−Removed: Management’s Discussion and
−Removed: Analysis of Financial Condition and Results of Operations.
+Added: Management’s Discussion
+Added: and Analysis of Financial Condition and Results of Operations.
This information should be read in conjunction
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the “Funds”).
−Removed: As of June 30, 2022, the following two series of the Trust have commenced investment operations:
−Removed: -1x Short VIX
−Removed: Futures ETF and 2x Long VIX Futures ETF.
+Added: As of September 30, 2022, the following two series of the Trust have commenced investment operations:
+Added: VIX Futures ETF and 2x Long VIX Futures ETF.
Each of the Funds listed above issues common units of beneficial interest (“Shares”),
50 unchanged sentences
Shares through their commission or fee-based brokerage accounts.
−Removed: The form of Authorized Participant Agreement
−Removed: and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem
−Removed: a Creation Unit.
−Removed: Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees
−Removed: or compensation in connection with their sale of Shares to the public.
−Removed: The Sponsor maintains a website at www.volatilityshares.com,
−Removed: through which monthly account statements and the Trust’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments
−Removed: to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934
−Removed: Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished
+Added: The form of Authorized Participant
+Added: Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may
+Added: purchase or redeem a Creation Unit.
+Added: Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates,
+Added: any underwriting fees or compensation in connection with their sale of Shares to the public.
+Added: The Sponsor maintains a website at
+Added: www.volatilityshares.com, through which monthly account statements and the Trust’s Quarterly Reports on Form 10-Q, Current
+Added: Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange
+Added: Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such
+Added: material is electronically filed with, or furnished to, the U.S.
Securities and Exchange Commission (the “SEC”).
−Removed: Additional information regarding the Trust may also be found
−Removed: on the SEC’s EDGAR database at www.sec.gov.
+Added: Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.
Liquidity and Capital Resources
9 unchanged sentences
During the three months
−Removed: ended March 31, 2022, each of the Funds earned interest income as follows:
+Added: ended September 31, 2022, each of the Funds earned interest income as follows:
Interest Income
Three Months Ended
−Removed: June 30, 2022
+Added: September 30,
-1x Short VIX Futures ETF
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Off-Balance Sheet Arrangements and Contractual
−Removed: As of June 30, 2022, the Funds have not used,
−Removed: nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan
−Removed: guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business,
−Removed: which may include indemnification provisions related to certain risks service providers undertake in performing services which are in
−Removed: the best interests of the Funds.
−Removed: While each Fund’s exposure under such indemnification provisions cannot be estimated, these general
−Removed: business indemnifications are not expected to have a material impact on a Fund’s financial position.
+Added: As of September 30, 2022, the Funds have not
+Added: used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have
+Added: no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of
+Added: business, which may include indemnification provisions related to certain risks service providers undertake in performing services which
+Added: are in the best interests of the Funds.
+Added: While each Fund’s exposure under such indemnification provisions cannot be estimated, these
+Added: general business indemnifications are not expected to have a material impact on a Fund’s financial position.
Management fee payments made to the Sponsor
21 unchanged sentences
Accordingly, the investment valuations in these financial statements
−Removed: may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June 30, 2022.
+Added: may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended September 30,
Short-term investments are valued at amortized
41 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.