59 unchanged sentences
very differently.
−Removed: As such, SVIX can be expected to perform very differently from the inverse (-1x) of the performance of the VIX over
−Removed: any period, and UVIX can be expected to perform very differently from twice (2x) of the performance of the VIX over any period.
+Added: As such, SVIX can be expected to perform very differently from the inverse (-1x) of the performance of the VIX over any period, and UVIX can be expected to perform very differently
+Added: from twice (2x) of the performance of the VIX over any period.
The Funds continuously offer and redeem Shares
36 unchanged sentences
period to period as the market values of the underlying swaps, futures contracts and forward contracts change.
−Removed: Interest Income for the three months ended June 30, 2024
−Removed: (Unaudited) and June 30, 2023 (Unaudited) were as follows:
+Added: Interest Income for the three months ended September
+Added: 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) were as follows:
Interest Income
+Added: September 30,
+Added: September 30,
-1x Short VIX Futures ETF
2x Long VIX Futures ETF
−Removed: Interest Income for the six months ended June 30, 2024 (Unaudited),
−Removed: and June 30, 2023 (Unaudited) were as follows.
+Added: Interest Income for the nine months ended September
+Added: 30, 2024 (Unaudited), and September 30, 2023 (Unaudited) were as follows.
+Added: September 30,
+Added: September 30,
-1x Short VIX Futures ETF
99 unchanged sentences
as applicable) as margin must be segregated pursuant to the regulations of the CFTC.
−Removed: Such segregated funds may be invested only in a limited
−Removed: range of instruments — principally U.S.
−Removed: government obligations to margin futures and forward contract positions.
+Added: Such segregated funds
+Added: may be invested only in a limited range of instruments — principally U.S.
+Added: government obligations to margin futures and forward contract
An option is a contract that gives the purchaser
81 unchanged sentences
and/or securities.
−Removed: Collateral posted by a Fund to a counterparty in
−Removed: connection with uncleared derivatives transactions is generally held for the benefit of the counterparty in a segregated tri-party account
−Removed: at a third-party custodian to protect the counterparty against non-payment by the Fund.
−Removed: In the event of a default by a Fund where the
−Removed: counterparty is owed money in the uncleared swap transaction, such counterparty will seek withdrawal of this collateral from the segregated
+Added: Collateral posted by a Fund to a counterparty
+Added: in connection with uncleared derivatives transactions is generally held for the benefit of the counterparty in a segregated
+Added: tri-party account at a third-party custodian to protect the counterparty against non-payment by the Fund.
+Added: In the event of a default
+Added: by a Fund where the counterparty is owed money in the uncleared swap transaction, such counterparty will seek withdrawal of this
+Added: collateral from the segregated account.
Collateral posted by the counterparty
8 unchanged sentences
Off-Balance Sheet Arrangements and Contractual Obligations
−Removed: As of June 30, 2024, the Funds have not used, nor
−Removed: do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan
+Added: As of September 30, 2024, 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
guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business,
18 unchanged sentences
value in the financial statements, with changes in fair value reported in the Statements of Operations.
−Removed: The use of fair value to measure
−Removed: Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s
−Removed: and the Funds’ financial statements.
−Removed: The fair value of a Financial Instrument is the amount that would be received to sell an asset
−Removed: or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).
−Removed: For financial reporting purposes,
−Removed: the Funds value investments based upon the closing price in their primary markets.
−Removed: Accordingly, the investment valuations in these financial
−Removed: statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June
+Added: The use of fair value to measure Financial Instruments,
+Added: with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’
+Added: financial statements.
+Added: The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer
+Added: a liability in an orderly transaction between market participants at the measurement date (the exit price).
+Added: For financial reporting purposes, the Funds value
+Added: investments based upon the closing price in their primary markets.
+Added: Accordingly, the investment valuations in these financial statements
+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.