The Bitcoin network is a recent technological innovation, and the bitcoin that is created, transferred, used and stored by entities and individuals have certain features associated with several types of assets, most notably commodities and currencies. In addition, in cases where a company is exposed to a significant level of financial risk but does not have (or fails to disclose the establishment of) an explicit board-level risk oversight (committee or otherwise), we will consider recommending to vote against the chairman of the board. Glass Lewis believes that a designated committee chair maintains primary responsibility for the actions of his or her respective committee. In order to provide investors with a basis to gauge whether the market price of the Shares on the Exchange is approximately consistent with the current value of the assets of the Fund on a per Share basis, an updated value of the Fund’s Shares is disseminated intra-day (“IIV” and also known as the Indicative Optimized Portfolio Value) is disseminated intra-day through the facilities of the Consolidated Tape Association’s Network B. IIVs are disseminated every 15 seconds during regular Exchange trading hours by NASDAQ or by market data vendors or other information providers based on the most recently reported prices of Fund Securities.
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. We note, however, that we will only support shareholder proposals to change a company’s place of incorporation in exceptional circumstances. However, we recognize that support of appropriately crafted shareholder initiatives may at times serve to promote or protect shareholder value. However, the Subsidiary is wholly-owned and controlled by the Fund and is advised by the Adviser. However, we will recommend that shareholders vote against a proposal to adopt or amend a pill to include NOL protective provisions if the company has adopted a more narrowly tailored means of preventing a change in control to preserve its NOLs.
Such disclosure could create internal personnel discord that would be counterproductive for the company and its shareholders. Pursuant to the CFTC harmonization regulations, the Fund and the Adviser may elect to meet the requirements of certain CFTC regulations by complying with specific SEC rules and regulations relating to disclosure and reporting requirements. The Fund and the Adviser will remain subject to certain CFTC-mandated disclosure, reporting and recordkeeping regulations even if they elect substituted compliance under the CFTC harmonization regulations. SEC and CFTC Regulatory Risk. Risk of Investing in Derivatives. Moreover, many non-financial firms maintain strategies which involve a high level of exposure to financial risk. Generally, the Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments). For purposes of calculating the fees for the Fund, the net assets of the Fund include the value of the Fund’s interest in the Subsidiary From time to time, the Adviser may waive all or a portion of its fees. Each Share issued by the Trust has a pro rata interest in the assets of the Fund.
The tax treatment of the Fund’s investments in the Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund. Subsidiary Investment Management Agreement. While we think that having adequate shares to allow management to make quick decisions and effectively operate the business is critical, we prefer that, for significant transactions, management come to shareholders to justify their use of additional shares rather than providing a blank check in the form of a large pool of unallocated shares available for any purpose. In some countries, companies elect their board members as a slate, thereby preventing shareholders from voting on individual director since shareholder can only vote for or against the board as a whole. The Caesars Rewards Gift Card can be used at nearly 50 Caesars Rewards resorts and casinos across the United States.
