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Item 1. Financial Statements

2025-11-13 compared with 2025-08-13 · 345 added, 332 removed, 1340 unchanged (34% of the section changed)

5 unchanged sentences

Statements of Assets and Liabilities

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

1 unchanged sentence

2x Long VIX Futures ETF

September 30,

$ 121,053,223

Investments in securities, at value *

Receivable for investments sold

Interest receivable

5 unchanged sentences

Variation margin payable

Investments purchased

Fund shares redeemed

Payable to Sponsor

Management fees payable

Administrative, accounting and custodian fees payable

11 unchanged sentences

$ 574,080,151

Total distributable earnings (accumulated deficit)

18 unchanged sentences

$ 113,974,059

(1) Adjusted to reflect a 1:10 reverse stock split on January 15,

2025, as if it occurred at the commencement of operations.

to reflect a 1:10 reverse stock split on January 15, 2025, as if it occurred at the commencement of operations.

See accompanying notes to the financial statements.

Statements of Operations

For the Three Months Ended June 30, 2025 (Unaudited)

and June 30, 2024 (Unaudited)

For the Three Months Ended September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

6 unchanged sentences

Quarter Ended

September 30,

INVESTMENT INCOME

Interest income

Other Income (loss)

Management fees

2 unchanged sentences

Licensing and registration fees

Broker interest expense

Total Expenses

6 unchanged sentences

( 7,095,465 )

( 29,512,794 )

Net change in unrealized appreciation (depreciation) of:

( 10,466,131 )

( 3,125,307 )

Net realized and unrealized gain (loss) on investments and futures contracts

8 unchanged sentences

Statements of Operations

For the Six Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

For the Nine Months Ended September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2 unchanged sentences

2x Long VIX Futures ETF

Six Months Ended

Nine Months Ended

September 30,

INVESTMENT INCOME

Interest income

Other Income (loss)

Management fees

2 unchanged sentences

Licensing and registration fees

Broker interest expense

Total Expenses

6 unchanged sentences

( 426,821,741 )

( 67,353,025 )

Net change in unrealized appreciation (depreciation) of:

11 unchanged sentences

Statements of Changes in Net Assets

For the Three Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

For the Three Months Ended September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

6 unchanged sentences

Quarter Ended

September 30,

INCREASE (DECREASE) IN NET ASSETS:

Net investment gain (loss)

Net investment loss

$ ( 279,545 )

6 unchanged sentences

( 10,374,986 )

( 3,114,805 )

Net increase (decrease) in net assets resulting from operations

3 unchanged sentences

CAPITAL SHARE TRANSACTIONS

1,043,390,295

Shares redeemed

3 unchanged sentences

( 141,934,673 )

Net increase in net assets from capital share transactions

Net increase (decrease) in net assets from capital share transactions

( 168,711,229 )

Total increase (decrease) in net assets

( 103,807,127 )

( 62,802,875 )

Beginning of Period

3 unchanged sentences

$ 317,664,759

$ 166,997,854

See accompanying notes to the financial statements.

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

-1x Short VIX Futures ETF

For the Nine Months Ended September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

2x Long VIX Futures ETF

1 unchanged sentence

2x Long VIX Futures ETF

Six Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

INCREASE (DECREASE) IN NET ASSETS:

Net investment income (loss)

$ ( 115,678 )

Net investment loss

$ ( 477,494 )

2 unchanged sentences

( 426,821,741 )

( 67,353,025 )

Net change in unrealized appreciation (depreciation) of investments and futures contracts

13 unchanged sentences

( 232,747,643 )

Net increase in net assets from capital share transactions

Net increase (decrease) in net assets from capital share transactions

( 119,176,348 )

Total increase (decrease) in net assets

5 unchanged sentences

$ 317,664,759

$ 166,997,854

See accompanying notes to the financial statements.

Statements of Cash Flows

For the Three Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

For the Three Months Ended September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2 unchanged sentences

2x Long VIX Futures ETF

Quarter Ended

For the Quarter Ended

September 30,

CASH FLOW FROM OPERATING ACTIVITIES

15 unchanged sentences

( 49,286,294 )

( 73,044,072 )

( 8,610,768 )

Decrease (Increase) in Variation margin receivable

( 5,608,945 )

Decrease (Increase) in interest receivable

1 unchanged sentence

Decrease (Increase) in Prepaid expenses and other assets

Decrease (Increase) in Receivable for investments sold

Increase (Decrease) in Due to Other

Increase (Decrease) in Variation margin payable

( 4,273,921 )

( 1,682,338 )

Increase (Decrease) in Payable to Sponsor

Increase (Decrease) in Payable for investments purchased

Increase (Decrease) in Administrative, accounting and custodian fees payable

5 unchanged sentences

( 90,707,679 )

( 33,691,838 )

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from shares sold, net of receivable for shares sold

1,018,397,048

Cost of shares redeemed, net of payable for fund shares redeemed

Cost of shares redeemed, net of payable for shares redeemed

( 215,740,833 )

3 unchanged sentences

Net cash provided by (used in) financing activities

NET INCREASE (DECREASE) IN CASH

( 168,711,229 )

NET INCREASE (DECREASE) IN CASH

( 1,170,776 )

1 unchanged sentence

End of Period

$ 121,053,223

See accompanying notes to the financial statements.

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and June

30, 2024 (Unaudited)

-1x Short VIX Futures ETF

For the Nine Months Ended September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

2x Long VIX Futures ETF

1 unchanged sentence

2x Long VIX Futures ETF

Six Months Ended

Nine Months Ended

September 30,

CASH FLOW FROM OPERATING ACTIVITIES

11 unchanged sentences

1,364,638,891

1,523,629,727

Net realized gain/loss on investments in options

6 unchanged sentences

( 5,608,945 )

( 1,212,627 )

Decrease (Increase) in interest receivable

1 unchanged sentence

Decrease (Increase) in Prepaid expenses and other assets

Increase (Decrease) in Due to Custodian

Decrease (Increase) in Receivable for investments sold

Increase (Decrease) in Due to Other

Increase (Decrease) in Variation margin payable

1 unchanged sentence

Increase (Decrease) in Payable to Sponsor

Increase (Decrease) in Payable for investments purchased

Increase (Decrease) in Administrative, accounting and custodian fees payable

5 unchanged sentences

( 159,434,045 )

( 68,726,366 )

CASH FLOW FROM FINANCING ACTIVITIES

2 unchanged sentences

2,153,083,997

Cost of shares redeemed, net of payable for fund shares redeemed

Cost of shares redeemed, net of payable for shares redeemed

( 1,350,811,003 )

3 unchanged sentences

Net cash provided by (used in) financing activities

NET INCREASE (DECREASE) IN CASH

( 135,681,928 )

NET INCREASE (DECREASE) IN CASH

( 5,032,398 )

1 unchanged sentence

End of Period

$ 121,053,223

See accompanying notes to the financial statements.

1 unchanged sentence

Schedule of Investments

as of June 30, 2025 (Unaudited)

Notional Amount Contracts Value

PURCHASED OPTIONS - 0.5%

September 30, 2025 (Unaudited)

PURCHASED OPTIONS - 0.5% (a) Notional

Amount Contracts Value

Call Options - 0.5%

1 unchanged sentence

Exercise Price:

$ 31.00 (a)(b) $ 23,422,000 14,000 1,274,000

$ 30.00 (b)(c) $ 14,652,000 9,000 $ 891,000

TOTAL PURCHASED OPTIONS (Cost $ 919,232 ) 891,000

SHORT-TERM INVESTMENTS - 32.9%

Money Market Funds - 32.9%

First American Government Obligations Fund - Class X, 4.25 % (c)(d)

TOTAL SHORT-TERM INVESTMENTS (Cost $ 88,488,565 )

TOTAL INVESTMENTS - 0.5 % (Cost $ 919,232 ) 891,000

Money Market Deposit Account - 31.2 % (d) 51,490,873

Other Assets in Excess of Liabilities - 68.3 % (e) 112,758,186

TOTAL NET ASSETS - 100.0 % $ 165,140,059

$ 268,947,186

are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

(d) Fair value of this security exceeds 25% of the Fund’s net assets.

Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(e) Includes cash of $176,802,487 that is pledged as collateral for options and

futures contracts.

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Exchange-traded.

Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances.

The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily.

The rate as of September 30, 2025 was 3.06%.

(e) Includes cash of $112,464,769 that was pledged as collateral for futures and options contracts.

-1x Short VIX Futures ETF

Schedule of Futures Contracts

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

Description Contracts Sold Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

CBOE VIX FUTURE Aug25 ( 6,196 ) 08/20/2025 $ 124,353,720 $ 3,544,500

CBOE VIX FUTURE Jul25 ( 7,745 ) 07/16/2025 144,599,150 11,272,636

CBOE VIX FUTURE Oct25 ( 5,431 ) 10/22/2025 $ 95,531,290 $ 3,955,387

CBOE VIX FUTURE Nov25 ( 3,620 ) 11/19/2025 69,612,600 395,618

Net Unrealized Appreciation (Depreciation) $ 4,351,005

Summary of Fair Value Disclosure as of June

30, 2025 (Unaudited)

-1x Short VIX Futures ETF (the “Fund”)

has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels

for major security types.

Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

-1x Short VIX Futures ETF (the “Fund”) has adopted

fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.

These standards

require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion

of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security

These inputs are summarized in the three broad levels listed below.

The inputs or valuation methodology used

for valuing securities are not an indication of the risk associated with investing in those securities.

The inputs or valuation methodology used for valuing securities

are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted

prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted

prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,

yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and based on the best information available.

Level 2 - Observable inputs other than quoted prices included in Level

1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted prices for the identical

instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent

relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant

would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of June 30, 2025:

hierarchy of the Fund’s securities as of September 30, 2025:

Purchased Options

Money Market Funds

Total Investments

3 unchanged sentences

* The fair value of the Fund's investment represents the unrealized

appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule

of Investments for further disaggregation of investment categories.

appreciation (depreciation) as of September 30, 2025.

Refer to the Schedule of Investments for further

disaggregation of investment categories.

-1x Short VIX Futures ETF

19 unchanged sentences

shares per contract.

(d) Fair value of this security exceeds 25% of the Fund’s

Additional information for this security, including the financial statements, is available from the SEC’s

EDGAR database at www.sec.gov.

(e) Includes cash of $206,471,251 that is pledged as collateral

for futures contracts.

rate shown represents the 7-day annualized effective yield as of December 31, 2024.

value of this security exceeds 25% of the Fund’s net assets.

Additional information for this security, including the financial

statements, is available from the SEC’s EDGAR database at www.sec.gov.

cash of $206,471,251 that is pledged as collateral for futures and options contracts.

See accompanying notes to financial statements.

7 unchanged sentences

Summary of Fair Value Disclosure as of December 31, 2024

-1x Short VIX Futures ETF has adopted authoritative

fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels

for major security types.

-1x Short VIX Futures ETF has adopted authoritative fair value

accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value,

a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for

major security types.

These inputs are summarized in the three broad levels listed below.

The inputs or methodology used for valuing

securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted

prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted

prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,

yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of December 31, 2024:

The inputs or methodology used for valuing securities

are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical

assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level

1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted prices for the identical

instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent

relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant

would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s

securities as of December 31, 2024:

Purchased Options

10 unchanged sentences

$ ( 5,346,909 )

* The fair value of the Fund’s investment represents the net unrealized

appreciation (depreciation) as of December 31, 2024.

fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further

3 unchanged sentences

Schedule of Investments

as of June 30, 2025 (Unaudited)

SHORT-TERM INVESTMENTS - 24.0%

Money Market Funds - 24.0%

First American Government Obligations Fund - Class X, 4.25 % (a)(b)

$ 143,237,062

TOTAL SHORT-TERM INVESTMENTS (Cost $ 143,237,062 )

September 30, 2025 (Unaudited)

TOTAL INVESTMENTS - 0.0 % (Cost $ 0 )

Other Assets in Excess of Liabilities - 76.0 % (c)

Money Market Deposit Account - 22.7 % (a)

Other Assets in Excess of Liabilities - 77.3 % (b)

TOTAL NET ASSETS - 100.0 %

1 unchanged sentence

Percentages are stated as a percent of net assets.

(a) The rate shown represents the 7-day annualized effective

yield as of June 30, 2025.

(b) Fair value of this security exceeds 25% of the Fund’s

Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database

at www.sec.gov.

Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances.

will bear interest at a variable rate that is determined based on market conditions and is subject to change daily.

The rate as of September

30, 2025 was 3.06%.

(b) Includes cash of $413,840,389 that is pledged as collateral

for futures contracts.

2x Long VIX Futures ETF

Schedule of Futures Contracts

June 30, 2025 (Unaudited)

September 30, 2025 (Unaudited)

Description Contracts Purchased Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

CBOE VIX FUTURE Aug25 27,511 08/20/2025 $ 552,145,770 $ ( 15,041,964 )

CBOE VIX FUTURE Jul25 34,388 07/16/2025 642,023,960 ( 63,188,922 )

CBOE VIX FUTURE Oct 25 35,137 10/22/2025 $ 618,059,830 $ ( 35,090,702 )

CBOE VIX FUTURE Nov 25 23,424 11/19/2025 450,443,520 ( 4,946,034 )

Net Unrealized Appreciation (Depreciation) $ ( 40,036,736 )

Summary of Fair Value Disclosure as of June

30, 2025 (Unaudited)

2x Long VIX Futures ETF (the “Fund”)

has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels

for major security types.

Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

2x Long VIX Futures ETF (the “Fund”) has adopted

fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.

These standards

require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion

of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security

These inputs are summarized in the three broad levels listed below.

The inputs or valuation methodology used

for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted

prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted

prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,

yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of June 30, 2025:

Money Market Funds

Total Investments

The inputs or valuation methodology used for valuing securities

are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical

assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level

1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted prices for the identical

instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent

relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant

would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s

securities as of September 30, 2025:

Other Financial Instruments:

6 unchanged sentences

* The fair value of the Fund's investment represents the unrealized

appreciation (depreciation) as of June 30, 2025.

Refer to the Schedule of Investments for further disaggregation

of investment categories.

appreciation (depreciation) as of September 30, 2025.

Refer to the Schedule of Investments for further

disaggregation of investment categories.

2x Long VIX Futures ETF

15 unchanged sentences

See accompanying notes to financial statements.

VIX Futures ETF

of Open Futures Contracts

December 31, 2024

2x Long VIX Futures ETF

Schedule of Futures Contracts

as of December 31, 2024

Description Contracts Purchased Expiration Date Notional Value Value / Unrealized Appreciation (Depreciation)

3 unchanged sentences

Summary of Fair Value Disclosure as of December 31, 2024

2x Long VIX Futures ETF has adopted authoritative

fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair

value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels

for major security types.

2x Long VIX Futures ETF has adopted authoritative fair value accounting

standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.

These standards

require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion

of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security

These inputs are summarized in the three broad levels listed below.

The inputs or methodology used for valuing

securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted

prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted

prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,

yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or

liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions

a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation

hierarchy of the Fund’s securities as of December 31, 2024:

The inputs or methodology used for valuing securities are not

an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical

assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level

1 that are observable for the asset or liability, either directly or indirectly.

These inputs may include quoted prices for the identical

instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent

relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant

would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s

securities as of December 31, 2024:

Money Market Funds

8 unchanged sentences

$ ( 984,305 )

* The fair value of the Fund’s investment represents the net unrealized

appreciation (depreciation) as of December 31, 2024.

fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further

2 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited)

September 30, 2024 (Unaudited)

NOTE 1 - ORGANIZATION

2 unchanged sentences

the “Funds”).

As of June 30, 2025, the following two series of the Trust have commenced investment operations:

-1x Short VIX

Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”).

As of September 30, 2025, the following two series of the Trust have commenced investment operations:

VIX Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”).

Each of the Funds listed above issues common units

68 unchanged sentences

The cash amount shown in the Statements of Cash

Flows is the amount reported as cash in the Statements of Financial Condition dated June 30, 2025, and December 31, 2024, and represents

Flows is the amount reported as cash in the Statements of Financial Condition dated September 30, 2025, and December 31, 2024, and represents

cash, but does not include short-term investments.

1 unchanged sentence

The cut-off times and the times of the calculation

of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended June 30, 2025, were typically

of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended September 30, 2025, were

typically as follows.

All times are Eastern Standard Time:

4 unchanged sentences

-1x Short VIX Futures ETF and 2:00 p.m.

June 30, 2025

September 30, 2025

2x Long VIX Futures ETF 2:00 p.m.

June 30, 2025

* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended June 30, 2025.

September 30, 2025

the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent

the final opportunity to transact in creation or redemption units for the three months ended September 30, 2025.

Market value per Share is determined at the close

4 unchanged sentences

may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended

June 30, 2025.

September 30, 2025.

Investment Valuation

271 unchanged sentences

the possible delays in recovering amounts as a result of bankruptcy proceedings.

The counterparty/credit risk for cleared derivative

transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty

to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade

looks only to the clearing organization for performance of financial obligations.

In addition, cleared derivative transactions benefit

from daily marking- to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

The counterparty/credit risk for cleared derivative transactions is

generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared

derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to

the clearing organization for performance of financial obligations.

In addition, cleared derivative transactions benefit from daily marking-

to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

Statements of Assets and Liabilities

Fair values of derivative instruments as of June 30, 2025 (Unaudited)

and December 31, 2024:

Statements of Assets and Statements of Assets and

Liabilities Fair Value Liabilities Fair Value

Location As of June 30, 2025 (Unaudited) Location As of December 31, 2024

Fair values of derivative instruments as of September

30, 2025 (Unaudited) and December 31, 2024:

Statements of Assets and Liabilities Fair Value Statements of Assets and Liabilities Fair Value

Location As of September 30, 2025 (Unaudited) Location As of December 31, 2024

-1x Short VIX Futures ETF Assets Liabilities Assets Liabilities

14 unchanged sentences

$ ( 40,036,736 ) $ 9,252,011 $ ( 984,305 )

cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation

margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

* Includes cumulative appreciation (depreciation) of futures contracts

as reported in the Schedule of Investments.

Only current day's variation margin is reported within the Statements of Financial Condition

in receivable/payable on open futures.

Statements of Operations

The effect of derivative instruments on the Statement of Operations

for the three months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

The effect of derivative instruments on the Statement of Operations for the three months ended September 30, 2025 (Unaudited) and September

30, 2024 (Unaudited):

Net Realized Gain (Loss) on Derivatives

For the three months ended

June 30, 2025 (Unaudited)

For the three months ended

June 30, 2024 (Unaudited)

For the three months ended September 30, 2025 (Unaudited)

For the three months ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

6 unchanged sentences

$ ( 28,241,497 )

$ ( 73,667,089 )

$ ( 3,222,295 )

2x Long VIX Futures ETF

10 unchanged sentences

Net Change in Unrealized Appreciation (Depreciation) on Derivatives

For the three months ended

June 30, 2025 (Unaudited)

For the three months ended

June 30, 2024 (Unaudited)

For the three months ended September 30, 2025 (Unaudited)

For the three months ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

10 unchanged sentences

Index Contracts

$ ( 89,185,485 )

* The amounts disclosed are included in the realized gain (loss)

* The amounts disclose are incnluded in the realized gain (loss)

on investments.

1 unchanged sentence

appreciation (depreciation) on investments.

The following table indicates the average volume when in use for the

quarter ended June 30, 2025 (Unaudited):

The following table indicates the average volume when in use for the quarter ended September 30, 2025 (Unaudited):

-1x Short VIX Futures ETF

5 unchanged sentences

The following table indicates the average volume when in use for the

quarter ended June 30, 2024 (Unaudited):

quarter ended September 30, 2024 (Unaudited):

-1x Short VIX Futures ETF

4 unchanged sentences

( 252,076,760 )

The following table indicates the average volume when in use for the quarter ended June 30, 2025 (Unaudited):

The following table indicates the average volume when in

use for the quarter ended September 30, 2025 (Unaudited):

-1x Short VIX Futures ETF

1 unchanged sentence

Average notional value of purchased options contracts

The following table indicates the average volume when in use for the quarter ended June 30, 2024 (Unaudited):

The following table indicates the average volume when in

use for the quarter ended September 30, 2024 (Unaudited):

-1x Short VIX Futures ETF

1 unchanged sentence

Average notional value of purchased options contracts

The effect of derivative instruments on the Statement of

Operations for the six months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

The effect of derivative instruments on the Statement of Operations

for the nine months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited):

Net Realized Gain (Loss) on Derivatives

For the six months ended

June 30, 2025 (Unaudited)

For the six months ended

June 30, 2024 (Unaudited)

For the nine months ended September 30, 2025 (Unaudited)

For the nine months ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

14 unchanged sentences

$ ( 67,353,025 )

$ ( 426,821,741 )

$ ( 67,353,025 )

Net Change in Unrealized Appreciation (Depreciation) on Derivatives

For the six months ended

June 30, 2025 (Unaudited)

For the six months ended

June 30, 2024 (Unaudited)

For the nine months ended September 30, 2025 (Unaudited)

For the nine months ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

12 unchanged sentences

$ ( 48,304,442 )

amounts disclosed are included in the realized gain (loss) on investments.

amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

* The amounts disclosed are included in the realized gain (loss)

on investments.

** The amounts disclosed are included in the change in unrealized

appreciation (depreciation) on investments.

The following table indicates the average volume when in use for the

six months ended June 30, 2025:

nine months ended September 30, 2025 (Unaudited):

-1x Short VIX Futures ETF

4 unchanged sentences

( 255,539,755 )

The following table indicates the average volume when in use for the six months ended June 30, 2024:

The following table indicates the average volume when in use for the

nine months ended September 30, 2024 (Unaudited):

-1x Short VIX Futures ETF

4 unchanged sentences

( 180,167,953 )

The following table indicates the average volume when in use for the six months ended June 30, 2025:

The following table indicates the average volume when in use for the

nine months ended September 30, 2025 (Unaudited):

-1x Short VIX Futures ETF

1 unchanged sentence

Average notional value of purchased options contracts

The following table indicates the average volume when in use for the six months ended June 30, 2024:

The following table indicates the average volume when in use for the

nine months ended September 30, 2024 (Unaudited):

-1x Short VIX Futures ETF

14 unchanged sentences

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset

under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025 and December 31, 2024.

Fair Values of Derivative Instruments as of June 30, 2025 (Unaudited)

Gross Amounts of Recognized Assets presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Assets presented

in the Statements of Financial Condition

Gross Amounts of Recognized Liabilities presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Liabilities presented

in the Statements of Financial Condition

under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2025 and December 31,

Fair Values of Derivative Instruments as of September 30, 2025 (Unaudited)

Gross Amounts of Recognized Assets presented in the Statements of Financial Condition

Gross Amounts Offset in the Statements of Financial Condition

Net Amounts of Assets presented in the Statements of Financial Condition

Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition

Gross Amounts Offset in the Statements of Financial Condition

Net Amounts of Liabilities presented in the Statements of Financial Condition

-1x Short VIX Futures ETF

1 unchanged sentence

Fair Values of Derivative Instruments as of December 31, 2024

Gross Amounts of Recognized Assets presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Assets presented

in the Statements of Financial Condition

Gross Amounts of Recognized Liabilities presented

in the Statements of Financial Condition

Gross Amounts Offset

in the Statements of Financial Condition

Net Amounts of Liabilities presented

in the Statements of Financial Condition

Gross Amounts of Recognized Assets presented in the Statements of Financial Condition

Gross Amounts Offset in the Statements of Financial Condition

Net Amounts of Assets presented in the Statements of Financial Condition

Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition

Gross Amounts Offset in the Statements of Financial Condition

Net Amounts of Liabilities presented in the Statements of Financial Condition

-1x Short VIX Futures ETF

1 unchanged sentence

Asset (Liability) amounts shown in the table below

represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 2025 and December 31, 2024.

represent amounts owed to (by) the Funds for the derivative-related investments at September 30, 2025 and December 31, 2024.

These amounts

6 unchanged sentences

for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2025 (Unaudited)

Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2025 (Unaudited)

Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition

Financial Instruments for the Benefit of (the Funds) / the Counterparties

Cash Collateral for the Benefit of (the Funds) / the Counterparties

Financial Instruments

for the Benefit

of (the Funds) / the Counterparties

Cash Collateral for

the Benefit of

(the Funds) /the Counterparties

-1x Short VIX Futures ETF

54 unchanged sentences

FINRA advertising rules.

The Marketing Agent retains all marketing materials separately

for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

The Marketing Agent retains all marketing materials

separately for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

As compensation for the services it provides, the Marketing

36 unchanged sentences

in the Creation Units they purchase from the Funds to other investors in the secondary market.

Transaction Fees for the three months ended June

30, 2025 (Unaudited) and June 30, 2024 (Unaudited) were as follows:

2025 (Unaudited)

2024 (Unaudited)

Transaction Fees for the three months ended September

30, 2025 (Unaudited) and September 30, 2024 (Unaudited) were as follows:

Three Months Ended September 30, 2025 (Unaudited)

Three Months Ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

2025 (Unaudited)

2024 (Unaudited)

Transaction Fees for the nine months ended September

30, 2025 (Unaudited) and September 30, 2024 (Unaudited) were as follows:

Nine Months Ended September 30, 2025 (Unaudited)

Nine Months Ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2 unchanged sentences

Selected data is for a Share outstanding throughout

the three months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

the three months ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited):

Financial Highlights

7 unchanged sentences

Quarter Ended

2025 (Unaudited)

2024 (Unaudited)

2024 (7) (Unaudited)

September 30, 2025 (Unaudited)

September 30, 2024 (Unaudited)

September 30, 2024 (Unaudited) (7)

Net Asset Value, Beginning of Period

3 unchanged sentences

Net Asset Value, End of Period

Market Value Per Share (3)

Market Value Per Share, at September 30, 2025 and September 30, 2024 (3)

Total Return at Net Asset Value (4)

2 unchanged sentences

Expense ratio (6)

Net Investment Loss

Net Investment income (loss)

(1) Net investment income (loss) per share represents net investment

2 unchanged sentences

may not compare with amounts appearing elsewhere within these Financial Statements.

(3) Market values are determined at the close of the applicable

primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4) Percentages are not annualized for the period ended June

30, 2025 and June 30, 2024

(3) Market values are determined at the close of the applicable primary

listing exchange, which may be later than when the Funds' net asset value is calculated.

(4) Percentages are not annualized for the period ended September

30, 2025 and September 30, 2024.

(5) Percentages are annualized.

(6) The expense ratio would be 1.54 % and 1.89 % respectively,

for the three months ended June 30, 2025, and 1.67 % and 2.37 % for the three months ended June 30, 2024 if brokerage commissions and futures account fees were excluded.

(6) The expense ratio would be 2.29 % and 1.95 % respectively, for

the three months ended September 30, 2025, and 1.53 % and 2.14 % for the three months ended September 30, 2024 if brokerage commissions

and futures and futures account fees were excluded.

(7) Adjusted to reflect a 1:10 reverse stock split on January 15,

15, 2025, as if it occurred at the commencement of operations.

2025, as if it occured at the commencement of operations.

(8) Amount represents less than $ 0.005

See accompanying notes to financial statements.

Selected data is for a Share outstanding throughout the Six Months

Ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited)

Selected data is for a Share outstanding throughout

the Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)

Financial Highlights

3 unchanged sentences

2x Long VIX Futures ETF

Six Months Ended

2025 (Unaudited)

2025 (7) (Unaudited)

2024 (Unaudited)

2024 (7) (Unaudited)

Nine Months Ended

September 30, 2025 (Unaudited)

September 30, 2025 (Unaudited) (7)

September 30, 2024 (Unaudited)

September 30, 2024 (Unaudited) (7)

Net Asset Value, Beginning of Period

3 unchanged sentences

Net Asset Value, End of Period

Market Value Per Share (3)

Market Value Per Share, at September 30, 2025 and September 30, 2024 (3)

Total Return at Net Asset Value (4)

2 unchanged sentences

Expense ratio (6)

Net Investment Loss

Net Investment income (loss)

(1) Net investment income (loss) per share represents net investment

2 unchanged sentences

may not compare with amounts appearing elsewhere within these Financial Statements.

(3) Market values are determined at the close of the applicable

primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4) Percentages are not annualized for the period ended June

30, 2025 and June 30, 2024

(3) Market values are determined at the close of the applicable primary

listing exchange, which may be later than when the Funds' net asset value is calculated.

(4) Percentages are not annualized for the period ended September

30, 2025 and September 30, 2024.

(5) Percentages are annualized.

(6) The expense ratio would be 1.58 % and 1.94 % respectively,

for the six months ended June 30, 2025, and 1.69 % and 2.40 % for the six months ended June 30, 2024 if brokerage commissions and

futures account fees were excluded.

(6) The expense ratio would be 1.74 % and 1.95 % respectively, for

the three months ended September 30, 2025, and 1.61 % and 2.29 % for the three months ended September 30, 2024 if brokerage commissions

and futures and futures account fees were excluded.

(7) Adjusted to reflect a 1:10 reverse stock split on January 15,

15, 2025, as if it occurred at the commencement of operations.

2025, as if it occured at the commencement of operations.

See accompanying notes to financial statements.

116 unchanged sentences

risk of the counterparty to the transaction - typically a single bank or financial institution.

As a result, a Fund is subject to

increased credit risk with respect to the amount it expects to receive from counterparties to OTC derivatives entered into as part of

that Fund’s principal investment strategy.

If a counterparty becomes bankrupt or otherwise fails to perform its obligations due

to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in

a Fund may decline.

As a result, a Fund is subject to increased

credit risk with respect to the amount it expects to receive from counterparties to OTC derivatives entered into as part of that Fund’s

principal investment strategy.

If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties,

a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by

147 unchanged sentences

In preparing these financial statements, management

has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements

There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures

in the Funds’ financial statements.

has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were

There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in

the Funds’ financial statements.

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.

What changed 10-Q

Item 1. Financial Statements