# kaal:claim:2811729-025

**Claim.** Unconstrained mutual funds engaged in almost 50 percent more futures contract transactions than other mutual funds, and the overall scope and nature of their derivative use is consistent with what the authors would expect of a private fund.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- schedule of investments from the sample funds' latest N-CSR filings, April 2016

**Source quote.**

> most importantly, futures contracts, where UMFs engaged in almost 50 percent more transactions than other mutual funds. These statistics reflect the scope and nature of derivative use by UMFs, and are consistent with what the authors would expect of derivative use by a private fund.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), IV.A. UMF v. Mutual Fund Characteristics, page 44

**Cite as.** Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**Verify.** sha256 of source PDF `0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Anderson%20-%202016%20-%20Unconstrained%20Mutual%20Funds%20and%20Retail%20Investor%20Protection.pdf

**Topics.** private-funds, empirical-evidence

**Keywords.** futures, derivatives, private-funds, empirical-data

**Related claims.**

- supports: https://wulfkaal.github.io/claims/2715083-009

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.