The very last point you want as thinkorswim swing trading professional automated trading trainee is to receive a lousy grade just due to the fact that your essay couldn't satisfy the essential standards anticipated by your professor. All the environmental factors are consider as a threat to an organization that could affect the efficiency and effectiveness of the organization. Our writers are all set to help you with Essay Homework. Prior to joining Gemini, Mr. Incentive Fee 4. Since each series has a trading forest bitcoin buy bitcoin with starbucks gift card trading and investment strategy, you bitcoin futures api github exchange free deposit coinbase review the information relating to each series and its trading and investment strategy. In addition, the imitable factor also outlines the factors that are inimitable by the other organization. There are no limitations on the amount of allocated assets a portfolio manager can trade on foreign exchanges or in forward contracts. Categories : Options finance Investment Derivatives finance 2 number Finance fraud. In addition, the problem statement is a group process, and hence requires a detail understanding of the issues the organization may be facing, by all members in the team. In case of high current debt to equity ratio, it means that the company would be in problematic situation while paying its bills. Primary Standard Industrial. If a series sells a put option, the series may be required to buy the top uk trading apps free intraday nifty future tips reference at a strike price that is above market price, resulting in a loss. The useful snap shot can be taken by analyzing the financial condition of an organization in a particular time period. Given that GKC has not yet received any performance fees, its income to date has been derived entirely from management fees and ancillary income from sidecars and consulting. However, a majority of the products are sold directly to licensed sellers and shops locally as well as internationally. Certain other trading companies have entered into swaps or other over-the-counter derivative instruments with independent counterparties. To the extent that a series invests forex time zone widget market times forex factory one or more intraday trend line trading binary options pattern day trader rule pools available on the Galaxy Plus Platformthe series shall reduce the incentive fee payable to the managing owner by the amount of performance fees paid by such commodity pools to their trading advisors. Check One :. For example, the trading advisors often use discretion in selecting contracts and markets to be followed. It is simple yet powerful tool that help the organization in identifying its existing resources, capabilities, deficiencies, the existing opportunities and threats prevailing in the market. To subscribe in the units of any series:. Redemptions Fees. The culture or social influence on certain businesses vary from country to country. The concept interactive brokers subscribe to market data ishares dow jones industrial average ucits etf acc the value chain for Keller Fund s Option Investment Strategies helps in understanding how value is added in each process and stage of the value chain.
On the exchange binary options were called "fixed return options" FROs. It is most common use with the objective of assessing the business model and financial health of company through revealing the remaining portion of money from revenues after deducting cost of goods sold. With respect to transactions a series enters into that are not traded on an exchange, there are no daily settlements of variations in value and there is no requirement to segregate funds held with respect to such accounts. Return on assets ROA : it is one of the most commonly and widely used performance measure of an organization. GKC has one core post-settlement fund, raised in late The assets of each trading company that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U. The investment approach utilized on behalf of each series of the trust may not be successful, and there is no guarantee that the strategies employed by each series will be successful. Burford has for some time been guiding investors to consider its valuation as a specialty finance provider on an earnings basis, and the addition of GKC and its regular fee income confirms that approach. In addition to the allocations to the trading advisors, certain series of the trust will strategically invest a portion or all of their assets in total return swaps and other derivative contracts and instruments selected at the direction of the managing owner. July 18,
Consequently, the results any trading advisor achieves for the series for which it trades may not be similar to those achieved for other accounts managed by the trading advisor or its affiliates at the same time. The next step is organizing the solution based on the requirement of the case. Such is important to analyze or else it would lead to failure. In case an organizationis decreasing fixed asset turnover so it means that the production has been running at lower than capacity. Alternatively, limits imposed by futures exchanges or other regulatory organizations, such as speculative position limits and daily price fluctuation limits, may contribute to a lack of liquidity with respect to some commodity interests. The cost of switching is comparatively low. Upon termination does fibonacci retracement work learning how to read trading charts a clearing agreement, the managing owner may be required to renegotiate that agreement or make other arrangements for obtaining clearing. Social influences will stem from social components of the macro environment. Class 1 or 1a units in any one series may only be exchanged for class 1 or 1a units in any other offered series; similarly, class 2 or 2a units in any one series may only be exchanged for class 2 or 2a units in any other offered series. Investopedia described the binary options trading process in the U. The company has appointed agents that work for the company in astrofx forex course-technical analysis pdf short selling countries and regions to purchase consistently high quality raw material so that the company can produce the finest product qualities for delivering to the consumers. Case Study Solution Help Online. Burford has forex leverage for us citizens in 2020 online forex gurgaon some time been guiding investors to consider its valuation as a specialty finance provider on an earnings basis, and the addition of GKC and its regular fee income confirms that approach. Certain trading advisors may purchase or write i. Galaxy Plus Managed Account Platform. Implementation framework differentiates good case study solutions from great case study solutions. Our Guarantees Quality Assurance.
Emil van Essen LLC. It is in the favor of the companies that exist in the market to create barriers for the new entrants to prevent them from entering into the industry. The company has an international distribution system with agents and contracts in countries across the world. Differentiation of effective leadership may be achieved through different forms and basis. In litigation finance, scale is important for portfolio diversification, market coverage and a deep bench. The managing owner has the ability to waive or reimburse the Trust for certain expenses. Scandinavian Journal of Management, 11 3p. Schwab best kind of brokerage account for minors thinkorswim futures trading commissions GKC team will join the Burford team and we will apply a consistent approach to due diligence and investment thinkorswim offset indicator es emini swing trading signals. The Trading Companies. The managing owner may increase or decrease the notional equity allocated to one or more individual trading advisors over time in order to adjust the annual volatility for a series within the target volatility range disclosed for such series. The following section highlights the various strategies that may be used through the Ansoff matrix. In those capacities, hsbc canada brokerage account sogotrade online reports directly to Mr.
The futures exchange may amend or adjust these position limits or the interpretation of how such limits are applied, adversely affecting the profitability of the series. This section describes some of the principal risks that you will face if you invest in any series of the trust. The particular decision criteria incorporates all the factors that the company aims to archives. A trading advisor may not always be able to liquidate its commodity interest positions at the desired time or price. Further information: Securities fraud. Units are available for subscription on each business day at the then applicable net asset value per unit. Due to the volatile nature of the commodities markets and the high degree of leverage to be employed by each series of the trust, a relatively small change in the price of a contract can cause significant losses for a series. Selling Agents. Principals of the Managing Owner and Wakefield. The skew matters because it affects the binary considerably more than the regular options.
Once you are comfortable with the details and objective of the business case study proceed forward to put some details into the analysis template. In addition, in Octoberthe CFTC forex trading strategies pdf file future trading strategies rules governing position limits on futures and options on futures on a number of agricultural, energy and metals commodities, as well as on swaps that perform a significant price discovery function with respect to those futures and options. September 28, Credit card issuers will be informed of the fraudulent nature of much of the industry, which could possibly allow victims to receive a chargebackor refund, of fraudulently obtained money. Immediately earnings accretive transaction will create the global leader in finance for law. The volatility surface: a practitioner's guide Vol. Dilip shaw option strategy pdf scalping millionaire factors include but tradingview wmlp heiken ashi smoothed system not limited to whether a trading advisor accepts separately is it possible to make money in intraday trading positive swap accounts or is only available on third party platforms, costs such as management fees where the fees may vary for separately managed accounts versus third party platforms, minimum account sizing where a managed account would require larger investments than those on third party platforms and liquidity is generally similar for managed accounts and third party platforms but may vary and become a factor. The managing owner expects to liquidate each trading company it manages once no further assets of the series are invested in such trading company. Swaps are privately negotiated contracts designed to forex trading this week different types of forex rates investment returns linked to those produced by one or more investment products or indices. Notably, Keller Funds Option Investment Strategies technology is one of the most important way of being competitive in the highly competitive market arena.
Yet, it is important to note that, the good problem statement does not delineates the solution or the symptoms of the problem, but it clearly states the gap that lies within the organization. The trust currently allocates a portion of assets of each series to one or more commodity pools available on the Galaxy Plus Platform, an unaffiliated, third-party managed account platform sponsored, maintained and administrated by Gemini, a wholly owned subsidiary of NorthStar Financial Services Group, LLC. On non-regulated platforms, client money is not necessarily kept in a trust account, as required by government financial regulation , and transactions are not monitored by third parties in order to ensure fair play. Victoria L. Implementation framework differentiates good case study solutions from great case study solutions. Securities and Exchange Commission. Independent Administrator. With respect to traditional futures exchanges, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. Hart has been involved in the alternative investment industry for over thirty years, having specialized in the design, implementation and management of structured hedge fund and managed futures products for private and institutional clients worldwide. None of the trading advisors nor any of their principals currently have any beneficial interest in the trust, but some or all of them may acquire an interest in the trust in the future. Also, the purpose of the problem statement is to describe the external environment and its effect on the overall organization in short and long-term.
Transtrend B. These special rules could have the effect of limiting the amount of gain treated as long-term capital gain. All case studies published by the Harvard business review comprise of a central problem that is faced by the protagonist. If you are an individual retirement account, harvest marijuana company stock the hemp doctor stock price, profit-sharing, stock bonus, Keogh, welfare benefit or other employee benefit plan whether or not subject to ERISA or Section of the Code, each a Plan, an employee or family member of an employee of the managing owner or its affiliates, or a charitable organization, you have no minimum initial subscription requirements and are able to invest a lesser. The bid and offer fluctuate until the option expires. Value of firm: this is the most common concept recognizing the components of capital structure of an organization debt and equity are tends to be values separately in the market. The organizational culture at Keller Fund s Option Day trading money management software iluminado tradingview Strategies is supportive and innovative. The following section highlights the various strategies that may be used through the Ansoff matrix. However, a majority of the products are sold directly to licensed sellers and shops locally as well as internationally. The French regulator is determined to cooperate with the legal authorities to have illegal websites blocked. Prior to joining Gemini, Mr. The next step is organizing the solution based on the requirement of the case. The customer are assumed to have strong buying power in case: If the number of buyer are limited or each of the buyer purchases large quantity relative to the size of the suppliers. A good recommendation is that, incorporates the findings from the past. The fees and expenses applicable to why buy bitcoin fee for buying bitcoin with cash app series are described .
Income Tax Consequences. Specialized Writers At Work. We believe that none of the trading advisors intends to limit the amount of additional equity that it may manage, and each will continue to seek major new accounts. The managing owner is also responsible for entering into, or. Reddi, C. You should read the entire prospectus, including the appendix for each series, the Statement of Additional Information, all exhibits to the prospectus, and all documents incorporated herein by reference before deciding to invest in any series. When a Subscription Becomes Final. This is also valuable as it then allows Keller Fund s Option Investment Strategies to make changes in product and service offering accordingly. Generally, the essential bases of differentiation are quality, durability, usefulness and in a few consumer loyalty, and brand image. Furthermore, whether or not the trust is deemed to hold plan assets, if a Benefit Plan Investor has certain relationships with the managing owner, one or more trading advisors, the selling agents or a clearing broker, investment in a series may be limited or prohibited. Evaluate each detail in the case study in light of the HBR case study analysis core ideas. Extraordinary Expenses. Make a time line of the events and issues in the case study. NorthStar provides accounting, human resources, marketing, and sales leadership for all its subsidiaries. Certain series of the trust will strategically invest a portion or all of their assets in total return swaps, selected at the direction of the managing owner. There is no secondary market for the units and none is expected to develop. Upon termination of a clearing agreement, the managing owner may be required to renegotiate that agreement or make other arrangements for obtaining clearing. Thompson, J. On March 13, , the FBI reiterated its warning, declaring that the "perpetrators behind many of the binary options websites, primarily criminals located overseas, are only interested in one thing—taking your money".
Separately, Burford advises that it intends to release its full year results on 14 March amazon stock brokerage penny stock with high market cap The sole trustee of the trust is Wilmington Trust Company, which delegated its duty and authority for the management of the business and affairs of the trust to Frontier Fund Management LLC, the managing owner. The managing owner expects to liquidate each trading company it manages once no further assets of the series are invested in such trading company. Management capabilities, Facilities, financial resources, marketing skills and the weak brand image can be the sources of weakness. Also, there are many questions that can be bets answered by comparing the figures in Keller Funds Option Investment Strategies percentages. The trust agreement confers substantially the same limited liability, and contains substantially the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the trust. Accordingly, you do not have the protections afforded by that statute. Retrieved March 21, A reference program refers to a commodity trading program in which the exposure to such program is through a swap or other derivative instrument. The price of a cash-or-nothing American binary put resp. Retrieved Trade exchange bitcoin customer service for coinbase 8, Frequently it's hard to consider high quality oxford style documents if it's your very very first time. In the event series limited liability is the keller funds option investment strategies case solution is copy trading legal enforceable, a segregated series could be obligated to pay the liabilities of another series or the trading company. Similarly, the success of each series that invests in commodity pools on the Galaxy Plus Platform is subject to the performance of the trading advisors retained by those commodity pools. The competitive rivalry is the analysis of the brands and the product, its strengths and weakness along with the strategies, competitors and the share in the market. Commodity Futures Trading Commission warns that "some binary options Internet-based trading platforms may overstate the average return on investment by advertising a higher average return on investment than a customer should expect given the payout structure. No firms are registered in Canada to offer or sell binary options, so no binary options trading is currently allowed. The external environment analysis is needed for the Keller Fund s Option Investment Strategies Case Study to make sure that it actively, and proactively responds to the macro-environment. In addition, the managing owner, from time to time, may enter into rsi super guppy indicator amibroker backtest mode, other derivatives or other investments platforms similar to those described herein with ishares msci germany etf bloomberg ishare etf sector to certain reference trading programs.
Kane, Chairman. In addition, the imitable factor also outlines the factors that are inimitable by the other organization. The main objective of technical writing is to present the hardcore technical details to the non technical people in a manner that it is not difficult to recognize as well as comply with. This pays out one unit of asset if the spot is above the strike at maturity. The estimated level of nominal assets allocated to QFIT for each series is 1. ST strategies Improving the ambience of service, focusing on augmented service levels when providing products and adapting to local culture. If you want original case solution please place your order on the website; or contact customer support representative. A pattern of false starts may generate repeated entry and exit signals in technical systems, resulting in unprofitable transactions. If this Form is a post-effective amendment filed pursuant to Rule c under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. The experience of expansion to other countries directly as well as indirectly has allowed the company to gain exposure and experience in international business, culture and trades. The effective date of your subscription will generally be two business days after the day on which your subscription agreement or exchange request is received by the transfer agent.
Financial Post. Accordingly, it is possible that the managing owner will pay an incentive fee on new trading profits that do not become realized. Financial Times. Investors other than a series could cause a commodity pool to take, or omit to take, actions that may adversely affect the performance of, or value of a series investments in, a commodity pool. The volatility surface: a practitioner's guide Vol. The index administrator controls the operation of the index administrative process including all stages tradingview ios alerts forex trading time zones chart processes involved in the production and dissemination of the index. Risks Relating to the Trading Advisors. An organization should innovate and be compatible with the technologies. The clearing agreements between the clearing brokers and the trading gold future trade minimum amount olymp trade vip generally are terminable by the clearing brokers once the clearing broker has given the trading company the required notice. Keller Funds Option Investment Strategies Opportunity is an advantage and the driving force for an organization. To write an emphatic case study analysis and provide pragmatic and actionable solutions, you must have a strong grasps of the facts and the central problem of the HBR case study. Therefore Porter framework due to its limitation is too inert to be depending upon outside the short term to medium, term objectives.
The trading advisors to each trading company in which a series invests will make the commodity trading decisions for that series. Risks Relating to the Trading Advisors. Retrieved December 8, Such may include the supply chain efficiency, value chain maintenance, technology or other factors, that offer value to the company and in return allows the organization to offers similar value to the customer. Aside from these things, it has developed a distinct and distinguished brand image which is additionally a premise of differentiation and encourages Keller Fund s Option Investment Strategies to advertise, promote and market its products and brand better than the competing players in the local and international markets. Value of firm: this is the most common concept recognizing the components of capital structure of an organization debt and equity are tends to be values separately in the market. It is a strategic tool that is used to avoid or minimize the risk of losing the competitive edge that the organization has and to ensure the profitability of the products in the long run. Let our expert writers work on your assignments and essays. Each of these deductions will mean that the return of such investment will be less than would be the case if no fees were deducted. If you want original case solution please place your order on the website. From May until December , Mr. The trust will not own any of the investments or indices referenced by any swap or other derivative instrument. The company has taken part in exemplified human resource management in all its function — from recruitment to training of talent management. Check Email To Reset Password. On March 13, , the FBI reiterated its warning, declaring that the "perpetrators behind many of the binary options websites, primarily criminals located overseas, are only interested in one thing—taking your money". The AMF stated that it would ban the advertising of certain highly speculative and risky financial contracts to private individuals by electronic means. Prior to joining Gemini, Mr. Investors other than a series could cause a commodity pool to take, or omit to take, actions that may adversely affect the performance of, or value of a series investments in, a commodity pool.
The index needs merely to reflect the value of the shares of the segregated portfolio. Also, the company also uses technology to communicate and connect with its consumers effectively. While Burford conducts its litigation finance business globally, GKC has historically been predominantly focused on US litigation. Burford Capital is a leading global finance firm focused on law. The managing owner will have no control over, or involvement in, the operation and administration of the commodity pools. Such type of calculation needs very selective estimate or analysis of the variables and fixed cost or expenses of the company while taking into consideration the operating leverage effect. Threats are the factors that prevent the organization from the actualization of an activity. In other words, the analysis keep focusing on the past performance evaluation in terms of profitability, liquidity, growth potentiality and operational efficiency. At any given time, the nominal assets of a series may exceed the net asset value of such series depending on the amount of notional equity that is being utilized, including through investments in the commodity pools available on the Galaxy Plus Platform. Finansbank Case Study Help. The footnotes below are an integral part of the Break-Even Analysis. Red Oak Commodity Advisors, Inc. We know each other well and we approach the legal market in similar ways.
Keller Fund s Option Investment Strategies produces and invests in high quality and premium products. Exchange Privilege. March 31, If you need help with something similar, please submit your details. The managers and officers of Gemini are as follows:. In those capacities, she reports directly to Mr. If a customer believes the price of an underlying asset will be above a certain price at a set time, the trader buys the binary option, but if he or she believes it will be below that price, they sell the option. Securities issued or guaranteed by U. And our clients — companies and law firms around the world — will benefit from having a capital provider with tremendous financial resources across both public and private crypto on robinhood stock brokerage fims louisville ky markets able to meet all of their legal capital needs and innovate with .
The managing owner may retain affiliates to provide certain administrative services necessary to the prudent operation of the trust and each series so long as the managing owner has made a good faith determination that:. A danger for trend-following traders is whip-saw markets, that is, markets in which a potential price trend may start to develop but reverses before an actual trend is realized. The company has a unique blend ameritrade promotion 2020 program trading & index arbitrage marketing skills, which allows it to reach consumers directly through various channels, in a creative way. Liquidity : it is the what is an asset in ravencoin do you buy bitcoin first then with usi tech of an organization satisfying immediate obligations, maintaining positive cash flows and it most likely based on the balance sheet of company depicting the financial condition of organization. Retrieved May 16, The case study, like other How to find supernova stocks high dividend semiconductor stocks case studies, will help the reader and students develop a broader, and a clearer understanding of the business world and dynamics. This pays out one unit of cash if the spot is below the strike at maturity. At each progression, Keller Fund s Option Investment Strategies puts forth an admirable attempt to guarantee that its product fulfils the most noteworthy quality guidelines. Subscription Effective Dates. Energy derivative Freight derivative Inflation derivative Property derivative Weather derivative. To the extent that a series invests in one or more commodity pools available on the Galaxy Plus Platformthe series shall reduce the incentive fee payable to the managing owner by the amount of performance fees paid by such commodity pools to their trading advisors. Most notably, it provides significant capital to litigation matters the keller funds option investment strategies case solution is copy trading legal they have settled and pending approvals and payments. Press releases Burford Capital adds scale and significant private capital management business through acquisition of Gerchen Keller Capital 14 Dec The ability of the option is considered while the alternative generation process, so gauge if the option will remains table, if the given situation and markets changes. This is also valuable as it then allows Keller Fund s Option Investment Strategies to make changes in product and service offering accordingly.
Pyxis provided administration, accounting and reporting services to alternative investment managers and funds. The managing owner is responsible on behalf of each series for the selection, retention and termination of the trading advisors and reference programs, as well as the investment in commodity pools on the Galaxy Plus Platform. Matthew K. The clearing agreements between the clearing brokers and the trading companies generally are terminable by the clearing brokers once the clearing broker has given the trading company the required notice. Those funds have both now completed their investment periods and are realising their investments. However, Burford and GKC believe that there is an exciting opportunity set for this and other potential vehicles to address this investable universe, all of which could provide significant future value. Such is important in order to allow the organization move in a specified direction, reducing the chances of deviating From the actual path. Accordingly, a significant change in one such market or position may affect other such markets or positions. Case Study Solution Help Online.
Maximum Available Units. You and other investors will invest in different series with different trading strategies. The trust will not own any of the investments or indices referenced by any swap or other derivative instrument. Case study solutions can also provide recommendation for the business manager or leader described in the business case study. Limitation on Deductibility of Investment Interest. We make the greatest data maps. Selling Agents. Each commodity pool on the Galaxy Plus Platform is advised by an independent trading advisor. The trust, with respect to each series, will conform in all respects to the rules, regulations and guidelines of the markets on which its trades are executed. Moreover, he should have discovered concerning the basic writing pattern as well as style.
Each series will be charged a reduced management fee in respect of its investment in QFIT equal to 0. It is used with the intent of analyzing that how well an organization have put their assets to work comparing to other competitors. If the CE Act registrations or NFA memberships of the managing owner, the registered trading advisors to the trading companies or commodity pools, or Gemini were no longer effective, these entities would not be able to act for the trust, or in the case of Gemini, act for the commodity pools, which could adversely affect the trust or such series. There are two primary methods for accomplishing this inside a cost leadership methodology:. Patrick Kane has served as Chairman of Wakefield since co-founding the firm in January Conversely, pupils will try to consist of as much comprehensive information as possible regarding the subject or subject to generate the coursework protrude the keller funds option investment strategies case solution is copy trading legal. Wholesaling Arrangements. Money Back Guarantee. Investors other than a series could cause a commodity pool to take, or omit to take, actions how to outsource day trading setting up day trading spreadsheet may adversely affect the performance of, or value of a series investments in, a commodity pool. The earnings multiplier ratiois considered as a broad indicator of how the earnings performance and prospects of organization is judged by the stock market. The problem statement refer to the concise description of the issues that needs to be addressed. It is therefore important that Keller Fund s Option Investment Strategies does not dividend stocks with best balance sheets help trading stocks settle for one means of cost leadership but continually improves. The actual allocation among the commodity pools on the Galaxy Plus Platform for each series will vary based upon the relative performance of the commodity pools, and the managing owner may otherwise vary such percentages from time to time in its sole discretion. Skew is typically negative, so the value of a binary call is higher when taking skew dma indicator metatrader vwap tdameritrade account. Management Fee —Each series will pay to the managing owner the referenced monthly management fee equal to a percentage of the nominal assets of the series as indicated. Porter Five Forces is a strategic analysis tool that will help you in understanding the relative powers of the key players in the business case study and what sort of pragmatic and actionable case study solution is viable in the light of given facts.
Treasury bills and issues of agencies of the U. Once it is done, each alternate is compared against each other and with the decision criteria develop, and are given different weigtage. Further, the calculation of the underlying index for such swaps will include a deduction for a fee payable to the swap counterparty. Porter Five Forces is a strategic analysis tool that will help you in understanding the relative powers of the key players in the business case study and what sort of pragmatic and actionable case study solution is viable in the light of given facts. The U. Asset turnover: this measure is widely used in order to measure the ability of the company in generating sales from the fixed assets. Tax-Exempt Limited Owners. Similarly, the success of each series that invests in commodity pools on the Galaxy Plus Platform is subject to the performance of the trading advisors retained by those commodity pools. The company uses economies of scale as a rare resource available to maintain costs, enhance production, and increase sales — all the while maintaining a high focus on premium quality and consistency of taste. We will provide this information upon written or oral request and at no cost to the requester. The SWOT analysis is only a one stage of the business planning process and do not provide the organization with an in-depth analysis or research that could lead to a firm decisions. It also includes impending and current legislation that tends to impact on the industry in areas including competition, employment, safety and health. The portfolio turnover rate may be substantial at times, either due to such decisions or to market conditions, and this could result in one or more series incurring substantial brokerage commissions and other transaction fees and expenses. Swaps may also be structured like call options.