{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/rule-18f-4",
 "identifier": "kaal:entity:rule-18f-4",
 "name": "Rule 18f 4",
 "termCode": "rule-18f-4",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/rule-18f-4.md",
 "sha256": "42f505603af69516b261cc51386e34408d5bd29d75f77662475c073faa5bdfbe",
 "additionalProperty": [
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   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
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  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
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   "@type": "PropertyValue",
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   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2016",
    "2016"
   ]
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-040",
   "identifier": "kaal:claim:2715083-040",
   "text": "Proposed SEC Rule 18f-4 is a potential threat to the alternative mutual fund business model, because its risk based portfolio limit could undermine managers' ability to implement their investment strategies using derivatives.",
   "abstract": "Proposed SEC Rule 18f-461 constitutes a potential threat for the business model of the alternative mutual fund industry.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "if proposed Rule 18f-4 is adopted as proposed",
    "alternative mutual funds relying on derivatives"
   ],
   "source_pdf_sha256": "b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-015",
   "identifier": "kaal:claim:2811729-015",
   "text": "Proposed Rule 18f-4 would be highly limited in mitigating liquidity and other risks in an unconstrained mutual fund portfolio, because material leverage, counterparty, and liquidity risks in such a fund can arise from investments in a range of non-derivative instruments that the rule does not reach.",
   "abstract": "in mitigating significant liquidity or other risks in a UMF portfolio is therefore potentially (highly) limited, as material leverage, counter-party, liquidity, and other risks to a particular UMF could arise from the fund's investments in a range of non-derivative instruments,",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "proposed Company Act Rule 18f-4 as proposed in December 2015",
    "unconstrained mutual funds with broad investment authority"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'rule-18f-4'. Derived node: a roster, not an adjudicated definition."
}