Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
Statement of Operations for the three month
periods ended March 31, 2025, March 31, 2024, June 30, 2025, June 30, 2024, September 30, 2025, September 30, 2024, December 31, 2025,
December 31, 2024 and the years ended December 31, 2025 and December 31, 2024 for each Fund, as applicable.
-1x Short VIX Futures ETF
Three Months Ended (Unaudited)
Year Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
December 31,
2025
Net investment income (loss)
$ 352,563
$ 671,652
$ (279,545 )
$ (222,236 )
$ 522,434
Net realized gain (loss)
(27,980,689 )
(73,667,089 )
75,558,633
31,183,727
5,094,582
Net unrealized gain (loss)
(4,572,697 )
24,484,741
(10,374,986 )
13,044,819
22,581,877
Net income (loss)
$ (32,200,823 )
$ (48,510,696 )
$ 64,904,102
$ 44,006,310
$ 28,198,893
Net increase (decrease) in net asset value per share
$ (5.07 )
$ (4.75 )
$ 5.82
$ 2.87
(1.13 )
Three Months Ended (Unaudited)
Year Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
Net investment income (loss)
$ (163,131 )
$ 47,453
$ 606,641
$ 446,256
$ 937,219
Net realized gain (loss)
19,506,922
36,009,590
(28,241,497 )
(10,817,410 )
16,457,605
Net unrealized gain (loss)
(3,566,658 )
(294,358 )
(3,114,805 )
(4,076,043 )
(11,051,864 )
Net income (loss)
$ 15,777,133
$ 35,762,685
$ (30,749,661 )
$ (14,447,197 )
$ 6,342,960
Net increase (decrease) in net asset value per share
$ 4.73
$ 5.24
$ (20.69 )
$ (1.67 )
$ (12.39 )
2x Long VIX Futures ETF
Three Months Ended (Unaudited)
Year Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
December 31,
2025
Net investment income (loss)
$ 254,267
$ (317,830 )
$ 183,630
$ (697,135 )
$ (577,068 )
Net realized gain (loss)
78,077,648
(5,105,107 )
(499,794,282 )
(155,547,330 )
(582,369,071 )
Net unrealized gain (loss)
2,686,893
(89,185,485 )
38,194,150
(20,484,246 )
(68,788,688 )
Net income (loss)
$ 81,018,808
$ (94,608,422 )
$ (461,416,502 )
$ (176,728,711 )
$ (651,734,827 )
Net increase (decrease) in net asset value per share
$ 3.14
$ (14.76 )
$ (12.37 )
$ (4.24 )
$ (28.23 )
Three Months Ended (Unaudited)
Year Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
December 31,
2024
Net investment income (loss)
$ (204,716 )
$ (140,588 )
$ (132,190 )
$ (95,462 )
$ (572,956 )
Net realized gain (loss)
(30,744,766 )
(29,512,794 )
(7,095,465 )
19,728,508
(47,624,517 )
Net unrealized gain (loss)
886,443
3,707,269
1,135,620
10,715,992
16,445,324
Net income (loss)
$ (30,063,039 )
$ (25,946,113 )
$ (6,092,035 )
$ 30,349,038
$ (31,752,149 )
Net increase (decrease) in net asset value per share
$ (50.49 )
$ (31.55 )
$ (7.90 )
$ (13.40 )
$ (103.34 )
27
Item 9. Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure.
Not applicable.