What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2025-03-28 compared with 2024-03-29 · 37 added, 36 removed, 54 unchanged (57% of the section changed)

Market for Registrant’s Common Equity, Related

Stockholder Matters and Issuer Purchases of Equity Securities.

a) The Shares of each Fund that has commenced investment operations

are listed in the accompanying table.

The dates the Shares of each Fund began trading, their symbols and their primary listing exchange

are indicated below:

Commencement of Operations

Ticker Symbol

Name of each exchange on which registered

Market for Registrant’s Common Equity, Related Stockholder

Matters and Issuer Purchases of Equity Securities.

Shares of each Fund that has commenced investment operations are listed in the accompanying table.

The dates the Shares of each Fund

began trading, their symbols and their primary listing exchange are indicated below:

of Operations

of each exchange

on which registered

-1x Short VIX Futures ETF

2 unchanged sentences

Cboe BZX Exchange

The approximate number of holders of the Shares of each Fund

as of December 31, 2023 was as follows:

The approximate number of holders of the Shares

of each Fund as of December 31, 2024 was as follows:

-1x Short VIX Futures ETF

1 unchanged sentence

Combined Trust:

The Funds made no distributions to Shareholders during the fiscal year ended December 31, 2023.

(1) Approximate shareholders have been adjusted to reflect

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

The Funds made no distributions to Shareholders

during the fiscal year ended December 31, 2024.

The Funds have no obligation to make periodic distributions to Shareholders.

The approximate number of holders

of the Shares of each Fund as of December 31, 2022 was as follows:

Number of Holders

The approximate number of holders of the Shares

of each Fund as of December 31, 2023 was as follows:

-1x Short VIX Futures ETF

1 unchanged sentence

Combined Trust:

(1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect

a 1:5 reverse stock split occurring on January 25, 2023 and a 1:10 reverse stock split occurring on October 11, 2023, as if they occurred

at the commencement of operations.

(1) Approximate shareholders have been adjusted to reflect a

1:5 reverse stock split on January 25, 2023, a 1:10 reverse stock split on October 11, 2023, and a 1:10 reverse stock split on January

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

The Funds made no distributions to Shareholders

1 unchanged sentence

The Funds have no obligation to make periodic distributions to Shareholders.

b) The following tables reflect the shares sold and the sale

price of the shares sold for three months and for the year ended December 31, 2023 and December 31, 2022.

The following tables reflect

the shares sold and the sale price of the shares sold for three months and for the year ended December 31, 2024 and December 31,

Title of Securities Registered

Amount Registered as of

December 31, 2024

Sale Price of

8 unchanged sentences

An indeterminant amount of securities

(1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect

a 1:5 reverse stock split occurring on January 25, 2023 and a 1:10 reverse stock split occurring on October 11, 2023, as if they occurred

at the commencement of operations.

(1) For 2x Long VIX Futures ETF, financial highlights have

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

Title of Securities Registered

Amount Registered as of

December 31, 2023

Sale Price of

8 unchanged sentences

An indeterminant amount of securities

(1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect

a 1:5 reverse stock split occurring on January 25, 2023 and a 1:10 reverse stock split occurring on October 11, 2023, as if they occurred

at the commencement of operations.

c) From October 1, 2023 through December 31, 2023 , the number of Shares redeemed and average

price per Share for each Fund were as follows:

(1) For 2x Long VIX Futures ETF, financial highlights have been

adjusted to reflect a 1:5 reverse stock split occurring on January 25, 2023, a 1:10 reverse stock split occurring on October 11, 2023,

and a 1:10 reverse stock split occurring on January 15, 2025, as if they occurred at the commencement of operations.

From October 1, 2024 through December 31, 2024, the

number of Shares redeemed and average price per Share for each Fund were as follows:

-1x Short VIX Futures ETF

6 unchanged sentences

12/01/2024 to 12/31/2024

(1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect

a 1:5 reverse stock split occurring on January 25, 2023 and a 1:10 reverse stock split occurring on October 11, 2023, as if they occurred

at the commencement of operations.

From October 1, 2022 through December 31, 2022, the number

of Shares redeemed and average price per Share for each Fund were as follows:

(1) For 2x Long VIX Futures ETF, financial highlights have been

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

From October 1, 2023 through December 31, 2023,

the number of Shares redeemed and average price per Share for each Fund were as follows:

-1x Short VIX Futures ETF

6 unchanged sentences

12/01/2023 to 12/31/2023

(1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect

a 1:5 reverse stock split occurring on January 25, 2023 and a 1:10 reverse stock split occurring on October 11, 2023, as if they occurred

at the commencement of operations.

(1) For 2x Long VIX Futures ETF, financial highlights have been

adjusted to reflect a 1:5 reverse stock split occurring on January 25, 2023, a 1:10 reverse stock split occurring on October 11, 2023,

and a 1:10 reverse stock split occurring on January 15, 2025, as if they occurred at the commencement of operations.

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-K

Item 5. Market for Registrant’s Common Equity