−Removed: Management’s Discussion
−Removed: and Analysis of Financial Condition and Results of Operations.
+Added: Management’s Discussion and
+Added: Analysis of Financial Condition and Results of Operations.
This information should be read in conjunction
20 unchanged sentences
the “Funds”).
−Removed: As of September 30, 2022, the following two series of the Trust have commenced investment operations:
+Added: As of March 31, 2023, the following two series of the Trust have commenced investment operations:
VIX Futures ETF and 2x Long VIX Futures ETF.
51 unchanged sentences
Shares through their commission or fee-based brokerage accounts.
−Removed: The form of Authorized Participant
−Removed: Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may
−Removed: purchase or redeem a Creation Unit.
−Removed: Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates,
−Removed: any underwriting fees or compensation in connection with their sale of Shares to the public.
−Removed: The Sponsor maintains a website at
−Removed: www.volatilityshares.com, through which monthly account statements and the Trust’s Quarterly Reports on Form 10-Q, Current
−Removed: 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
−Removed: Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such
−Removed: material is electronically filed with, or furnished to, the U.S.
+Added: The form of Authorized Participant Agreement
+Added: and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem
+Added: a Creation Unit.
+Added: Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees
+Added: or compensation in connection with their sale of Shares to the public.
+Added: The Sponsor maintains a website at www.volatilityshares.com,
+Added: through which monthly account statements and the Trust’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments
+Added: 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
+Added: Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished
Securities and Exchange Commission (the “SEC”).
−Removed: Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.
+Added: Additional information regarding the Trust may also be found
+Added: on the SEC’s EDGAR database at www.sec.gov.
Liquidity and Capital Resources
9 unchanged sentences
During the three months
−Removed: ended September 31, 2022, each of the Funds earned interest income as follows:
+Added: ended March 31, 2023 and March 31, 2022, each of the Funds earned interest income as follows:
Interest Income
−Removed: Three Months Ended
−Removed: September 30,
-1x Short VIX Futures ETF
198 unchanged sentences
Off-Balance Sheet Arrangements and Contractual
−Removed: As of September 30, 2022, the Funds have not
−Removed: used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have
−Removed: no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of
−Removed: business, which may include indemnification provisions related to certain risks service providers undertake in performing services which
−Removed: are in the best interests of the Funds.
−Removed: While each Fund’s exposure under such indemnification provisions cannot be estimated, these
−Removed: general business indemnifications are not expected to have a material impact on a Fund’s financial position.
+Added: As of March 31, 2023, the Funds have not used,
+Added: nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan
+Added: guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business,
+Added: which may include indemnification provisions related to certain risks service providers undertake in performing services which are in
+Added: the best interests of the Funds.
+Added: While each Fund’s exposure under such indemnification provisions cannot be estimated, these general
+Added: 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 September 30,
+Added: may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended March 31, 2023.
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.