What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2026-03-31 compared with 2025-03-28 · 39 added, 36 removed, 55 unchanged (58% of the section changed)

1 unchanged sentence

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

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

-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, 2024 was as follows:

The approximate number of holders of the Shares of each Fund as of

December 31, 2025 was as follows:

Number of Units

-1x Short VIX Futures ETF

1 unchanged sentence

Combined Trust:

(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 made no distributions during the period ended December 31,

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, 2023 was as follows:

The approximate number of holders of the Shares of each Fund as of

December 31, 2024 was as follows:

Number of Units

-1x Short VIX Futures ETF

2x Long VIX Futures ETF

5,531,498 (1)

Combined Trust:

(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

during the fiscal year ended December 31, 2023.

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

The Funds made no distributions during the period ended December 31,

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

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,

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, 2025 and December 31, 2024.

Title of Securities Registered

Amount Registered as of

December 31, 2024

For the Three

Sale Price of

1 unchanged sentence

Sale Price of

Shares Sold For

the Year Ended

-1x Short VIX Futures ETF

2 unchanged sentences

$ 154,416,104

$ 1,369,590,652

2x Long VIX Futures ETF

1 unchanged sentence

An indeterminant amount of securities

(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.

2,795,737,205

(1) For 2x Long VIX Futures ETF, shares 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

2 unchanged sentences

Sale Price of

Shares Sold For

Shares Sold For the

Three Months Ended

Ended December 31,

Sale Price of

6 unchanged sentences

An indeterminant amount of securities

(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:

(1) For 2x Long VIX Futures ETF, shares 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.

c) From October 1, 2025 through December 31, 2025, the number of

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

Total Number of Shares Redeemed

Averate Price Per Share

-1x Short VIX Futures ETF

4 unchanged sentences

10/01/2025 to 10/31/2025

(30,600,000 )

11/01/2025 to 11/30/2025

(30,500,000 )

12/01/2025 to 12/31/2025

(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:

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, 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.

(1) For 2x Long VIX Futures ETF, shares 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.

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