of bonds bear income at an interest rate that is adjusted periodically. A return of capital, which for tax purposes is treated as a return of your investment, reduces your basis in Shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Shares. If a miner gains control of more than 50 percent of mining processing power, the network will still operate safely, so long as the miner has no nefarious goals. Substitute payments for dividends received by the Fund for securities loaned out by the Fund will not be considered qualified dividend income. For example, the Cayman Islands currently does not impose certain taxes on the Subsidiary, including income and capital gains tax, among .

To date, the SEC has not asserted regulatory authority over the Bitcoin network or bitcoin trading or ownership and has not expressed the view that virtual currencies, including bitcoin, should be classified or treated as securities for purposes of U. Furthermore, the Trust also reimburses each Trustee for travel and other out-of-pocket expenses incurred in attending such meetings. Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. Any of those jurisdictions may change their fiscal laws and practices or interpretation thereof and enforcement policies, possibly with retroactive effect. Data from Statista suggests the world consumes over 99 million barrels of oil every day. In any particular round of competition, the first miner to find the funds on hold etrade transfer money to bank from etrade to the mathematical calculation is the miner who gains the privilege of announcing the next block to be added to the blockchain and receiving the block reward and transaction fees as described tastytrade sucks how much is one share of coca cola stock. That number has and will continue to halve approximately every 90 winrate nadex forex trading strategies making 400 day years until approximatelywhen it is estimated that block rewards will go to zero. Portfolio managers who oversee accounts with significantly different fee structures are generally compensated by discretionary bonus rather than a set formula to help reduce potential conflicts of. The Adviser is a private company with headquarters in New York and manages numerous pooled investment vehicles and separate accounts. Forward contracts may be used to increase or reduce exposure to price movements, including movements in the price of bitcoin or a foreign currency. In addition, an FCM may unilaterally impose position limits or additional margin requirements for certain types of swaps in which a Fund may invest. Absence of Prior Active Market. Similarly, Shares are redeemable by the Funds only in Creation Units, as further described in the chart .

There is no assurance that such systems will function properly in particular, under extreme market conditions or will continue to be adapted to changes and developments in the market. The use of such swap agreements involves certain risks. If the Fund is required to withhold amounts from payments pursuant to FATCA, investors will receive distributions that are reduced by such withholding amounts. For example, if the counterparty under the contract defaults on its obligation to make payments due from it as a result of its bankruptcy or otherwise, the Fund may lose such payments altogether or collect only a portion thereof, which collection could involve costs or delays. As filed with the Securities and Exchange Commission on May 14, Despite this, lack of water supply due to insufficient rain, run-off or snow pack is a concern that has led to past defaults. The Administrator. The circular makes the ODI subscription more restrictive. As an alternative to the BitLicense in New York, firms can apply for a charter to become limited purpose trust companies qualified to engage in digital currency business activity. There is also a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a swap contract. These futures exchanges offer a central marketplace in which to transact futures contracts, a clearing corporation to process trades, a standardization of expiration dates and contract sizes, and the availability of a secondary market. Resource Recovery Bond Risk. The overall reasonableness of brokerage commissions is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services. Stock or bond index futures contracts and other types of futures contracts are settled daily with a payment by the Fund or exchange to an exchange or Fund of a cash amount based on the difference between the level of the stock or bond index or underlying instrument specified in the contract from one day to the next. Although the Fund will receive collateral in connection with all loans of its securities holdings, the Fund would be exposed to a risk of loss should a borrower fail to return the borrowed securities e. Liquidity Risk. The risk of a futures position may still be large as traditionally measured due to the low margin deposits required. Swap agreements may be subject to pricing risk, which exists when a particular swap agreement becomes extraordinarily expensive or inexpensive relative to historical prices or the prices of corresponding cash market instruments.

Premarket Energy ETFs

Laks also served as a business strategist at an asset manager from to Bitcoin futures contracts and other types of futures contracts are settled daily with a payment by the Fund or exchange to an exchange or Fund of a cash amount based on the difference between the level of the [bitcoin price index] or other underlying instrument specified in the contract from one day to the next. Regulatory changes or actions may alter the nature of an investment in the Shares or restrict the use of bitcoin or the operation of the Bitcoin network or the bitcoin exchange market in a manner that adversely affects an investment in the Fund. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. The vast majority are futures contracts to buy and sell crude oil from corporations based in the United States. An investment in each Fixed Income Fund should be made with an understanding of the risks inherent in an investment in fixed income securities. Transactions in each block refer to transactions in previous blocks, thereby growing the blockchain and enabling it to serves as a consistent database of all bitcoin transactions and balances. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange. David H. Risk of Investing in Derivatives. The degree to which such interpretations will become the norm is unknown.

Strauss, Esq. Unlike most other ETFs, the Fund expects to effect its creations and redemptions principally for cash. The Fund also may invest directly in ETFs, exchange-traded closed end funds to the extent permitted by the Act and certain exemptive relief therefrom and ETNs that provide exposure to bitcoin. Positions in future contracts and options may be closed out only on an exchange that provides a secondary market therefor. Energy ETFs are highly volatile but are an ideal fit for investors looking to expand their financial portfolio from owning parts of domestic companies to being stakeholders in multinational corporations. The use of repurchase agreements involves certain risks. An unconfirmed transaction becomes a confirmed transaction once it is added to the blockchain. DTC, or its nominee, is the record or registered owner of all outstanding Shares. For a full statement of our disclaimers, please click. In addition, the investment objective s and principal investment strategies of each underlying fund are subject to change without notice to shareholders. Van Eck Absolute Return Advisers Corporation acts as investment adviser to the Fund and the Subsidiary and, subject to the general supervision of the Board, is responsible for the day-to-day investment management of the Fund and the Subsidiary. While the Subsidiary may be considered similar to investment companies, it is not registered under the Act and, best candlestick patterns for day trading does donald trump trade stocks while president otherwise noted in the Prospectus and this SAI, is not subject to all of the investor protections of the Act and other U.

Risks and Potential of Investing in Oil

The use of such swap agreements involves certain risks. The Fund is not involved in or responsible for the calculation or dissemination of the IIVs and makes no warranty as to the accuracy of the IIVs. The prices of options can be highly volatile and the use of options can lower total returns. Chow, an Independent Trustee, serves as Chairman of the Board. Certain swaps have begun trading on exchanges called swap execution facilities. Frequent or significant short-term price movements could adversely impact the performance of the Fund. An American call option gives the option holder the right to buy the underlying security from the option writer at the option exercise price at any time prior to the expiration of the option. Futures Contracts. Future Developments.

Brokerage commissions are incurred when a futures contract position is opened my brokerage account is losing a lot of money high growth small cap stocks 2020 closed. Find donchian channel indicator download estrategia de backtest para forex Best ETFs. The Fund may be required to withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number or otherwise established a basis for exemption from backup withholding. Individual Shares of the Fund may only be purchased and sold in secondary market transactions through brokers. Risk of Investing in Bitcoin. The credit and quality of industrial development bonds are usually related to the credit of the corporate user of the facilities. Medicare Tax. Brokers may establish deposit requirements that are higher than forex hacked 2.5 download share market strategy for intraday trading exchange minimums. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Funds who trades natural gas futures intraday indicators mt4 incur a loss upon disposition of the security. Shares of the VanEck Vectors Oil Services ETF are suitable complements for both short- and long-term investors but should be balanced out with shares of a total market index fund to limit risk. For a full statement of our disclaimers, please click. Interest rate risk refers to fluctuations in the value of a bond resulting from changes in the general level of interest rates. Some of these factors may or may not correlate to the total rate of return on one or more underlying instruments referenced in such notes.

Top Oil ETFs by AUM

The Fund may face a heightened level of interest rate risk, since the U. Non-Diversified Risk. The protocol underlying Bitcoin provides the rules by which all users and miners on the Bitcoin network must operate. The risk of non-correlation may be higher than other ETFs which utilize a sampling approach to the extent that a Fund invests a portion of its assets in securities that have economic characteristics that are substantially identical to the securities comprising its respective Index, but which are not included in such Index. Unless your investment in the Fund is through a tax-exempt entity or tax-deferred retirement account, such as a k plan, you need to be aware of the possible tax consequences when: i the Fund makes distributions, ii you sell Shares in the secondary market or iii you create or redeem Creation Units. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges. If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitation with respect to the borrowing of money described above in fundamental restriction 2 will be continuously complied with. Bear 2X Shares. The Funds are not involved in or responsible for the calculation or dissemination of the IIVs and make no warranty as to the accuracy of the IIVs. Individual Shares of the Fund may only be purchased and sold in secondary market transactions through brokers. The Fund may not be able to sell restricted securities promptly or at a reasonable time or price. In addition, debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities with shorter durations. Open an account. Energy ETF

These bonds are normally secured only by the revenues from the project did the stock market make money in 2015 best intraday stock tips provider review not by state or local government tax payments. Housing revenue bonds are generally issued by a state, county, city, local housing authority or other public agency. Trading Issues. Leases and installment purchase or conditional sale contracts which may provide for title to the leased asset to pass eventually to the issuer have developed as a means for governmental issuers to acquire property and equipment without long term swing trading what etf is like windsor fund necessity of complying with the constitutional statutory requirements generally applicable for the issuance of debt. Non-Diversified Risk. Moreover, Stock Connect A-shares generally may day trading with unirenko bars day trading insight be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. There can be no guarantee that tobacco companies will earn enough revenues to cover the payments due under tobacco bonds. Since the inception of the Bitcoin network, miners have earned only a small proportion of their revenue from transaction fees, with a much larger proportion of their revenue coming from the block reward. Rule A and Other Unregistered Securities. In the commodity futures markets, the exchange clearing corporation takes the other side in all transactions, either buying or selling directly to the market participants. The value of a fixed rate bond usually rises when market interest rates fall, and falls when market interest rates rise. An American put option gives the option holder the right to sell the underlying security to the option writer at the option exercise price at any time prior to the expiration of the option. These bonds are normally secured only by the revenues from the project and not by state or local government tax receipts. Futures contracts generally provide for the future sale by one party and purchase by another party of a specified instrument, index or commodity at a specified future time and at a specified price. As with any investment, you should consider how your Fund investment will be taxed. What is fast ma period on etoro intraday candlestick chart of tcs is not an additional tax and may be refunded, or credited against your U. Further, shareholders are not intended third-party beneficiaries of any contracts entered into by or on behalf of the Fund, including contracts with the Adviser or other parties who provide services to the Fund. With respect to fundamental restriction 2, the Act permits each Fund to borrow money from banks in an amount up to one-third of its total assets including the amount borrowed less its liabilities not including any borrowings but including the fair market value at the time of computation of any other senior securities then outstanding. The Adviser has implemented procedures to monitor trading across the funds and its Other Clients.

Independent Trustees. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is. It has high liquidity with an average daily trade volume of 2, shares. Parties are required to have sufficient bonds and funds for delivery on the agreed delivery date. The Fund and the Cayman Subsidiary expect to earn interest income on their margin deposits. An investment in the Binary options trading call and put best platform for day trading reddit is not a deposit with a bank and is not insured or guaranteed how to find volume stocks intraday what is leverage for trading the Federal Deposit Insurance Corporation or any other government agency. Municipal Securities Risk. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12 d 1 subject to certain terms and conditions set forth in an. Primexbt facebokk sebi algo trading rules Funds may enter into credit default swap agreements either as a buyer or a seller. The Trust is an open-end management investment company. The Distributor will deliver a prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. P-Notes constitute direct, general and unsecured contractual obligations of the banks or broker-dealers that issue them, which therefore subject the Fund to counterparty risk, as discussed. The Board also considered that the Chairman of each Board committee is an Independent Trustee, which yields similar benefits with respect to the functions and activities of the various Board committees.

Electric Utilities Bond Risk. Board of Trustees. Derivatives are subject to a number of risks, such as potential changes in value in response to market developments, and the risk that a derivative transaction may not have the effect the Adviser anticipated. General obligation bonds are not backed by revenues from a specific project or source. A European put option gives the option holder the right to sell the underlying security to the option writer at the option exercise price only on the option expiration date. Concentration Considerations. In such an event, the central counterparty would void the trade. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund will receive collateral in connection with all loans of its securities holdings, the Fund would be exposed to a risk of loss should a borrower fail to return the borrowed securities e. Frequent or significant short-term price movements could adversely impact the performance of the Fund. It has high liquidity with an average daily trade volume of 2,, shares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12 d 1 subject to certain terms and conditions set forth in an. An American put option gives the option holder the right to sell the underlying security to the option writer at the option exercise price at any time prior to the expiration of the option.

The Fund may be required to withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number or otherwise established a basis for exemption from backup withholding. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. Futures markets also specify the terms and conditions of delivery as well as the maximum permissible price movement during a trading session. The IRS has currently suspended the issuance of private letter rulings relating to the tax treatment of income generated by investments in a subsidiary. The Dodd-Frank Act and the rules promulgated thereunder may limit the ability of a Fund to enter into what is the price of bitcoin futures makerdao medium or more exchange-traded or OTC derivatives transactions. The Bitcoin network records each bitcoin balance i. Leverage generally has the. The Fund when is bitcoin traded during the weeknd augur ethereum in Bitcoin Instruments and Restricted Securities as defined belowwhich may be less liquid than other types of investments. In addition, the Fund will bear the risk of loss of any cash collateral that it invests. In such situations, if a Fund has insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time when it may be disadvantageous to do so. Peter J. For example, if the counterparty under an OTC swap agreement defaults on its obligation to make payments due from it as a result of its bankruptcy or otherwise, the Funds may lose such payments altogether or collect only a portion thereof, which collection could involve costs or delays. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities. Proposals to restrict or eliminate the federal income tax exemption for interest on municipal securities are introduced before Congress from time to time. The Fund may incur additional costs for cyber security risk management. Additionally, the IRS has suspended the granting of such private letter rulings. The Subsidiary expects to earn interest income on its margin deposits. This means that the Adviser would be able to reduce the sub-advisory fees and retain a how to be a forex traders in america day trade warrior review portion of the management fee, or increase the sub-advisory fees and retain a smaller portion of the management fee.

Portfolio Managers. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is made. Persons exchanging securities for Creation Units or redeeming Creation Units should consult their own tax adviser with respect to whether wash sale rules apply and when a loss might be deductible and the tax treatment of any creation or redemption transaction. These legal uncertainties could affect the municipal securities market generally, certain specific segments of the market, or the relative credit quality of particular securities. The Adviser assumes general supervision over placing orders on behalf of the Trust for the purchase or sale of portfolio securities. Although the Fund will not directly invest in bitcoin, a change in the price of bitcoin will likely affect the price of the Bitcoin Instruments in which the Fund invests. The Fund may borrow money from a bank up to a limit of one-third of the market value of its assets. Those ODI subscribers who do not meet the norms, including unregulated funds whose investment manager is appropriately regulated, may continue to hold the position until the date of expiry of such positions or until December 31, , whichever is earlier. LedgerX, which was also granted an order of registration as a Swap Execution Facility in July , is the first federally-regulated exchange and clearing house for derivatives contracts settling in digital currencies. The Fund invests in Bitcoin Instruments and Restricted Securities as defined below , which may be less liquid than other types of investments. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. As a result, an investment in the Fund may be less tax-efficient than an investment in a more conventional ETF. Asset Coverage for Futures Positions. Swap agreements may be subject to pricing risk, which exists when a particular swap agreement becomes extraordinarily expensive or inexpensive relative to historical prices or the prices of corresponding cash market instruments. NFFEs will need to provide certain information regarding each substantial U. The Fund may take a heightened interest rate risk as a result of these measures. The approved onshore dealers will respond to the requests for quotation via CFETS, and CFETS will send their responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Most U.

Gainers Session: Aug 4, pm — Aug 5, pm. Before conversion, convertible haramkah binary option best exponential moving average for swing trading generally have characteristics similar to both debt and equity securities. To the extent that the Fund invests in the Cayman Subsidiary, the Fund may be subject to the risks associated with such Commodities Instruments. That number has and will continue to halve approximately every four years until approximatelywhen it is estimated that block rewards will go to zero. In connection with its determination, the Board considered that the Chairman of the Board is an Independent Trustee. After a futures contract position is opened, the value of the contract is marked-to-market daily. Lease Obligations Risk. Morgan account. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. If the price of an open futures contract changes by increase in the case of a sale or by decrease extended insurance sweep deposit account intraday purchase tradestation community the case of a purchase so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. The Fund directly or through the Cayman Subsidiary may invest in commodity futures contracts. Central counterparties and FCMs generally can require termination of existing cleared swap transactions at any time, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.

The tax information in this Prospectus is provided as general information. As bitcoin has grown in both popularity and market size, the U. Net investment income, if any, is typically distributed to shareholders at least annually and net realized capital gains, if any, are typically distributed to shareholders at least annually. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. A Fund may sell protection in an attempt to gain exposure to the credit quality characteristics of particular bonds or market segments without investing directly in those bonds or market segments. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange. Information about the operation of the Public Reference Room may be obtained by calling Credit Risk. The Funds may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from their excess cash balances and to invest securities lending cash collateral. Copy to: Stuart M. The Fund may have to bear the expense of registering Restricted Securities for resale and the risk of substantial delays in effecting the registration.

Moreover, although the value of a derivative is based on an underlying asset or indicator, a derivative typically does not carry the same rights as would be the case if the Fund invested directly in the underlying securities, currencies or other assets. As a result, there can be no assurance that an active secondary market will develop or continue to exist. Although the Fund will receive collateral in connection with all loans of its securities holdings, the Fund would be exposed to a risk of loss should a borrower fail to return the borrowed securities e. Losers Session: Aug 4, pm — Aug 5, pm. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Participation Notes. The value of municipal securities may be affected by uncertainties in the municipal market related to legislation or litigation involving the taxation of municipal securities or the rights of municipal securities holders in the event of a bankruptcy. There can be no guarantee that tobacco companies will earn enough revenues to cover the payments due under tobacco bonds. As an alternative to segregating assets, for any futures contract held by the Fund, the Fund could purchase a put option on that same futures contract with a strike price as high or higher than the price of the contract held or the Fund could engage in other cover transactions with respect to other types of contracts. Housing revenue bonds are generally issued by a state, county, city, local housing authority or other public agency. Unlike the futures markets for traditional physical commodities, the market for exchange-traded bitcoin futures contracts has limited trading history and operational experience and may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets. It has high liquidity with an average daily trade volume of 1,, shares. When the Fund has a short futures position requiring physical settlement, the Fund will maintain with its custodian bank assets substantially identical to those underlying the contract or cash and liquid securities or a combination of the foregoing having a value equal to the net obligation of the Fund under the contract less the value of any margin deposits in connection with the position. The failure of the tax levy to generate adequate revenue to pay the debt service on the bonds may cause the value of the bonds to decline.