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 any period, and UVIX can be expected to perform very differently
−Removed: 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
+Added: any period, and UVIX can be expected to perform very differently 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 September
−Removed: 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) were as follows:
+Added: Interest Income for the three months ended March
+Added: 31, 2025 (Unaudited) and March 31, 2024 (Unaudited) were as follows:
Interest Income
−Removed: September 30,
−Removed: September 30,
-1x Short VIX Futures ETF
2x Long VIX Futures ETF
−Removed: Interest Income for the nine months ended September
−Removed: 30, 2024 (Unaudited), and September 30, 2023 (Unaudited) were as follows.
−Removed: September 30,
−Removed: September 30,
−Removed: -1x Short VIX Futures ETF
−Removed: 2x Long VIX Futures ETF
Futures Contracts
93 unchanged sentences
as applicable, reasonably believes to originate from a person authorized to act on behalf of the Fund.
−Removed: To the extent that the Fund
−Removed: trades in futures contracts on U.S.
−Removed: exchanges, the assets deposited by the Fund with the FCMs (or another eligible financial institution,
−Removed: as applicable) as margin must be segregated pursuant to the regulations of the CFTC.
−Removed: Such segregated funds
−Removed: may be invested only in a limited range of instruments — principally U.S.
−Removed: government obligations to margin futures and forward contract
+Added: To the extent that the Fund trades in futures contracts
+Added: exchanges, the assets deposited by the Fund with the FCMs (or another eligible financial institution, as applicable) as margin
+Added: must be segregated pursuant to the regulations of the CFTC.
+Added: Such segregated funds may be invested only in a limited range of instruments
+Added: — principally U.S.
+Added: government obligations to margin futures and forward contract positions.
An option is a contract that gives the purchaser
81 unchanged sentences
and/or securities.
−Removed: Collateral posted by a Fund to a counterparty
−Removed: in connection with uncleared derivatives transactions is generally held for the benefit of the counterparty in a segregated
−Removed: tri-party account at a third-party custodian to protect the counterparty against non-payment by the Fund.
+Added: Collateral posted by a Fund to a counterparty in
+Added: connection with uncleared derivatives transactions is generally held for the benefit of the counterparty in a segregated tri-party account
+Added: at a third-party custodian to protect the counterparty against non-payment by the Fund.
+Added: In the event of a default by a Fund where the
+Added: counterparty is owed money in the uncleared swap transaction, such counterparty will seek withdrawal of this collateral from the segregated
+Added: Collateral posted by the counterparty to a Fund
+Added: is typically held for the benefit of the Fund in a segregated tri-party account at a third-party custodian.
In the event of a default
−Removed: by a Fund where the counterparty is owed money in the uncleared swap transaction, such counterparty will seek withdrawal of this
−Removed: collateral from the segregated account.
−Removed: Collateral posted by the counterparty
−Removed: to a Fund is typically held for the benefit of the Fund in a segregated tri-party account at a third-party custodian.
−Removed: In the event of
−Removed: a default by the counterparty where the Fund is owed money in the uncleared swap transaction, the Fund will seek withdrawal of this collateral
−Removed: from the segregated account.
+Added: by the counterparty where the Fund is owed money in the uncleared swap transaction, the Fund will seek withdrawal of this collateral from
+Added: the segregated account.
The Fund may incur certain costs exercising its right with respect to the collateral.
3 unchanged sentences
Off-Balance Sheet Arrangements and Contractual Obligations
−Removed: As of September 30, 2024, the Funds have not used,
+Added: As of March 31, 2025, the Funds have not used,
nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan
27 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, 2025.
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.