What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-12 compared with 2025-11-13 · 621 added, 892 removed, 793 unchanged (66% of the section changed)

Financial Statements.

Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows:

of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and

Statements of Cash Flows:

-1x Short VIX Futures ETF

2 unchanged sentences

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

and December 31, 2025

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

1 unchanged sentence

2x Long VIX Futures ETF

September 30,

March 31, 2026

$ 147,996,873

$ 139,054,309

Investments in securities, at value *

Receivable for investments sold

Interest receivable

Prepaid expenses and other assets

Receivable for shares sold

2 unchanged sentences

Other receivable

$ 336,009,822

$ 355,560,114

$ 218,309,415

$ 332,731,568

Variation margin payable

Investments purchased

Fund shares redeemed

27 unchanged sentences

Shares Outstanding^

53,757,473 (1)

5,531,498 (1)

Net Asset Value, Offering and Redemption Price per Share

1 unchanged sentence

* Investments in securities, at cost

$ 113,974,059

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 September 30, 2025 (Unaudited)

and September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

For the Three Months Ended March 31, 2026 (Unaudited)

and March 31, 2025 (Unaudited)

-1x Short VIX

Quarter Ended

2 unchanged sentences

Quarter Ended

September 30,

March 31, 2026

March 31, 2025

INVESTMENT INCOME

Interest income

Other Income (loss)

Management fees

2 unchanged sentences

Licensing and registration fees

Broker interest expense

Total Expenses

5 unchanged sentences

( 26,461,856 )

( 7,095,465 )

Net change in unrealized appreciation (depreciation) of:

4 unchanged sentences

( 32,553,386 )

( 5,959,845 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

3 unchanged sentences

See accompanying notes to financial statements.

Statements of Operations

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

and September 30, 2024 (Unaudited)

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Nine Months Ended

September 30,

INVESTMENT INCOME

Interest income

Other Income (loss)

Management fees

Administrative, accounting and custodian fees

Professional fees

Licensing and registration fees

Broker interest expense

Total Expenses

Net Investment income (loss)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS

Net realized gain (loss) on:

( 6,014,298 )

( 6,489,708 )

( 20,074,846 )

( 426,821,741 )

( 67,353,025 )

Net change in unrealized appreciation (depreciation) of:

( 48,304,442 )

( 7,658,659 )

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

( 16,552,085 )

( 475,126,183 )

( 61,623,693 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 15,807,416 )

$ ( 475,006,114 )

$ ( 62,101,187 )

See accompanying notes to the financial statements.

Statements of Changes in Net Assets

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

and September 30, 2024 (Unaudited)

For the Three Months Ended March 31, 2026 (Unaudited)

and March 31, 2025 (Unaudited)

-1x Short VIX Futures ETF

6 unchanged sentences

Quarter Ended

September 30,

INCREASE (DECREASE) IN NET ASSETS:

1 unchanged sentence

$ ( 372,997 )

$ ( 132,190 )

Net realized gain (loss) on investments and futures contracts

1 unchanged sentence

( 27,980,689 )

( 7,095,465 )

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

( 10,374,986 )

Net change in unrealized appreciation (depreciation) of

investments and futures contracts

( 22,703,777 )

Net increase (decrease) in net assets resulting from operations

( 4,572,697 )

Net increase (decrease) in net assets

resulting from operations

( 80,314,383 )

6 unchanged sentences

( 614,152,015 )

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

End of Period

$ 165,140,059

$ 534,186,909

$ 317,664,759

$ 166,997,854

See accompanying notes to the financial statements.

Statements of Changes in Net Assets

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

and September 30, 2024 (Unaudited)

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Nine Months Ended

September 30, 2025

September 30, 2024

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss

$ ( 477,494 )

Net realized gain (loss) on investments and futures contracts

( 26,089,144 )

( 426,821,741 )

( 67,353,025 )

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

( 48,304,442 )

( 6,975,821 )

Net increase (decrease) in net assets resulting from operations

( 15,807,416 )

( 475,006,114 )

( 62,101,187 )

CAPITAL SHARE TRANSACTIONS

1,215,129,075

2,159,146,360

Shares redeemed

( 1,334,305,423 )

Net increase (decrease) in net assets

from capital share transactions

( 259,866,811 )

( 95,318,782 )

Total increase (decrease) in net assets

( 42,344,186 )

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

( 12,237,223 )

Total increase (decrease) in net assets

( 14,299,974 )

7 unchanged sentences

Statements of Cash Flows

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

and September 30, 2024 (Unaudited)

For the Three Months Ended March 31, 2026 (Unaudited)

and March 31, 2025 (Unaudited)

-1x Short VIX Futures ETF

2 unchanged sentences

2x Long VIX Futures ETF

For the Quarter Ended

September 30,

Quarter Ended

CASH FLOW FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

Net increase (decrease) in net assets resulting

from operations

$ ( 80,314,383 )

1 unchanged sentence

$ ( 32,200,823 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Adjustments to reconcile net income (loss) to net cash

provided by (used in) operating activities

Purchase of investments

2 unchanged sentences

( 346,744,537 )

( 233,003,884 )

Proceeds from sales or maturities of investments held

Net realized gain/loss on investments in options

Net change in unrealized appreciation/depreciation on investments in options

Decrease (Increase) in Deposits at broker for futures and options contracts

( 37,391,280 )

Net change in unrealized appreciation/depreciation on investments

Decrease (Increase) in Deposits at broker for futures and

options contracts

( 3,121,565 )

1 unchanged sentence

( 29,193,177 )

( 1,471,674 )

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

2 unchanged sentences

Increase (Decrease) in Payable to Sponsor

Increase (Decrease) in Payable for investments purchased

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

Increase (Decrease) in Administrative, accounting and custodian

Increase (Decrease) in Professional fees payable

Increase (Decrease) in Licensing and registration fees payable

Net cash provided by (used in) operating activities

( 296,491,289 )

( 167,502,729 )

Increase (Decrease) in Licensing

and registration fees payable

Net cash provided by (used in)

operating activities

( 114,269,546 )

6 unchanged sentences

( 597,837,782 )

Net cash provided by (used in) financing activities

( 168,711,229 )

NET INCREASE (DECREASE) IN CASH

( 1,170,776 )

Beginning of Period

End of Period

$ 121,053,223

See accompanying notes to the financial statements.

Statements of Cash Flows

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

and September 30, 2024 (Unaudited)

2x Long VIX Futures ETF

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

Nine Months Ended

September 30,

CASH FLOW FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

$ ( 15,807,416 )

$ ( 475,006,114 )

$ ( 62,101,187 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

Purchase of investments

( 1,257,598,362 )

( 1,470,810,543 )

( 872,724,542 )

( 404,905,328 )

Proceeds from sales or maturities of investments held

1,364,638,891

1,523,629,727

Net realized gain/loss on investments in options

Net change in unrealized appreciation/depreciation on investments in options

Decrease (Increase) in Deposits at broker for futures and options contracts

( 283,832,797 )

( 60,080,689 )

( 50,665,078 )

Decrease (Increase) in Variation margin receivable

( 5,608,945 )

Decrease (Increase) in interest receivable

Decrease (Increase) in other receivables

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

( 3,655,035 )

Increase (Decrease) in Payable to Sponsor

Increase (Decrease) in Payable for investments purchased

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

Increase (Decrease) in Professional fees payable

Increase (Decrease) in Licensing and registration fees payable

Net cash provided by (used in) operating activities

( 695,555,614 )

( 172,002,788 )

( 159,434,045 )

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from shares sold, net of receivable for shares sold

1,215,129,075

2,153,083,997

Cost of shares redeemed, net of payable for shares redeemed

( 1,350,811,003 )

( 1,337,664,596 )

Net cash provided by (used in)

financing activities

( 274,169,671 )

( 16,861,280 )

Net cash provided by (used in) financing activities

( 79,004,549 )

NET INCREASE (DECREASE) IN CASH

(DECREASE) IN CASH

( 1,189,437 )

2 unchanged sentences

$ 147,996,873

$ 139,054,309

See accompanying notes to the financial statements.

1 unchanged sentence

Schedule of Investments

September 30, 2025 (Unaudited)

PURCHASED OPTIONS - 0.5% (a) Notional

March 31, 2026 (Unaudited)

Amount Contracts Value

PURCHASED OPTIONS - 0.1% (a)

Call Options - 0.1%

4 unchanged sentences

TOTAL INVESTMENTS - 0.1 % (Cost $ 656,245 ) 442,800

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

US Bank Money Market Deposit Account – 44.2 % (d) 147,996,873

Other Assets in Excess of Liabilities - 55.7 % (e) 186,490,400

TOTAL NET ASSETS - 100.0 % $ 334,930,073

Percentages are stated as a percent of net assets.

are stated as a percent of net assets.

(a) Non-income producing security.

3 unchanged sentences

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%.

The rate as of March 31, 2026 was 3.15%.

(e) Includes cash of $158,007,917 that was pledged as collateral for futures and options contracts.

See accompanying notes to the financial statements.

-1x Short VIX Futures ETF

Schedule of Futures Contracts

September 30, 2025 (Unaudited)

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

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

March 31, 2026 (Unaudited)

Description Contracts

Sold Expiration

Date Notional

Value Value /

(Depreciation)

CBOE VIX FUTURE Apr26 ( 6,418 ) 04/15/2026 $ 160,706,720 $ ( 6,546,491 )

CBOE VIX FUTURE May26 ( 7,131 ) 05/19/2026 174,281,640 1,423,751

Net Unrealized Appreciation (Depreciation) $ ( 5,122,740 )

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

Summary of Fair Value Disclosure as of March

31, 2026 (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.

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 September 30, 2025:

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 March 31, 2026:

Purchased Options

3 unchanged sentences

Total Other Financial Instruments

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

appreciation (depreciation) as of September 30, 2025.

Other Financial Instruments:

Futures Contracts *

$ ( 6,546,491 )

Total Other Financial Instruments

$ ( 6,546,491 )

fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of March 31, 2026.

Refer to the Schedule of Investments for further

disaggregation of investment categories.

See accompanying notes to the financial statements.

-1x Short VIX Futures ETF

Schedule of Investments

December 31, 2024

December 31, 2025 (Unaudited)

Notional Amount Contracts Value

PURCHASED OPTIONS - 0.5%

PURCHASED OPTIONS - 0.5% (a)

Call Options - 0.5%

1 unchanged sentence

Exercise Price:

$ 28.00 (a)(b) $ 24,290,000 14,000 $ 1,484,000

$ 28.00 (b)(c) $ 13,455,000 9,000 $ 891,000

TOTAL PURCHASED OPTIONS (Cost $ 787,742 ) 891,000

SHORT-TERM INVESTMENTS - 37.5%

Money Market Funds - 37.5%

First American Government Obligations Fund - Class X, 4.41 % (c)(d)

TOTAL SHORT-TERM INVESTMENTS (Cost $ 112,622,682 )

TOTAL INVESTMENTS - 0.5 % (Cost $ 787,742 ) 891,000

US Bank Money Market Deposit Account - 29.3 % (d) 62,207,349

Other Assets in Excess of Liabilities - 70.2 % (e) 148,932,951

TOTAL NET ASSETS - 100.0 % $ 212,031,300

$ 300,123,823

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

shares per contract.

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.

(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 December 31, 2025 was 3.15%.

(e) Includes cash of $154,886,352 that was pledged as collateral for futures and options contracts.

See accompanying notes to the financial statements.

-1x Short VIX Futures ETF

Schedule of Futures Contracts

December 31, 2024

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

CBOE VIX FUTURE Feb25 ( 6,959 ) 02/19/2025 $ 124,496,510 $ ( 919,561 )

December 31, 2025 (Unaudited)

Description Contracts

Sold Expiration

Date Notional

Value Value /

(Depreciation)

CBOE VIX FUTURE Jan26 ( 6,632 ) 01/21/2026 $ 109,626,960 $ 15,094,491

CBOE VIX FUTURE Feb26 ( 5,526 ) 02/18/2026 102,396,780 2,169,843

Net Unrealized Appreciation (Depreciation) $ 17,264,334

Summary of Fair Value Disclosure as of December 31, 2025

-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:

-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.

These inputs are summarized in the three broad levels listed

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 December 31, 2025:

Purchased Options

Money Market Funds

Total Investments

$ 114,106,682

Other Financial Instruments:

Futures Contracts*

( 5,346,909 )

Total Other Financial Instruments

$ ( 5,346,909 )

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

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2025.

Refer to the Schedule of Investments for further

3 unchanged sentences

Schedule of Investments

September 30, 2025 (Unaudited)

as of March 31, 2026 (Unaudited)

TOTAL INVESTMENTS - 0.0 % (Cost $ 0 )

Money Market Deposit Account - 22.7 % (a)

US Bank Money Market Deposit Account – 48.1 % (a)

Other Assets in Excess of Liabilities - 51.9 % (b)

1 unchanged sentence

$ 288,946,914

Percentages are stated as a percent of net assets.

are stated as a percent of net assets.

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.

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 March 31, 2026 was 3.15%.

(b) Includes cash of $201,645,499 that was pledged as collateral for futures and options contracts.

See accompanying notes to the financial statements.

2x Long VIX Futures ETF

Schedule of Futures Contracts

September 30, 2025 (Unaudited)

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

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 )

March 31, 2026 (Unaudited)

Description Contracts

Purchased Expiration

Date Notional

Value Value /

(Depreciation)

CBOE VIX FUTURE Apr26 11,073 04/15/2026 $ 277,267,920 $ 17,061,971

CBOE VIX FUTURE May26 12,303 05/19/2026 300,685,320 ( 1,200,832 )

Net Unrealized Appreciation (Depreciation) $ 15,861,139

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

Summary of Fair Value Disclosure as of March 31, 2026 (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.