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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2026-05-12 compared with 2025-11-13 · 45 added, 66 removed, 23 unchanged (83% of the section changed)

2 unchanged sentences

Equity Market Volatility Sensitivity

Each of the Funds is exposed to certain risks pertaining

to the use of Financial Instruments.

Each Fund is exposed to equity market volatility risk through its holdings of Financial Instruments.

Each of the Funds is exposed to certain risks

pertaining to the use of Financial Instruments.

Each Fund is exposed to equity market volatility risk through its holdings of Financial

The tables below provide information about each

Fund’s Financial Instruments.

As of September 30, 2025 (Unaudited) and December 31, 2024, each of the Fund’s positions were

As of March 31, 2026 (Unaudited) and December 31, 2025, each of the Fund’s positions were as

-1x Short VIX Futures ETF

As of September 30, 2025, SVIX was exposed to inverse

As of March 31, 2026, SVIX was exposed to inverse

equity market volatility risk through its holding of VIX futures contracts.

The following tables provide information about the Fund’s

positions in VIX futures contracts as of September 30, 2025 (Unaudited) and December 31, 2024, which were sensitive to equity market volatility

Futures Positions as of September 30, 2025 (Unaudited)

Long or Short

Expiration Date

Contracts Sold

Valuation Price

Contract Multiplier

Notional Amount at Value

CBOE Volatility Index

positions in VIX futures contracts as of March 31, 2026 (Unaudited) and December 31, 2025, which were sensitive to equity market volatility

Futures Positions as of March 31,

2026 (Unaudited)

CBOE VIX FUTURE Apr26

$ (160,706,720 )

CBOE Volatility Index

CBOE VIX FUTURE May26

$ (174,281,640 )

Futures Positions as of December

Long or Short

Expiration Date

Contracts Sold

Valuation Price

Contract Multiplier

Notional Amount at Value

CBOE Volatility Index

CBOE VIX FUTURE Jan26

$ (109,626,960 )

CBOE Volatility Index

CBOE VIX FUTURE Feb26

$ (102,396,780 )

3 unchanged sentences

(decrease) proportionally with decreases (increases) in the price of the futures contract.

Additional gains (losses) associated with these

contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction

or financing costs.

The Fund will generally attempt to adjust its position in Financial Instruments each day to have -$1.00 of short exposure

to the Index for every $1.00 of net assets.

Future period returns, before fees and expenses, cannot be estimated simply by estimating

the return of the Index and multiplying by negative one-half.

Additional gains (losses) associated with

these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or

transaction or financing costs.

The Fund will generally attempt to adjust its position in Financial Instruments each day to have -$1.00

of short exposure to the Index for every $1.00 of net assets.

Future period returns, before fees and expenses, cannot be estimated simply

by estimating the return of the Index and multiplying by negative one-half.

See “Item 1A.

Risk Factors” in the Annual Report on Form 10-K

for additional information regarding performance for periods longer than a single day.

Risk Factors” in the Annual Report

on Form 10-K for additional information regarding performance for periods longer than a single day.

2x Lon g VIX Futures ETF

As of September 30, 2025, UVIX was exposed to equity

As of March 31, 2026, UVIX was exposed to equity

market volatility risk through its holding of VIX futures contracts.

The following tables provide information about the Fund’s positions

in these Financial Instruments as of September 30, 2024 and December 31, 2024, which were sensitive to equity market volatility risk.

Futures Positions as of September 30, 2025 (Unaudited)

Long or Short

Expiration Date

Contracts Sold

Valuation Price

Contract Multiplier

Notional Amount at Value

CBOE Volatility Index

The following tables provide information about the Fund’s

positions in these Financial Instruments as of March 31, 2026 and December 31, 2025, which were sensitive to equity market volatility

Futures Positions as of March 31,

2026 (Unaudited)

CBOE VIX FUTURE Apr26

$ 277,267,920

CBOE Volatility Index

CBOE VIX FUTURE May26

$ 300,685,320

Futures Positions as of December

Long or Short

Expiration Date

Contracts Sold

Valuation Price

Contract Multiplier

Notional Amount at Value

CBOE Volatility Index

CBOE VIX FUTURE Jan26

$ 342,699,960

CBOE Volatility Index

The futures notional values are calculated by multiplying

the number of contracts held times the valuation price times the contract multiplier.

The swap notional values are calculated by multiplying

the number of units times the closing level of the Index.

These notional values will increase (decrease) proportionally with increases

(decreases) in the price of the futures contract or the level of the Index, as applicable.

Additional gains (losses) associated with these

contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction

or financing costs.

The Fund will generally attempt to adjust its positions

in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.

Future period returns, before

fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half.

Risk Factors” in the Annual Report on Form 10-K.

CBOE VIX FUTURE Feb25

$ 320,124,280

The futures notional values are calculated by

multiplying the number of contracts held times the valuation price times the contract multiplier.

The swap notional values are calculated

by multiplying the number of units times the closing level of the Index.

These notional values will increase (decrease) proportionally

with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.

Additional gains (losses) associated

with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or

transaction or financing costs.

The Fund will generally attempt to adjust its

positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.

Future period returns,

before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half.

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 3. Quantitative and Qualitative Disclosures About Market Risk