What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-31 compared with 2025-03-28 · 91 added, 118 removed, 227 unchanged (48% of the section changed)

9 unchanged sentences

“intend,” “project,” “seek” or the negative of these terms or other comparable terminology.

of the Trust, the Sponsor, the Commodity Sub- Adviser, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness

the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness

of any forward-looking statements.

Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Commodity

Sub-Adviser, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements

Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements

to actual results or to a change in expectations or predictions.

16 unchanged sentences

Treasury bills and other short-term

fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the

underlying swaps, futures contracts and forward contracts change.

During the year ended December 31, 2024 and December 31, 2023, each

of the Funds earned total income as follows:

fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying

swaps, futures contracts and forward contracts change.

During the year ended December 31, 2025 and December 31, 2024, each of the Funds

earned total income as follows:

Year Ended December 31,

-1x Short VIX Futures ETF

5 unchanged sentences

terms and conditions, and in general are not transferable without the consent of the counterparty.

In the case of futures contracts,

commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily

limits.” During a single day, no futures trades may be executed at prices beyond the daily limit.

Once the price of a futures contract

has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated

unless the traders are willing to effect trades at or within the limit.

Futures contract prices have occasionally moved to the daily

limit for several consecutive days with little or no trading.

Such market conditions could prevent a Fund from promptly liquidating its

futures positions.

In the case of futures contracts, commodity

exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.”

During a single day, no futures trades may be executed at prices beyond the daily limit.

Once the price of a futures contract has increased

or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the

traders are willing to effect trades at or within the limit.

Futures contract prices have occasionally moved to the daily limit for several

consecutive days with little or no trading.

Such market conditions could prevent a Fund from promptly liquidating its futures positions.

In addition, the Sponsor will seek to minimize

28 unchanged sentences

Should a Fund enter into

a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of

that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices

or settle in cash.

Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited,

entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited

For more information, see “Item 7A.

and Qualitative Disclosures About Market Risk” in this Annual Report on Form 10-K.

a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that

commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle

Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering

into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk.

When a Fund enters into swap agreements, futures

contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations.

The counterparty for futures contracts traded

on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange.

The counterparty for futures contracts traded on

United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange.

In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from

1 unchanged sentence

In cases where the clearing house

is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by

a consortium of banks or other financial institutions.

is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a

consortium of banks or other financial institutions.

Certain swap and forward agreements are contracted

13 unchanged sentences

risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any.

if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund

may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used.

if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may

be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used.

The Sponsor attempts to minimize certain of these

market and credit risks by normally:

executing and clearing trades with creditworthy counterparties,

as determined by the Sponsor;

limiting the outstanding amounts due from counterparties

to the Funds;

executing and clearing trades with creditworthy counterparties, as determined by the Sponsor;

limiting the outstanding amounts due from counterparties to the Funds;

requiring that the counterparty posts collateral in

amounts approximately equal to that owed to the Funds, as marked to

market daily, subject to certain minimum thresholds;

limiting the amount of margin or premium posted at

ensuring that deliverable contracts are not held to

such a date when delivery of the underlying asset could be called for.

amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum

limiting the amount of margin or premium posted at a FCM;

ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.

Off-Balance Sheet Arrangements and Contractual Obligations

As of December 31, 2025, the Funds have not used,

nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no

loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of

business, which may include indemnification provisions related to certain risks service providers undertake in performing services which

are in the best interests of the Funds.

While each Fund’s exposure under such indemnification provisions cannot be estimated, these

general business indemnifications are not expected to have a material impact on a Fund’s financial position.

nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan

guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business,

which may include indemnification provisions related to certain risks service providers undertake in performing services which are in

the best interests of the Funds.

While each Fund’s exposure under such indemnification provisions cannot be estimated, these general

business indemnifications are not expected to have a material impact on a Fund’s financial position.

Management fee payments made to the Sponsor are

8 unchanged sentences

accounting rules and guidance, as well as the use of estimates.

The Trust’s and the Funds’ application of these policies

involves judgments and actual results may differ from the estimates used.

The Trust’s and the Funds’ application of these policies involves

judgments and actual results may differ from the estimates used.

Each Fund has significant exposure to Financial

20 unchanged sentences

Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future

Futures contracts entered into by the Gold, Silver,

Fair value pricing may require subjective determinations

about the value of an investment.

While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that

fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons

acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that

investment as of the time of pricing (for instance, in a forced or distressed sale).

The prices used by a Fund may differ from the

value that would be realized if the investments were sold and the differences could be material to the financial statements.

While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly

reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting

at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment

as of the time of pricing (for instance, in a forced or distressed sale).

The prices used by a Fund may differ from the value

that would be realized if the investments were sold and the differences could be material to the financial statements.

The Funds disclose the fair value of their investments

6 unchanged sentences

Each Fund pays its respective brokerage commissions,

including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses

charged in connection with trading activities for each Fund’s investment in U.S.

Commodity Futures Trading Commission regulated

including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged

in connection with trading activities for each Fund’s investment in U.S.

Commodity Futures Trading Commission regulated investments.

Brokerage commissions on futures contracts are recognized on a half-turn basis.

3 unchanged sentences

Fund Performance

The following table provides summary performance

information for the Fund for the year ended December 31, 2024 and December 31, 2023:

Year Ended December 31, 2024

Net Assets beginning of period

$ 300,123,823

$ 125,057,419

Net Assets end of period

14 unchanged sentences

Benchmark annualized volatility

The Fund’s inception of operation was March

Neither the Trust nor the Fund had any operations prior to March 28, 2022, other than matters relating to its organization

and the registration of each series under the Securities Act of 1933.

During the year ended December 31, 2025, the

decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Fund seeking daily investment

results, before fees and expenses, that correspond to the performance of the Short Index.

The decrease in the Fund’s per share

NAV also resulted in part from an increase from 3,310,000 outstanding Shares at December 31, 2023 to 11,820,000 outstanding Shares

at December 31, 2024.

By comparison, during the year ended December 31, 2023, the increase in the Fund’s per share NAV

resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that

correspond to the performance of the Short Index.

The increase in the Fund’s per share NAV also resulted in part from an

increase from 3,170,000 outstanding Shares at December 31, 2022 to 3,310,000 outstanding Shares at December 31, 2023.

decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Fund seeking daily

investment results, before fees and expenses, that correspond to the performance of the Short Index.

The decrease in the

Fund’s NAV also resulted in part from a decrease from 11,820,000 outstanding Shares at December 31, 2024 to 8,740,000

outstanding Shares at December 31, 2025.

By comparison, during the year ended December 31, 2024, the decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results,

before fees and expenses, that correspond to the performance of the Short Index.

The decrease in the Fund’s per share NAV also resulted

in part from an increase from 3,310,000 outstanding Shares at December 31, 2023 to 11,820,000 outstanding Shares at December 31, 2024.

Net Income/Loss

The following table provides summary income information

for the Fund for the years ended December 31, 2024 and December 31, 2023:

The following table provides summary income information for the Fund

for the years ended December 31, 2025 and December 31, 2024:

Net investment income (loss)

$ (1,200,955 )

Management fee

5 unchanged sentences

Net income (loss)

The Fund’s net income decreased for the

year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a greater decrease in the value of the

futures prices during the year ended December 31, 2024.

Futures Positions as of December 31, 2025

Long or Short

Contract Multiplier

CBOE VIX FUTURE Jan26

4 unchanged sentences

Long or Short

Valuation Price

Contract Multiplier

6 unchanged sentences

The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.

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 match the performance of the Short Index.

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

by estimating the return of the Short Index.

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 match the performance of the Short Index.

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

the return of the Short Index.

2x Long VIX Futures ETF

Fund Performance

The following table provides summary performance

information for the Fund for the year ended December 31, 2024 and December 31, 2023:

Net Assets beginning of period

2 unchanged sentences

$ 331,291,100

$ 187,711,259

Percentage change in NAV

5 unchanged sentences

(107,734,025 )

(10,765,000 )

Per share NAV beginning of period

3 unchanged sentences

Benchmark annualized volatility

(1) Shares outstanding 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) Shares outstanding 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 Fund’s inception of operation was March

Neither the Trust nor the Fund had any operations prior to March 28, 2022, other than matters relating to its organization

and the registration of each series under the Securities Act of 1933.

During the year ended December 31, 2024, the decrease in the Fund’s

per share NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that

correspond to the performance of the Long Index.

(1) 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.

During the year ended December 31, 2025, the

decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results,

before fees and expenses, that correspond to the performance of the Long Index.

The decrease in the Fund’s per share NAV was

partially offset by an increase from 5,531,498 outstanding Shares at December 31, 2024 to 58,157,473 outstanding Shares at December

By comparison, during the year ended December 31, 2024, the decrease in the Fund’s per share NAV resulted primarily

from the cumulative effect of the Funds seeking daily investment results, before fees and expenses, that correspond to the

performance of the Long Index.

The decrease in the Fund’s per share NAV was partially offset by an increase from 507,498

outstanding Shares at December 31, 2023 to 5,531,498 outstanding Shares at December 31, 2024.

By comparison, during the year

ended December 31, 2023, the decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Funds seeking

daily investment results, before fees and expenses, that correspond to the performance of the Long Index.

The decrease in the Fund’s

per share NAV was partially offset by an increase from 42,900 outstanding Shares at December 31, 2022 to 507,498 outstanding Shares

at December 31, 2023.

Net Income/Loss

The following table provides summary income information

for the Fund for the years ended December 31, 2024 and December 31, 2023:

Net investment income (loss)

$ (1,174,446 )

Management fee

5 unchanged sentences

Change in net unrealized appreciation (depreciation)

(68,788,688 )

Net income (loss)

1 unchanged sentence

(31,752,149 )

The Fund’s net loss decreased for the year ended December 31,

2024, as compared to the year ended December 31, 2023, primarily due to an increase in the value of futures prices during the year ended

December 31, 2024.

Futures Positions as of December 31, 2025

1 unchanged sentence

CBOE VIX FUTURE Feb26

Positions as of December 31, 2023

Futures Positions as of December 31, 2024

Long or Short

Valuation Price

Contract Multiplier

CBOE VIX FUTURE Jan25

3 unchanged sentences

The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.

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 match the performance of the Long Index.

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

by estimating the return of the Long Index.

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 match the performance of the Long Index.

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

the return of the Long Index.

Qualitative Disclosure

5 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-K

Item 7. Management’s Discussion and Analysis