AccuShares Investment Management (AIM), sponsor to the AccuShares Spot CBOE VIX Fund and the AccuShares S&P GSCI Crude Oil Excess Return Fund, on August 24, 2016, has determined to liquidate and terminate each Fund:

AccuShares Spot CBOE VIX Up Shares (VXUP)
AccuShares Spot CBOE VIX Down Shares (VXDN)
AccuShares S&P GSCI Crude Oil Excess Return Down Shares (OILD)
AccuShares S&P GSCI Crude Oil Excess Return Up Shares (OILU)

Due to each Fund’s assets remaining small and the expectation that the assets of the Funds will not grow sufficiently in the foreseeable future, AIM believes that it is in the best interests of each Fund and its respective shareholders for the Fund’s business and operations not to continue.

As of the close of regular trading on the NASDAQ stock market on September 8, 2016 (Closing Date), the shares of each class of the Funds will cease trading on the NASDAQ and will be closed to purchases by investors. Effective immediately, each Fund no longer will accept creation orders. Shareholders may sell their holdings in each Fund prior to the close of regular trading on the Closing Date and customary brokerage charges may apply to these transactions. Prior to the Closing Date, each Fund will be in the process of winding up its operations in an orderly fashion.

On or about September 8, 2016, each Fund will declare cash distributions and distribute cash pro rata based on respective Share Class Values to all remaining shareholders who have not previously redeemed their shares. These distributions are taxable events. These payments to shareholders will include Net Investment Income, if any. Once the distributions are complete, each Fund will terminate.