What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-13 compared with 2025-08-13 · 26 added, 26 removed, 360 unchanged (13% of the section changed)

99 unchanged sentences

period to period as the market values of the underlying swaps, futures contracts and forward contracts change.

Interest Income for the three months ended June 30, 2025

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

Interest Income for the three months ended September 30,

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

Interest Income

2025 (Unaudited)

2024 (Unaudited)

Three Months Ended September 30, 2025 (Unaudited)

Three Months Ended September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Interest Income for the six months ended June 30, 2025 (Unaudited),

and June 30, 2024 (Unaudited) were as follows.

2025 (Unaudited)

2024 (Unaudited)

Interest Income 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

139 unchanged sentences

The notional amount of the swap reflects the extent of a Fund’s total investment exposure under

In the case of futures contracts-based indexes, such as those used

by a Fund, the reference interest rate typically is zero, although a financing spread or fee is generally still applied.

or commission costs are reflected in the benchmark level at which the transaction is entered into.

The gross returns to be exchanged

are calculated with respect to the notional amount and the benchmark returns to which the swap is linked.

Swaps are usually closed out

on a net basis, i.e.

, the two payment streams are netted out in a cash settlement on the payment date specified in the agreement,

with the parties receiving or paying, as the case may be, only the net amount of the two payments.

Thus, while the notional amount reflects

a Fund’s total investment exposure under the swap ( i.e.

, the entire face amount or principal of a swap), the net amount

is the Fund’s current obligations (or rights) under the swap.

That is the amount to be paid or received under the agreement based

on the relative values of the positions held by each party to the agreement on any given termination date.

In the case of futures contracts-based indexes,

such as those used by a Fund, the reference interest rate typically is zero, although a financing spread or fee is generally still applied.

Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into.

The gross returns to be

exchanged are calculated with respect to the notional amount and the benchmark returns to which the swap is linked.

Swaps are usually

closed out on a net basis, i.e.

, the two payment streams are netted out in a cash settlement on the payment date specified in the

agreement, with the parties receiving or paying, as the case may be, only the net amount of the two payments.

Thus, while the notional

amount reflects a Fund’s total investment exposure under the swap ( i.e.

, the entire face amount or principal of a swap),

the net amount is the Fund’s current obligations (or rights) under the swap.

That is the amount to be paid or received under the

agreement based on the relative values of the positions held by each party to the agreement on any given termination date.

Swaps may also expose a Fund to liquidity risk.

44 unchanged sentences

Off-Balance Sheet Arrangements and Contractual Obligations

As of June 30, 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

As of September 30, 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

guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business,

26 unchanged sentences

Accordingly, the investment valuations in these financial

statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June

statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended September

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis