What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2022-08-15 compared with 2022-05-16 · 27 added, 22 removed, 34 unchanged (59% of the section changed)

8 unchanged sentences

each Fund’s Financial Instruments.

As of March 31, 2022, each of the Fund’s positions were as follows:

As of June 30, 2022, each of the Fund’s positions were as follows:

-1x Short VIX Futures ETF

As of March 31, 2022, SVIX was exposed to

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

The following table provides information about the

Fund’s positions in VIX futures contracts as of March 31, 2022, which were sensitive to equity market volatility risk.

Futures Positions

as of March 31, 2022

As of June 30, 2022, SVIX was exposed to inverse

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

The following table provides information about the Fund’s

positions in VIX futures contracts as of June 30, 2022, which were sensitive to equity market volatility risk.

Futures Positions as

of June 30, 2022

Long or Short

Notional Amount

VIX Futures (Cboe)

1 unchanged sentence

VIX Futures (Cboe)

(22,835,611 )

The short futures notional values are calculated

2 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 Long VIX Futures ETF

As of March 31, 2022, 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 March 31, 2022, which were sensitive to equity market volatility risk.

Futures Positions

as of March 31, 2022

As of June 30, 2022, 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 June 30, 2022, which were sensitive to equity market volatility risk.

Futures Positions as

of June 30, 2022

Long or Short

Notional Amount

VIX Futures (Cboe)

14 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 3. Quantitative and Qualitative Disclosures About Market Risk