UVIX 2x Long VIX Futures ETF

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

FORM 10-Q

  

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

for the quarterly period ended September 30, 2024.

 

or

 

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

for the transition period from _________to _________.

 

Commission file number:                       

  

VS Trust

(Exact name of registrant as specified in its charter)

  

Delaware		84-6704517
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

c/o Volatility Shares LLC

2000 PGA Boulevard, Suite 4440

Palm Beach Gardens, FL. 33408

(Address of principal executive offices) (Zip Code)

 

(866) 261-0273

(Registrant’s telephone number, including area code)

  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
-1x Short VIX Futures ETF		SVIX		Cboe BZX Exchange
2x Long VIX Futures ETF		UVIX		Cboe BZX Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☒
		Emerging Growth Company	☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No

 

As of September 30, 2024, the registrant had 47,024,975 shares of common stock, $0 par value per share, outstanding.

 

 

 

VS Trust

 

Table of Contents

 

		Page
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements		1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		2
Item 3. Quantitative and Qualitative Disclosures About Market Risk		10
Item 4. Controls and Procedures		11
Part II. OTHER INFORMATION
Item 1. Legal Proceedings		12
Item 1A. Risk Factors		12
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		12
Item 3. Defaults Upon Senior Securities		12
Item 4. Mine Safety Disclosures		12
Item 5. Other Information		12
Item 6. Exhibits		13

 

  

Part I. FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Index

 

Documents		Page
Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows:
-1x Short VIX Futures ETF		F-8
2x Long VIX Futures ETF		F-12
Notes to Financial Statements		F-16

  

 

VS Trust

Statements of Assets and Liabilities

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		September 30, 2024 (Unaudited)				September 30, 2024 (Unaudited)				December 31, 2023				December 31, 2023
ASSETS
Cash		$	-			$	-			$	5,032,398			$	-
Investments in securities, at value *			141,574,165				61,137,595				14,917,099				8,009,153
Interest receivable			734,901				181,297				117,866				58,172
Prepaid expenses and other assets			18,566				47,299				16,781				31,493
Deposits at Broker for Futures and Options Contracts			175,083,863				112,415,389				115,003,174				61,750,311
Variation margin receivable			5,608,945				-				-				148,593
Other receivable			1,380				-				2,839				-
Total Assets			323,021,820				173,781,580				135,090,157				69,997,722
LIABILITIES
Payables
Variation margin payable		$	-			$	6,246,194			$	204,703			$	-
Due to Other			-				955
Fund shares redeemed			4,600,608				-				9,447,400				-
Payable to Sponsor			398,712				184,564				147,790				106,270
Administrative, accounting and custodian fees payable			61,073				44,611				28,065				25,429
Professional fees payable			244,274				238,353				154,412				133,724
Licensing and registration fees payable			52,394				69,049				50,368				67,303
Total Liabilities			5,357,061				6,783,726				10,032,738				332,726
NET ASSETS		$	317,664,759			$	166,997,854			$	125,057,419			$	69,664,996
NET ASSETS CONSIST OF:
Paid-in capital		$	176,375,307			$	583,715,784			$	4,558,124			$	424,281,739
Total distributable earnings (accumulated deficit)			141,289,452				(416,717,930	)			120,499,295				(354,616,743	)
Net Assets		$	317,664,759			$	166,997,854			$	125,057,419			$	69,664,996
Net Asset Value (unlimited shares authorized):
Class I (unlimited shares authorized):
Net Assets		$	317,664,759			$	166,997,854			$	125,057,419			$	69,664,996
Shares Outstanding^			11,740,000				35,284,975				3,310,000				5,074,975
Net Asset Value, Offering and Redemption Price per Share		$	27.06			$	4.73			$	37.78			$	13.73
Market Value per Share (Note 2)		$	27.07			$	4.72			$	37.73			$	13.73
*Investments in securities, at cost		$	141,702,660			$	61,137,595			$	15,728,432			$	8,009,153
^ No Par Value

 

See accompanying notes to the financial statements.

  

 

VS Trust

Statements of Operations

For the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		September 30, 2024				September 30, 2024				September 30, 2023				September 30, 2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
INVESTMENT INCOME
Income:
Interest income		$	1,893,485			$	407,680			$	86,183			$	257,541
Total Income			1,893,485				407,680				86,183				257,541
Expenses:
Management fees			1,134,109				416,604				293,542				365,111
Administrative, accounting and custodian fees			38,836				23,860				27,917				28,148
Professional fees			76,233				94,517				81,552				81,188
Licensing and registration fees			(10,647	)			3,883				7,688				13,740
Other			1,006				1,006				-				-
Broker interest expense			47,307				-				-				-
Total Expenses			1,286,844				539,870				410,699				488,187
Net Investment Income (Loss)			606,641				(132,190	)			(324,516	)			(230,646	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Options			266,733				-				-				-
Futures			(28,508,230	)			(7,095,465	)			15,738,591				(42,049,000	)
Net change in unrealized appreciation (depreciation) of:
Options			10,502				-				-				-
Futures			(3,125,307	)			1,135,620				(12,928,171	)			30,931,703
Net realized and unrealized gain (loss) on investments and futures contracts			(31,356,302	)			(5,959,845	)			2,810,420				(11,117,297	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(30,749,661	)		$	(6,092,035	)		$	2,485,904			$	(11,347,943	)

 

See accompanying notes to the financial statements.

 

 

VS Trust

Statements of Operations

For the Nine Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Nine Months Ended				Nine Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2024				September 30, 2024				September 30, 2023				September 30, 2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
INVESTMENT INCOME
Income:
Interest income		$	3,021,857			$	923,605			$	207,714			$	691,812
Total Income			3,021,857				923,605				207,714				691,812
Expenses:
Management fees			2,128,614				1,009,549				688,455				1,284,769
Administrative, accounting and custodian fees			104,264				90,242				74,725				90,847
Professional fees			224,725				286,499				240,644				242,137
Licensing and registration fees			23,011				11,836				57,822				58,561
Other			2,973				2,973				-				-
Broker interest expense			47,307				-				8,613				320
Total Expenses			2,530,894				1,401,099				1,070,259				1,676,634
Net Investment Income (Loss)			490,963				(477,494	)			(862,545	)			(984,822	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Options			(6,489,708	)			-				-				-
Futures			33,764,723				(67,353,025	)			58,190,096				(228,151,397	)
Net change in unrealized appreciation (depreciation) of:
Options			682,838				-				-				-
Futures			(7,658,659	)			5,729,332				(7,565,698	)			20,344,189
Net realized and unrealized gain (loss) on investments and futures contracts			20,299,194				(61,623,693	)			50,624,398				(207,807,208	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	20,790,157			$	(62,101,187	)		$	49,761,853			$	(208,792,030	)

 

See accompanying notes to the financial statements.

  

 

VS Trust

Statements of Changes in Net Assets

For the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

  

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		September 30, 2024				September 30, 2024				September 30, 2023				September 30, 2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS
Net investment Income (Loss)		$	606,641			$	(132,190	)		$	(324,516	)		$	(230,646	)
Net realized gain (loss) on investments and futures contracts			(28,241,497	)			(7,095,465	)			15,738,591				(42,049,000	)
Net change in unrealized appreciation (depreciation) of investments and futures contracts			(3,114,805	)			1,135,620				(12,928,171	)			30,931,703
Net increase (decrease) in net assets resulting from operations			(30,749,661	)			(6,092,035	)			2,485,904				(11,347,943	)
CAPITAL SHARE TRANSACTIONS
Shares sold			546,031,939				232,642,352				68,508,308				91,271,140
Shares redeemed			(384,300,594	)			(141,934,673	)			(32,840,529	)			(77,058,854	)
Net increase (decrease) in net assets from capital share transactions			161,731,345				90,707,679				35,667,779				14,212,286
Total increase (decrease) in net assets			130,981,684				84,615,644				38,153,683				2,864,343
NET ASSETS
Beginning of Period			186,683,075				82,382,210				72,302,413				85,338,802
End of Period		$	317,664,759			$	166,997,854			$	110,456,096			$	88,203,145

  

See accompanying notes to the financial statements.

 

 

VS Trust

Statements of Changes in Net Assets

For the Nine Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

  

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Nine Months Ended				Nine Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2024				September 30, 2024				September 30, 2023				September 30, 2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS
Net investment Income (Loss)		$	490,963			$	(477,494	)		$	(862,545	)		$	(984,822	)
Net realized gain (loss) on investments and futures contracts			27,275,015				(67,353,025	)			58,190,096				(228,151,397	)
Net change in unrealized appreciation (depreciation) of investments and futures contracts			(6,975,821	)			5,729,332				(7,565,698	)			20,344,189
Net increase (decrease) in net assets resulting from operations			20,790,157				(62,101,187	)			49,761,853				(208,792,030	)
CAPITAL SHARE TRANSACTIONS
Shares sold			739,964,471				392,181,688				187,008,767				369,331,697
Shares redeemed			(568,147,288	)			(232,747,643	)			(172,693,127	)			(197,825,288	)
Net increase (decrease) in net assets from capital share transactions			171,817,183				159,434,045				14,315,640				171,506,409
Total increase (decrease) in net assets			192,607,340				97,332,858				64,077,493				(37,285,621	)
NET ASSETS
Beginning of Period			125,057,419				69,664,996				46,378,603				125,488,766
End of Period		$	317,664,759			$	166,997,854			$	110,456,096			$	88,203,145

 

See accompanying notes to the financial statements.

  

  

VS Trust

Statements of Cash Flows

For the Three Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		September 30, 2024				September 30, 2024				September 30, 2023				September 30, 2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations		$	(30,749,661	)		$	(6,092,035	)		$	2,485,904			$	(11,347,943	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Purchase of investments			(527,230,306	)			(233,003,884	)			(113,633,779	)			(133,007,714	)
Proceeds from sales or maturities of investments held			435,686,729				190,093,887				105,960,099				118,168,760
Net realized gain/loss on investments in options			(266,733	)			-				-				-
Net change in unrealized appreciation/depreciation on investments in options			(10,502	)			-				-				-
Decrease (Increase) in Deposits at broker for futures and options contracts			(37,391,280	)			(49,286,294	)			(35,708,583	)			28,009,343
Decrease (Increase) in Variation margin receivable			(5,608,945	)			1,361,220				1,242,108				(1,945,302	)
Decrease (Increase) in Prepaid expenses and other assets			1,668				(29,584	)			9,391				(16,431	)
Decrease (Increase) in interest receivable			(493,907	)			(90,455	)			(26,812	)			(47,053	)
Decrease (Increase) in other receivables			(630	)			-				253				(1,521	)
Increase (Decrease) in Due to Custodian			-				-				(1,023,713	)			(2,874,781	)
Increase (Decrease) in Due to Other			-				34				-				6
Increase (Decrease) in Variation margin payable			(1,682,338	)			6,246,194				1,327,607				(3,406,049	)
Increase (Decrease) in Payable to Sponsor			191,857				80,693				41,257				(13,210	)
Increase (Decrease) in Administrative, accounting and custodian fees payable			22,120				12,299				3,262				7,567
Increase (Decrease) in Professional fees payable			27,541				(3,638	)			34,701				33,913
Increase (Decrease) in Licensing and registration fees payable			1,658				3,884				10,872				14,275
Net cash provided by (used in) operating activities			(167,502,729	)			(90,707,679	)			(39,277,433	)			(6,426,140	)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from shares sold, net of receivable for shares sold			546,031,939				232,642,352				72,117,962				85,350,046
Cost of shares redeemed, net of payable for shares purchased			(379,699,986	)			(141,934,673	)			(32,840,529	)			(78,923,906	)
Net cash provided by (used in) financing activities			166,331,953				90,707,679				39,277,433				6,426,140
NET DECREASE IN CASH			(1,170,776	)			-				-				-
Beginning of Period			1,170,776				-				-				-
End of Period		$	-			$	-			$	-			$	-

 

See accompanying notes to the financial statements.

 

 

VS Trust

Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Nine Months Ended				Nine Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2024				September 30, 2024				September 30, 2023				September 30, 2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations		$	20,790,157			$	(62,101,187	)		$	49,761,853			$	(208,792,030	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Purchase of investments			(872,724,542	)			(404,905,328	)			(340,725,312	)			(442,361,238	)
Proceeds from sales or maturities of investments held			740,260,607				351,776,886				333,051,632				426,255,022
Net realized gain/loss on investments in options			6,489,708				-				-				-
Net change in unrealized appreciation/depreciation on investments in options			(682,838	)			-				-				-
Decrease (Increase) in Deposits at broker for futures and options contracts			(60,080,689	)			(50,665,078	)			(56,267,842	)			59,527,835
Decrease (Increase) in Variation margin receivable			(5,608,945	)			148,593				-				(1,114,462	)
Decrease (Increase) in Prepaid expenses and other assets			(1,785	)			(15,806	)			(14,694	)			(26,532	)
Decrease (Increase) in interest receivable			(617,035	)			(123,125	)			(27,106	)			(61,922	)
Decrease (Increase) in other receivables			1,459				-				571				(1,502	)
Increase (Decrease) in Due to Custodian			-				-				-				6
Increase (Decrease) in Due to Other			-				955				-				-
Increase (Decrease) in Variation margin payable			(204,703	)			6,246,194				1,140,577				-
Increase (Decrease) in Payable to Sponsor			250,922				78,294				57,503				(51,198	)
Increase (Decrease) in Administrative, accounting and custodian fees payable			33,008				19,182				2,099				5,707
Increase (Decrease) in Professional fees payable			89,862				104,629				78,459				76,534
Increase (Decrease) in Licensing and registration fees payable			2,026				1,746				25,038				42,143
Net cash provided by (used in) operating activities			(172,002,788	)			(159,434,045	)			(12,917,222	)			(166,501,637	)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from shares sold, net of receivable from shares sold			739,964,470				392,181,688				187,008,767				364,326,925
Cost of shares redeemed, net of payable from shares purchased			(572,994,080	)			(232,747,643	)			(174,596,145	)			(197,825,288	)
Net cash provided by (used in) financing activities			166,970,390				159,434,045				12,412,622				166,501,637
NET DECREASE IN CASH			(5,032,398	)			-				(504,600	)			-
Beginning of Period			5,032,398				-				504,600				-
End of Period		$	-			$	-			$	-			$	-

 

See accompanying notes to the financial statements.

 

 

-1x Short VIX Futures ETF

Schedule of Investments

as of September 30, 2024 (Unaudited)

 

PURCHASED OPTIONS - 0.6%(a)(b)		Notional Amount				Contracts				Value
Call Options - 0.6%
CBOE Volatility Index, Expiration: 11/20/2024; Exercise Price: $28.00		$	26,768,000				16,000			$	1,744,000
TOTAL PURCHASED OPTIONS (Cost $1,872,495)											1,744,000

 

		Shares
SHORT-TERM INVESTMENTS - 44.0%
Money Market Funds - 44.0%
First American Government Obligations Fund - 4.82% (c)			139,830,165				139,830,165
TOTAL SHORT-TERM INVESTMENTS (Cost $139,830,165)							139,830,165
TOTAL INVESTMENTS - 44.6% (Cost $141,702,660)							141,574,165
Other Assets in Excess of Liabilities - 55.4%(d)							176,090,594
TOTAL NET ASSETS - 100.0%						$	317,664,759

 

Percentages are stated as a percent of net assets.  

 

(a)	Exchange-traded.

(b)	100 shares per contract.

(c)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

(d)	175,083,863 of cash is pledged as collateral for futures and options contracts.

 

See accompanying notes to the financial statements.

 

 

-1x Short VIX Futures ETF

Schedule of Open Futures Contracts 

as of September 30, 2024 (Unaudited)

 

Description		Contracts Sold				Expiration Date			Notional Value				Value/ Unrealized Appreciation (Depreciation)
CBOE Volatility Index			(9,419	)		10/16/2024			$	177,830,720			$	905,358
CBOE Volatility Index			(7,707	)		11/20/2024				139,804,980				(1,915,106	)
Total Unrealized Appreciation (Depreciation)													$	(1,009,748	)

 

See accompanying notes to the financial statements.

 

 

-1x Short VIX Futures ETF

Schedule of Investments

December 31, 2023

 

		Notional Amount				Contracts				Value
PURCHASED OPTIONS - 0.29%(a)(b)
Call Options - 0.29%
CBOE Volatility Index, Expiration: 01/17/2024; Strike Price: $26			29,880,000				24,000			$	360,000
TOTAL PURCHASED OPTIONS (Cost $1,171,333)											360,000

 

		Shares
SHORT-TERM INVESTMENT - 11.64%
Money Market Funds - 11.64%
First American Government Obligations Fund, 5.28% (d)			14,557,099				14,557,099
TOTAL SHORT-TERM INVESTMENT (Cost $14,557,099)							14,557,099
TOTAL INVESTMENTS - 11.93% (Cost $15,728,432)						$	14,917,099
Other Assets in Excess of Liabilities - 88.07% (c)							110,140,320
TOTAL NET ASSETS - 100.00%						$	125,057,419

 

Percentages are stated as a percent of net assets.

 

(a)	Exchange-traded.

(b)	100 shares per contract.

(c)	$115,003,174 of cash is pledged as collateral for futures and options contracts.

(d)	The rate shown represents the 7-day effective yield as of December 31, 2023.

 

See accompanying notes to the financial statements.

 

 

-1x Short VIX Futures ETF

Schedule of Open Futures Contracts

December 31, 2023

 

Description		Contracts Purchased				Expiration Date				Notional				Value/ Unrealized Appreciation (Depreciation)
CBOE Volatility Index			(5,055	)			1/17/2024			$	70,972,200			$	5,749,910
CBOE Volatility Index			(3,538	)			2/14/2024				54,096,020				2,230,774
														$	7,980,684
Total Unrealized Appreciation (Depreciation)														$	7,980,684

 

See accompanying notes to the financial statements.

 

 

2x Long VIX Futures ETF

Schedule of Investments

as of September 30, 2024 (Unaudited)

 

		Shares
SHORT-TERM INVESTMENTS - 36.6%
Money Market Funds - 36.6%
First American Government Obligations Fund - 4.82% (a)			61,137,595			$	61,137,595
TOTAL SHORT-TERM INVESTMENTS (Cost $61,137,595)							61,137,595
TOTAL INVESTMENTS - 36.6% (Cost $61,137,595)							61,137,595
Other Assets in Excess of Liabilities - 63.4%(b)							105,860,259
TOTAL NET ASSETS - 100.0%						$	166,997,854

 

Percentages are stated as a percent of net assets.

 

(a)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

(b)	112,415,389 of cash is pledged as collateral for futures contracts.

 

See accompanying notes to the financial statements.

 

 

2x Long VIX Futures ETF

Schedule of Open Futures Contracts

as of September 30, 2024 (Unaudited)

 

Description		Contracts Purchased				Expiration Date				Notional Value				Value / Unrealized Appreciation (Depreciation)
CBOE Volatility Index			9,907				10/16/2024			$	187,044,160			$	(3,541,691	)
CBOE Volatility Index			8,106				11/20/2024				147,042,840				1,093,405
Total Unrealized Appreciation (Depreciation)														$	(2,448,286	)

 

See accompanying notes to the financial statements.

 

 

2x Long VIX Futures ETF

Schedule of Investments

as of December 31, 2023

 

		Shares
SHORT-TERM INVESTMENT - 11.50%
Money Market Funds - 11.50%
First American Government Obligations Fund, 5.28% (a)			8,009,153			$	8,009,153
TOTAL SHORT-TERM INVESTMENT (Cost $8,009,153)							8,009,153
TOTAL INVESTMENTS - (Cost $8,009,153) 11.50%						$	8,009,153
Other Assets in Excess of Liabilities - 88.50% (b)							61,655,843
TOTAL NET ASSETS - 100.00%						$	69,664,996

 

Percentages are stated as a percent of net assets.

 

(a)	The rate shown represents the 7-day effective yield as of December 31, 2023.

(b)	$61,750,311 of cash is pledged as collateral for futures contracts.

 

See accompanying notes to the financial statements.

 

 

2x Long VIX Futures ETF

Schedule of Open Futures Contracts

as of December 31, 2023

 

Description		Contracts Purchased				Expiration Date				Notional				Value/ Unrealized Appreciation (Depreciation)
CBOE Volatility Index			5,633				1/17/2024			$	79,087,320			$	(5,616,125	)
CBOE Volatility Index			3,943				2/14/2024				60,288,470				(2,561,493	)
														$	(8,177,618	)
Total Unrealized Appreciation (Depreciation)														$	(8,177,618	)

 

See accompanying notes to the financial statements.

 

 

VS Trust

NOTES TO FINANCIAL STATEMENTS

September 30, 2024 (unaudited)

 

NOTE 1 – ORGANIZATION

 

VS Trust (the “Trust”) is a Delaware statutory trust formed on October 24, 2019, and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of September 30, 2024, the following two series of the Trust have commenced investment operations: -1x Short VIX Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”). Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the Cboe BZX Exchange (“Cboe BZX”).

 

The Funds’ inception of operation was March 28, 2022. Neither the Trust nor the Funds 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.

 

Each Fund’s investment exposure to VIX futures contracts will cause each to be deemed a commodity pool, thereby subjecting each Fund to regulation under the Commodity Exchange Act of 1934 (“CEA”) and Commodity Futures Trading Commission (“CFTC”) rules. The Sponsor is registered as a Commodity Pool Operator (“CPO”) and the Fund will be operated in accordance with applicable CFTC rules. Registration as a CPO imposes additional compliance obligations on the Sponsor and the Funds related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Funds.

 

Volatility Shares LLC (the “Sponsor”) is the sponsor of the Trust and the Funds. The Sponsor also will serve as the Trust’s commodity pool operator. The Funds are commodity pools, as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the CFTC and are operated by the Sponsor, which is registered as a commodity pool operator with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

 

The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period.

 

 

Emerging growth company

 

The Trust is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. It will remain an emerging growth company until the earlier of (1) the beginning of the first fiscal year following the fifth anniversary of its initial public offering, (2) the beginning of the first fiscal year after annual gross revenue is $1.235 billion (subject to adjustment for inflation) or more, (3) the date on which the Fund has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities and (4) as of the end of any fiscal year in which the market value of common equity held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.

 

For as long as the Trust remains an “emerging growth company,” it may take advantage of certain exemptions from the various reporting requirements that are applicable to public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and financial statements in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote to approve executive compensation and shareholder approval of any golden parachute payments not previously approved. The Trust will take advantage of these reporting exemptions until it is no longer an “emerging growth company.”

 

Use of Estimates & Indemnifications

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

 

Basis of Presentation

 

Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.

 

The cash amount shown in the Statements of Cash Flows is the amount reported as cash in the Statements of Financial Condition dated September 30, 2024, and December 31, 2023, and represents cash, but does not include short-term investments.

 

Final Net Asset Value for Fiscal Period

 

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended September 30, 2024, were typically as follows. All times are Eastern Standard Time:

 

Fund		Create/Redeem Cut-off* (EST)		NAV Calculation Time (EST)		NAV Calculation Date
-1x Short VIX Futures ETF and		2:00 p.m.		4:00 p.m.		September 30, 2024
2x Long VIX Futures ETF		2:00 p.m.		4:00 p.m.		September 30, 2024

 

*	Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended September 30, 2024.

 

 

Market value per Share is determined at the close of Cboe BZX and may be later than when the Funds’ NAV per Share is calculated.

 

For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended September 30, 2024.

 

Investment Valuation

 

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short- term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

 

VIX futures contracts are valued using the Time Weighted Average Price (TWAP) of the futures during the last 15 minutes of NYSE’s regular trading session, rather than solely from the VIX futures’ settlement price. The value of a Fund’s non-exchange-traded Financial Instruments typically is determined by applying the then-current disseminated levels for the Index to the terms of the Fund’s non-exchange-traded Financial Instruments.

 

In certain circumstances (e.g., if the Sponsor believes market quotations do not accurately reflect the fair value of a Fund’s investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such investment for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying VIX futures contract and would be based on principles that the Sponsor deems fair and equitable.

 

The Funds may use a variety of money market instruments. Money market instruments generally will be valued using market prices or at amortized cost.

 

Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a 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 such 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.

 

Options are valued using the last traded price as of the close of regular trading hours on the CBOE Options Exchange.

 

Fair Value of Financial Instruments

 

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

 

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

 

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

 

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

 

 

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

 

Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

 

The following table summarizes the valuation of investments at September 30, 2024 (Unaudited) and December 31, 2023 using the fair value hierarchy:

 

		September 30, 2024 (Unaudited)																December 31, 2023
-1x Short VIX Futures ETF		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets
Investments
Purchased Options*		$	1,744,000			$	-			$	–			$	1,744,000			$	360,000			$	–			$	–			$	360,000
Short-Term Investment			139,830,165				-				-				139,830,165				14,557,099				-				-				14,557,099
Total Investments		$	141,574,165			$	-			$	-			$	141,574,165			$	14,917,099			$	-			$	-			$	14,917,099
Other Financial Instruments*
Short Futures Contracts		$	–			$	905,358			$	–			$	905,358			$	–			$	7,980,684			$	–			$	7,980,684
Total Other Financial Instruments		$	–			$	905,358			$	-			$	905,358			$	–			$	7,980,684			$	-			$	7,980,684
Liabilities
Other Financial Instruments*
Short Futures Contracts		$	–			$	(1,915,106	)		$	–			$	(1,915,106	)		$	–			$	–			$	–			$	–
Total Other Financial Instruments		$	–			$	(1,915,106	)		$	-			$	(1,915,106	)		$	-			$	–			$	-			$	–
2x Long VIX Futures ETF		Level1				Level2				Level3				Total				Level1				Level2				Level3				Total
Assets
Investments
Short-Term Investments		$	61,137,595			$	-			$	-			$	61,137,595			$	8,009,153			$	-			$	-			$	8,009,153
Total Investments		$	61,137,595			$	-			$	-			$	61,137,595			$	8,009,153			$	-			$	-			$	8,009,153
Other Financial Instruments*
Long Futures Contracts		$	–			$	1,093,405			$	–			$	1,093,405			$	–			$	–			$	–			$	–
Total Other Financial Instruments		$	–			$	1,093,405			$	-			$	1,093,405			$	–			$	-			$	-			$	-
Liabilities							.
Other Financial Instruments*
Long Futures Contracts		$	-			$	(3,541,691	)		$	-			$	(3,541,691	)		$	-			$	(8,177,618	)		$	-			$	(8,177,618	)
Total Other Financial Instruments		$	-			$	(3,541,691	)		$	-			$	(3,541,691	)		$	-			$	(8,177,618	)		$	-			$	(8,177,618	)

 

*

The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value.

 

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

 

 

Investment Transactions and Related Income

 

Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations.

 

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations.

 

Brokerage Commissions and Futures Account Fees

 

Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage 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 (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed).

 

Federal Income Tax

 

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.

 

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., the last four tax year ends and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

 

NOTE 3 – INVESTMENTS

 

Short-Term Investments

 

The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts.

 

Accounting for Derivative Instruments

 

In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective.

 

All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

 

Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type.

 

Futures Contracts

 

The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying benchmark. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract.

 

 

Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction.

 

Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market.

 

Option Contracts

 

An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value.

 

When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap or security transaction to determine the realized gain (loss).

 

When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

 

Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss.

 

 

Swap Agreements

 

The Funds may enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.

 

Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by UVIX, the would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by SVIX, the Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay.

 

The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset.

 

Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques.

  

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. Outstanding swap agreements contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount.

 

 

The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

 

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings.

 

The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking- to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

 

Statements of Assets and Liabilities

 

Fair values of derivative instruments as of September 30, 2024 (Unaudited) and December 31, 2023:

 

		Statements of Assets and		Fair Value								Statements of Assets and		Fair Value
		Liabilities		As of September 30, 2024 (Unaudited)								Liabilities		As of December 31, 2023
-1x Short VIX Futures ETF		Location		Assets				Liabilities				Location		Assets				Liabilities
Purchased Option Contracts:
Index		Investments, at value		$	1,744,000			$	-			Investments, at value		$	360,000			$	-
Short Futures Contracts:
Index		Unrealized Appreciation (Depreciation)*			905,358				(1,915,106	)		Unrealized Appreciation*			7,980,684				-
Total fair values of derivative instruments				$	2,649,358			$	(1,915,106	)				$	8,340,684			$	-
2x Long VIX Futures ETF					Assets				Liabilities						Assets				Liabilities
Long Futures Contracts:
Index		Unrealized Appreciation (Depreciation)*		$	1,093,405			$	(3,541,691	)		Unrealized Appreciation (Depreciation)*		$	-			$	(8,177,618	)
Total fair values of derivative instruments				$	1,093,405			$	(3,541,691	)				$	-			$	(8,177,618	)

 

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Futures Contracts. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

 

 

Statements of Operations

 

The effect of derivative instruments on the Statement of Operations for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):

 

		Net Realized Gain (Loss) on Derivatives												Net Realized Gain (Loss) on Derivatives
		For the three months ended September 30, 2024 (Unaudited)												For the three months ended September 30, 2023 (Unaudited)
		Purchased				Short								Purchased				Short
-1x Short VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts*				Contracts				Total				Contracts*				Contracts				Total
Index Contracts		$	266,733			$	(28,508,230	)		$	(28,241,497	)		$	-			$	15,738,591			$	15,738,591
Total		$	266,733			$	(28,508,230	)		$	(28,241,497	)		$	-			$	15,738,591			$	15,738,591

 

		Purchased				Long								Purchased				Long
2x Long VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts*				Contracts				Total				Contracts*				Contracts				Total
Index Contracts		$	-			$	(7,095,465	)		$	(7,095,465	)		$	-			$	(42,049,000	)		$	(42,049,000	)
Total		$	-			$	(7,095,465	)		$	(7,095,465	)		$	-			$	(42,049,000	)		$	(42,049,000	)

 

		Net Change in Unrealized Appreciation (Depreciation) on Derivatives												Net Change in Unrealized Appreciation (Depreciation) on Derivatives
		For the three months ended September 30, 2024 (Unaudited)												For the three months ended September 30, 2023 (Unaudited)
		Purchased				Short								Purchased				Short
-1x Short VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts**				Contracts				Total				Contracts**				Contracts				Total
Index Contracts		$	10,502			$	(3,125,307	)		$	(3,114,805	)		$	-			$	(12,928,171	)		$	(12,928,171	)
Total		$	10,502			$	(3,125,307	)		$	(3,114,805	)		$	-			$	(12,928,171	)		$	(12,928,171	)

 

		Purchased				Long								Purchased				Long
2x Long VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts**				Contracts				Total				Contracts**				Contracts				Total
Index Contracts		$	-			$	1,135,620			$	1,135,620			$	-			$	30,931,703			$	30,931,703
Total		$	-			$	1,135,620			$	1,135,620			$	-			$	30,931,703			$	30,931,703

 

The following table indicates the average volume when in use for the quarter ended September 30, 2024 (Unaudited):

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF
Average notional value of long futures contracts		$	-			$	249,472,430
Average notional value of short futures contracts			(252,076,760	)			-

 

The following table indicates the average volume when in use for the quarter ended September 30, 2023 (Unaudited):

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF
Average notional value of long futures contracts		$	-				173,496,930
Average notional value of short futures contracts		$	(90,003,865	)			-

 

The following table indicates the average volume when in use for the quarter ended September 30, 2024 (Unaudited):

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF
Average notional value of purchased options contracts		$	54,255,000			$	-

 

There were no transactions in purchased option contracts during the quarter ended September 30, 2023.

 

 

The effect of derivative instruments on the Statement of Operations for the nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):

 

		Net Realized Gain (Loss) on Derivatives												Net Realized Gain (Loss) on Derivatives
		For the nine months ended September 30, 2024 (Unaudited)												For the nine months ended September 30, 2023 (Unaudited)
		Purchased				Short								Purchased				Short
-1x Short VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts*				Contracts				Total				Contracts*				Contracts				Total
Index Contracts		$	(6,489,708	)		$	33,764,723			$	27,275,015			$	-			$	58,190,096			$	58,190,096
Total		$	(6,489,708	)		$	33,764,723			$	27,275,015			$	-			$	58,190,096			$	58,190,096

 

		Purchased				Long								Purchased				Long
2x Long VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts*				Contracts				Total				Contracts*				Contracts				Total
Index Contracts		$	-			$	(67,353,025	)		$	(67,353,025	)		$	-			$	(228,151,397	)		$	(228,151,397	)
Total		$	-			$	(67,353,025	)		$	(67,353,025	)		$	-			$	(228,151,397	)		$	(228,151,397	)

 

		Net Change in Unrealized Appreciation (Depreciation) on Derivatives												Net Change in Unrealized Appreciation (Depreciation) on Derivatives
		For the nine months ended September 30, 2024 (Unaudited)												For the nine months ended September 30, 2023 (Unaudited)
		Purchased				Short								Purchased				Short
-1x Short VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts**				Contracts				Total				Contracts**				Contracts				Total
Index Contracts		$	682,838			$	(7,658,659	)		$	(6,975,821	)		$	-			$	(7,565,698	)		$	(7,565,698	)
Total		$	682,838			$	(7,658,659	)		$	(6,975,821	)		$	-			$	(7,565,698	)		$	(7,565,698	)

 

		Purchased				Long								Purchased				Long
2x Long VIX Futures ETF		Option				Futures								Option				Futures
Derivatives		Contracts**				Contracts				Total				Contracts**				Contracts				Total
Index Contracts		$	-			$	5,729,332			$	5,729,332			$	-			$	20,344,189			$	20,344,189
Total		$	-			$	5,729,332			$	5,729,332			$	-			$	20,344,189			$	20,344,189

 

*	The amounts disclosed are included in the realized gain (loss) on investments.

**	The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

  

 

The following table indicates the average volume when in use for the nine months ended September 30, 2024 (Unaudited):

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF
Average notional value of long futures contracts		$	-			$	198,579,725
Average notional value of short futures contracts			(180,167,953	)			-

 

The following table indicates the average volume when in use for the nine months ended September 30, 2023 (Unaudited):

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF
Average notional value of long futures contracts		$	-			$	203,069,330
Average notional value of short futures contracts			(75,262,285	)			-

 

The following table indicates the average volume when in use for the nine months ended September 30, 2024 (Unaudited):

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF
Average notional value of purchased options contracts		$	45,226,660			$	-

 

There were no transactions in purchased option contracts during the nine months ended September 30, 2023.

 

 

Offsetting Assets and Liabilities

 

Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

 

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2024 and December 31, 2023.

 

Fair Values of Derivative Instruments as of September 30, 2024 (Unaudited)
		Assets												Liabilities
Fund		Gross Amounts of Recognized Assets presented in the Statements of Financial Condition				Gross Amounts Offset in the Statements of Financial Condition				Net Amounts of Assets presented in the Statements of Financial Condition				Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition				Gross Amounts Offset in the Statements of Financial Condition				Net Amounts  of Liabilities presented in the Statements of Financial Condition
-1x Short VIX Futures ETF		$	5,608,945			$	-			$	5,608,945			$	-			$	-			$	-
2x Long VIX Futures ETF			-				-				-				6,246,194				-				6,246,194

 

Fair Values of Derivative Instruments as of December 31, 2023
		Assets												Liabilities
Fund		Gross Amounts of Recognized Assets presented in the Statements of Financial Condition				Gross Amounts Offset in the Statements of Financial Condition				Net Amounts of Assets presented in the Statements of Financial Condition				Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition				Gross Amounts Offset in the Statements of Financial Condition				Net Amounts of Liabilities presented in the Statements of Financial Condition
-1x Short VIX Futures ETF		$	-			$	-			$	-			$	204,703			$	-			$	204,703
2x Long VIX Futures ETF			148,593				-				148,593				-				-				-

 

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at September 30, 2024 and December 31, 2023. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

 

 

Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2024 (Unaudited)
Fund		Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition				Financial Instruments for the Benefit of (the Funds) / the Counterparties				Cash Collateral for the Benefit of (the Funds) / the Counterparties				Net Amount
-1x Short VIX Futures ETF		$	5,608,945			$	-			$	-			$	5,608,945
2x Long VIX Futures ETF			(6,246,194	)			-				-				(6,246,194	)

 

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2023
Fund		Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition				Financial Instruments for the Benefit of (the Funds) / the Counterparties				Cash Collateral for the Benefit of (the Funds) / the Counterparties				Net Amount
-1x Short VIX Futures ETF		$	(204,703	)		$	-			$	-			$	(204,703	)
2x Long VIX Futures ETF			148,593				-				-				148,593

 

 

NOTE 4 – AGREEMENTS

 

SVIX pays the Sponsor a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 1.35% per annum of its average daily net assets. UVIX pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 1.65% per annum of its average daily net assets. “Average daily net assets” is calculated by dividing the month-end net assets of each Fund by the number of calendar days in such month.

 

No other Management Fee is paid by the Funds. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly.

 

Prior to September 16, 2024, Penserra Capital Management LLC (the “Penserra”) served as the Funds’ commodity sub-adviser. During the period in which Penserra served as the commodity sub-adviser, the Sponsor oversaw and paid Penserra for its services as commodity sub-adviser, based on each Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities). The Funds did not directly pay Penserra.

 

Non-Recurring Fees and Expenses

 

Each Fund pays all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.

 

The Administrator, Transfer Agent and Custodian

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, serves as the Fund’s fund accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp and parent company of Fund Services, intends to serve as the Fund’s custodian pursuant to a custody agreement.

 

The Marketing Agent

 

Foreside Fund Services, LLC (the “Marketing Agent”) serves as the Marketing Agent of the Funds. Its principal duties are: (i) to work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent; (ii) maintain copies of confirmations of Creation Unit creation and redemption order acceptances; (iii) maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; and (iv) review and approve, prior to use, all Trust marketing materials for compliance with applicable SEC and FINRA advertising rules.

 

The Marketing Agent retains all marketing materials separately for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

 

As compensation for the services it provides, the Marketing Agent receives a fee from the Funds.

 

 

NOTE 5 – OFFERING COSTS

 

Offering costs will be amortized by the Funds over a twelve month period on a straight-line basis beginning once the fund commences operations. The Sponsor will not charge its Management Fee in the first year of operations of a Fund in an amount equal to the offering costs. Normal and expected expenses incurred in connection with the continuous offering of Shares of a Fund after the commencement of its trading operations will be paid by the Sponsor.

 

NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS

 

Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of at least 10,000 Shares of a Fund. Creation Units may be created or redeemed only by Authorized Participants.

 

Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors.

 

Transaction Fees on Creation and Redemption Transactions

 

The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date.

 

Authorized Participants may pay a fee up to 0.03% of the value of each order they place with each order to create or redeem a Creation Unit in order to compensate the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions, unless the transaction fee is waived or otherwise adjusted by the Sponsor.

 

The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.

 

Transaction Fees for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) were as follows:

 

Fund		Three Months Ended  September 30, 2024 (Unaudited)				Three Months Ended  September 30, 2023 (Unaudited)
-1x Short VIX Futures ETF		$	279,016			$	30,296
2x Long VIX Futures ETF			112,304				50,484
		$	391,320			$	80,880

 

 

Fund		Nine Months Ended  September 30, 2024 (Unaudited)				Nine Months Ended September 30, 2023 (Unaudited)
-1x Short VIX Futures ETF		$	392,316			$	107,878
2x Long VIX Futures ETF			187,387				170,097
		$	579,703			$	277,975

 

NOTE 7 – FINANCIAL HIGHLIGHTS

 

Selected data is for a Share outstanding throughout the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):

 

VS Trust

Financial Highlights

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		September 30, 2024 (Unaudited)				September 30, 2024 (Unaudited)				September 30, 2023 (Unaudited)				September 30, 2023 (Unaudited)
Net Asset Value, Beginning of Period		$	47.75			$	5.52			$	28.13			$	4.44
Net investment Income (Loss) (1)			0.06				(0.01	)			(0.11	)			(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)			(20.75	)			(0.78	)			0.01				(0.96	)
Net Increase (Decrease) in Net Asset Value Resulting from Operations			(20.69	)			(0.79	)			(0.10	)			(0.97	)
Net Asset Value, End of Period		$	27.06			$	4.73			$	28.03			$	3.47
Market Value Per Share (3)		$	27.07			$	4.72			$	27.88			$	3.49
Total Return at Net Asset Value (4)			-43.33	%			-14.31	%			-0.36	%			-21.85	%
Total Return at Market Value (4)			-43.21	%			-15.71	%			-0.68	%			-21.75	%
Ratios to Average Net Assets: (5)
Expense ratio (6)			1.53	%			2.14	%			1.89	%			2.21	%
Net Investment Income (Loss)			0.72	%			-0.52	%			-1.49	%			-1.04	%

 

(1)	Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.

(2)	Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.

(3)	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4)	Percentages are not annualized for the period ended September 30, 2024 and September 30, 2023.

(5)	Percentages are annualized.

(6)	The expense ratio would be 1.48% and 2.14% respectively, for the three months ended September 30, 2024, and 1.89% and 2.21% for the three months ended September 30, 2023 if brokerage commissions and futures and futures account fees were excluded.

 

See accompanying notes to financial statements.

 

 

Selected data is for a Share outstanding throughout the Nine Months Ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited)

 

VS Trust

Financial Highlights

 

		-1x Short VIX Futures ETF				2x Long VIX Futures ETF				-1x Short VIX Futures ETF				2x Long VIX Futures ETF
		Nine Months Ended				Nine Months Ended				Nine Months Ended				Nine Months Ended
		September 30, 2024 (Unaudited)				September 30, 2024 (Unaudited)				September 30, 2023 (Unaudited)				September 30, 2023 (Unaudited)
Net Asset Value, Beginning of Period		$	37.78			$	13.73			$	14.63			$	29.25
Net investment Income (Loss)(1)			0.08				(0.04	)			(0.27	)			(0.07	)
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)			(10.80	)			(8.96	)			13.67				(25.71	)
Net Increase (Decrease) in Net Asset Value Resulting from Operations			(10.72	)			(9.00	)			13.40				(25.78	)
Net Asset Value, End of Period		$	27.06			$	4.73			$	28.03			$	3.47
Market Value Per Share(3)		$	27.07			$	4.72			$	27.88			$	3.49
Total Return at Net Asset Value (4)			-28.37	%			-65.55	%			91.59	%			-88.14	%
Total Return at Market Value (4)			-28.25	%			-65.62	%			90.18	%			-88.01	%
Ratios to Average Net Assets: (5)
Expense ratio (6)			1.61	%			2.29	%			2.10	%			2.15	%
Net Investment Income (Loss)			0.31	%			-0.78	%			-1.69	%			-1.26	%

 

(1)	Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.

(2)	Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.

(3)	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4)	Percentages are not annualized for the period ended September 30, 2024 and September 30, 2023.

(5)	Percentages are annualized.

(6)	The expense ratio would be 1.58% and 2.29% respectively, for the nine months ended September 30, 2024, and 2.08% and 2.15% for the nine months ended September 30, 2023 if brokerage commissions and futures and futures account fees were excluded.

 

See accompanying notes to financial statements.

 

 

NOTE 8 – RISK

 

Correlation and Compounding Risk

 

The Funds do not seek to achieve their stated investment objective over a period of time greater than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount and possibly even direction from the inverse (-1x) or two times (2x) the return of the Fund’s benchmark for the period. A Fund will lose money if its benchmark performance is flat over time, and it is possible for a Fund to lose money over time even if the performance of its benchmark increases in the case of UVIX (or decreases in the case of SVIX), as a result of daily rebalancing, the benchmark’s volatility, compounding, and other factors. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Fund to differ from the Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Fund is held and the volatility of the benchmark during the holding period of an investment in the Fund. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Fund’s returns. Daily compounding of a Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Volatility may be at least as important to a Fund’s return for a period as the return of the Fund’s underlying benchmark.

 

Each Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of UVIX should be approximately two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of SVIX is designed to return the inverse (-1x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Fund if he or she understands the consequences of seeking daily leveraged or daily inverse investment results. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.

 

While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark.

 

A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. Other things being equal, more significant movement in the value of its benchmark up or down will require more significant adjustments to a Fund’s portfolio. Because of this, it is unlikely that the Funds will be perfectly exposed (i.e., --1x, -2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

 

 

Each Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. Unlike other funds that do not rebalance their portfolios as frequently, each Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.

 

Counterparty Risk

 

Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to herein as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.

 

 Regulatory Treatment

 

Derivatives are generally traded in OTC markets and have only recently become subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” The SEC requirements have largely yet to be made effective, but the CFTC requirements are largely in place. The CFTC requirements have included rules for some of the types of transactions in which the Funds will engage, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions.

 

As noted, the CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

 

Counterparty Credit Risk

 

The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

 

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

 

 

OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day.

 

In addition, cleared derivatives benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a FCM in cleared swaps customer accounts, which are required by CFTC regulations to be separate from its proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of customer segregated funds, under which the clearing house may access all of the commingled customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

 

The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.volatilityshares.com.

 

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.

 

The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund.

 

Leverage Risk

 

The Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day.

 

For example, because UVIX includes a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of a Fund or upward single-day or intraday movements in the benchmark of a Fund, even if the underlying benchmark maintains a level greater than zero at all times.

 

 

Liquidity Risk

 

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

 

“Contango” and “Backwardation” Risk

 

The Funds typically hold futures contracts. As the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2019 may specify a January 2020 expiration. As that contract nears expiration, it may be replaced by selling the January 2020 contract and purchasing the contract expiring in March 2020. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2020 contract would take place at a price that is higher than the price at which the March 2020 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times.

 

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable Fund benchmark. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process could adversely affect the value of a Fund and, accordingly, decrease the return of a Fund.

 

Natural Disaster/Epidemic Risk

 

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.

 

Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks

 

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

 

NOTE 9 – SUBSEQUENT EVENTS

 

In preparing these financial statements, management has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in the Funds’ financial statements.

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward- looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. None of 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 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.

 

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.

 

Introduction

 

VS Trust (the “Trust”) is a Delaware statutory trust formed on October 24, 2019 and is currently organized into two separate series (each, a “Fund” and collectively, the “Funds”). As of September 30, 2022, the following two series of the Trust have commenced investment operations: -1x Short VIX Futures ETF and 2x Long VIX Futures ETF. Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the Cboe BZX Exchange (“Cboe BZX”).

 

The Trust had no operations prior to March 28, 2022, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended.

 

The Sponsor also serves as the Trust’s commodity pool operator. Wilmington Trust Company serves as the Trustee of the Trust (the “Trustee”). The Funds are commodity pools, as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”) and are operated by the Sponsor, a commodity pool operator registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended.

 

SVIX seeks daily investment results, before fees and expenses, that correspond to the performance of the Short VIX Futures Index (the “Short Index”) for a single day, not for any other period. UVIX seeks daily investment results, before fees and expenses, that correspond to twice the performance of the Long VIX Futures Index (the “Long Index”). A “single day” is measured from the time a Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for a Fund typically is 4:00 p.m. (Eastern Time).

 

 

The Funds seek to achieve their investment objective through the appropriate amount of exposure to the VIX futures contracts included in their respective index. The Funds also have the ability to engage in options transactions, swaps, forward contracts and other instruments in order to achieve their investment objective, in the manner and to the extent described herein.

 

SVIX is not benchmarked to the inverse of, and UVIX is not benchmarked to twice, the widely referenced VIX. The Short Index and the inverse of the VIX are separate measurements and can be expected to perform very differently. The Long Index and twice the VIX also are separate measurements and can be expected to perform very differently. As such, SVIX can be expected to perform very differently from the inverse (-1x) of the performance of the VIX over any period, and UVIX can be expected to perform very differently from twice (2x) of the performance of the VIX over any period.

 

The Funds continuously offer and redeem Shares in blocks of at least 10,000 Shares (each such block, a “Creation Unit”). Only Authorized Participants (as defined herein) may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with the Trust and Volatility Shares LLC (the “Sponsor”). Shares are offered on a continuous basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price. The form of Authorized Participant Agreement and the related Authorized Participant Procedures Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants will not receive from a Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public. An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage accounts.

 

The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.volatilityshares.com, through which monthly account statements and the Trust’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.

 

 

Liquidity and Capital Resources

 

In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. 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.

 

Interest Income for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) were as follows:

  

Interest Income
Fund		Three Months Ended September 30, 2024 (Unaudited)				Three Months Ended September 30, 2023 (Unaudited)
-1x Short VIX Futures ETF		$	1,893,485			$	86,183
2x Long VIX Futures ETF			407,680				257,541
Total Trust		$	2,301,165			$	343,724

  

Interest Income for the nine months ended September 30, 2024 (Unaudited), and September 30, 2023 (Unaudited) were as follows.

  

Fund		Nine Months Ended September 30, 2024 (Unaudited)				Nine Months Ended September 30, 2023 (Unaudited)
-1x Short VIX Futures ETF		$	3,021,857			$	207,714
2x Long VIX Futures ETF			923,605				691,812
Total Trust		$	3,945,462			$	899,526

  

 

Futures Contracts

 

A futures contract is a standardized contract traded on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of a particular underlying asset at a specified time and place or alternatively may call for cash settlement. Futures contracts are traded on a wide variety of underlying assets, including bonds, interest rates, agricultural products, stock indexes, currencies, energy, metals, economic indicators and statistical measures. The notional size and calendar term futures contracts on a particular underlying asset are identical and are not subject to any negotiation, other than with respect to price and the number of contracts traded between the buyer and seller. A Fund generally deposits cash and/or securities with an FCM for its open positions in futures contracts, which may, in turn, transfer such deposits to the clearinghouse to protect the clearing house against non-payment by the Fund. The clearing house becomes substituted for each counterparty to a futures contract, and, in effect, guarantees performance. In addition, the FCM may require a Fund to deposit collateral in excess of the clearing house’s margin requirements for the FCM’s own protection.

 

Certain futures contracts, including stock index contracts, VIX futures contracts and certain commodity futures contracts settle in cash. The cash settlement amount reflects the difference between the contract purchase/sale price and the contract settlement price. The cash settlement mechanism avoids the potential for either side to have to deliver the underlying asset. For other futures contracts, the contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying asset or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. The difference between the price at which the futures contract is purchased or sold and the price paid for the offsetting sale or purchase, after allowance for brokerage commissions and exchange fees, constitutes the profit or loss to the trader.

 

Futures contracts involve, to varying degrees, elements of market risk and exposure to loss in excess of the amounts of variation margin, which are the amounts of cash that a Fund agrees to pay to or receive from FCMs equal to the daily fluctuation in the value of a futures contract. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the level of the underlying benchmark and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to a Fund since futures contracts are exchange traded and the exchange’s clearing house, as counterparty to all exchange-traded futures contracts, effectively guarantees futures contracts against default. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund may be required to make daily cash payments of variation margin.

 

 

Futures Account Agreements

 

Each Fund has entered into a written agreement (each, a “Futures Account Agreement”) with one or more FCMs governing the terms of futures transactions of a Fund cleared by such FCM. Each FCM has its own agreement and other documentation used for establishing customer relationships. As such, the terms of the Futures Account Agreement and other documentation that a Fund has with a particular FCM may differ in material respects from that with another FCM.

 

Most Futures Account Agreements do not require the FCM to enter into new transactions or maintain existing transactions with a Fund. In general, each FCM is permitted to terminate its agreement with a Fund at any time in its sole discretion. In addition, an FCM generally will have the discretion to set margin requirements and/or position limits that would be in addition to any margin requirements and/or position limits required by applicable law, set by the exchange, or set by the clearing house that clears the futures contracts in which a Fund transacts. As a result, a Fund’s ability to engage in futures transactions or maintain open positions in such contracts will be dependent on the willingness of its FCMs to continue to accept or maintain such transactions on terms that are economically appropriate for a Fund’s investment strategy.

  

When a Fund has an open futures contract position, it is subject to at least daily variation margin calls by an FCM that could be substantial in the event of adverse price movements. Because futures contracts may require only a small initial investment in the form of a deposit or margin, they may involve a high degree of leverage. A Fund with open positions is subject to maintenance or variance margin on its open positions. If a Fund has insufficient cash to meet daily variation margin requirements, it may need to sell Financial Instruments at a time when such sales are disadvantageous. Futures markets are highly volatile and the use of or exposure to futures contracts may increase volatility of a Fund’s NAV.

 

Margin posted by a Fund to an FCM typically will be held by relevant exchange’s clearing house (in the case of clearing house-required margin) or the FCM (in the case of “house” margin requirements of the FCM). In the event that market movements favorable to a Fund result in the Fund having posted more margin than is required, the Fund typically would have a right to return of margin from the FCM. However, the timing of such return may be uncertain. As a result, it is possible that a Fund may face liquidity constraints including potential delays in its ability to pay redemption proceeds, where margin is not immediately returned by an FCM.

 

In the event that a Fund fails to comply with its obligations under a Futures Account Agreement (including, for example, failing to deliver the margin required by an FCM on a timely basis), the Futures Account Agreement typically will provide the FCM with broad discretion to take remedial action against the Fund. Among other things, the FCM typically will have the right, upon the occurrence of such a failure by a Fund, to terminate any or all futures contracts in the Fund’s account with that FCM, to sell the collateral posted as margin by the Fund, to close out any open positions of the Fund in whole or in part, and to cancel any or all pending transactions with the Fund. Futures Account Agreements typically provide that the Fund will remain liable for paying to the relevant FCM, on demand, the amount of any deficiency in a Fund’s account with that FCM.

 

 

The Futures Account Agreement between the Fund and an FCM generally requires the Fund to indemnify and hold harmless the FCM, its directors, officers, employees, agents and affiliates (collectively, “indemnified persons”) from and against all claims, damages, losses and costs (including reasonable attorneys’ fees) incurred by the indemnified persons, in connection with: (1) any failure by the Fund to perform its obligations under the Futures Account Agreement and the FCM’s exercise of its rights and remedies thereunder; (2) any failure by the Fund to comply with applicable law; (3) any action reasonably taken by the indemnified persons pursuant to the Futures Account Agreement to comply with applicable law; and (4) any actions taken by the FCM in reliance on instructions, notices and other communications that the FCM and its relevant personnel, as applicable, reasonably believes to originate from a person authorized to act on behalf of the Fund.

 

To the extent that the Fund trades in futures contracts on U.S. exchanges, the assets deposited by the Fund with the FCMs (or another eligible financial institution, as applicable) as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may be invested only in a limited range of instruments — principally U.S. government obligations to margin futures and forward contract positions.

 

Options

 

An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand or interest rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market. Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting a Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of a Fund’s orders to close out open options positions.

 

 

Swap Agreements

 

Swaps are contracts that have traditionally been entered into primarily by institutional investors in OTC markets for a specified period ranging from a day to many years. Certain types of swaps may be cleared, and certain types are, in fact, required to be cleared. The types of swaps that may be cleared are generally limited to only swaps where the most liquidity exists and a clearing organization is willing to clear the trade on standardized terms. Swaps with customized terms or those for which significant market liquidity does not exist are generally not able to be cleared.

 

In a standard swap transaction, the parties agree to exchange the returns on, among other things, a particular predetermined security, commodity, interest rate, or index for a fixed or floating rate of return (the “interest rate leg,” which will also include the cost of borrowing for short swaps) in respect of a predetermined notional amount. The notional amount of the swap reflects the extent of a Fund’s total investment exposure under the swap.

 

In the case of futures contracts-based indexes, such as those used by a Fund, the reference interest rate typically is zero, although a financing spread or fee is generally still applied. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to the notional amount and the benchmark returns to which the swap is linked. Swaps are usually closed out on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date specified in the agreement, with the parties receiving or paying, as the case may be, only the net amount of the two payments. Thus, while the notional amount reflects a Fund’s total investment exposure under the swap (i.e., the entire face amount or principal of a swap), the net amount is the Fund’s current obligations (or rights) under the swap. That is the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement on any given termination date.

 

Swaps may also expose a Fund to liquidity risk. Although a Fund may have the ability to terminate a swap at any time, doing so may subject the Fund to certain early termination charges. In addition, there may not be a liquid market within which to dispose of an outstanding swap even if a permitted disposal might avoid an early termination charge. Uncleared swaps generally are not assignable except by agreement between the parties to the swap, and generally no party or purchaser has any obligation to permit such assignments.

 

Swaps involve, to varying degrees, elements of market risk and exposure to loss in excess of the amount which would be reflected on a Fund’s Statement of Financial Condition. In addition to market risk and other risks, the use of swaps also comes with counterparty credit risk — i.e., the inability of a counterparty to a swap to perform its obligations. A Fund that invests in swaps bears the risk of loss of the net amount, if any, expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. A Fund enters or intends to enter into swaps only with major, global financial institutions. However, there are no limitations on the percentage of its assets a Fund may invest in swaps with a particular counterparty.

 

A Fund that invests in swaps may use various techniques to minimize counterparty credit risk. A Fund that invests in swaps generally enters into arrangements with its counterparties whereby both sides exchange collateral on a mark-to-market basis. In addition, the Fund may post “initial margin” or “independent amount” to counterparties in swaps. Such collateral serves as protection for the counterparty in the event of a failure by the Fund and is in addition to any mark-to-market collateral that (i.e., the Fund may post initial margin to the counterparty even where the counterparty would owe money to the Fund if the swap were to be terminated). The amount of initial margin posted by the Fund may vary depending on the risk profile of the swap. The collateral, whether for mark-to-market or for initial margin, generally consists of cash and/or securities.

 

Collateral posted by a Fund to a counterparty in connection with uncleared derivatives transactions is generally held for the benefit of the counterparty in a segregated tri-party account at a third-party custodian to protect the counterparty against non-payment by the Fund. In the event of a default by a Fund where the counterparty is owed money in the uncleared swap transaction, such counterparty will seek withdrawal of this collateral from the segregated account.

 

Collateral posted by the counterparty to a Fund is typically held for the benefit of the Fund in a segregated tri-party account at a third-party custodian. In the event of a default by the counterparty where the Fund is owed money in the uncleared swap transaction, the Fund will seek withdrawal of this collateral from the segregated account. The Fund may incur certain costs exercising its right with respect to the collateral.

 

Notwithstanding the use of collateral arrangements, to the extent any collateral provided to a Fund is insufficient or there are delays in accessing the collateral, a Fund will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings.

  

 

Off-Balance Sheet Arrangements and Contractual Obligations

 

As of September 30, 2024, 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.

 

Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party.

 

Critical Accounting Policies

 

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate 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.

 

Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in futures, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations.

 

The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements. The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

 

For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended September 30, 2024.

 

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short- term investments are valued at their market price using information provided by a third-party pricing service or market quotations.

 

 

Derivatives (e.g., futures contracts, options, swap agreements) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreement valuations are typically categorized as Level II in the fair value hierarchy. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.

 

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.

 

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Discounts on short-term securities purchased are amortized and reflected as Interest Income in the Statements of Operations.

 

Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.

 

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 investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions in VIX futures contracts exceed variable create/redeem fees collected by more than 0.02% of the Fund’s average net assets annually.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk. Quantitative Disclosure

 

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.

 

The tables below provide information about each Fund’s Financial Instruments. As of September 30, 2024 (Unaudited) and December 31, 2023, each of the Fund’s positions were as follows:

 

-1x Short VIX Futures ETF

 

As of September 30, 2024, 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, 2024 (Unaudited) and December 31, 2023, which were sensitive to equity market volatility risk.

 

Futures Positions as of September 30, 2024 (Unaudited)
Contract		Long or Short		Expiration Date		Contracts Sold				Valuation Price				Contract Multiplier				Notional Amount at Value
CBOE Volatility Index		Short		10/16/2024			(9,419	)		$	18.88				1,000			$	(177,830,720	)
CBOE Volatility Index		Short		11/20/2024			(7,707	)			18.14				1,000				(139,804,980	)

 

Futures Positions as of December 31, 2023
Contract		Long or Short		Expiration Date		Contracts Sold				Valuation Price				Contract Multiplier				Notional Amount at Value
CBOE Volatility Index		Short		1/17/2024			(5,055	)		$	14.04				1,000			$	(70,972,200	)
CBOE Volatility Index		Short		2/14/2024			(3,538	)			15.29				1,000				(54,096,020	)

 

 

The short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (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. 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.

 

2x Long VIX Futures ETF

 

As of September 30, 2024, 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, 2023, which were sensitive to equity market volatility risk.

 

Futures Positions as of September 30, 2024 (Unaudited)
Contract		Long or Short		Expiration Date		Contracts Sold				Valuation Price				Contract Multiplier				Notional Amount at Value
CBOE Volatility Index		Long		10/16/2024			9,907			$	18.88				1,000			$	187,044,160
CBOE Volatility Index		Long		11/20/2024			8,106				18.14				1,000				147,042,840

 

Futures Positions as of December 31, 2023
Contract		Long or Short		Expiration		Contracts Sold				Valuation Price				Contract Multiplier				Notional Amount at Value
CBOE Volatility Index		Long		1/17/2024			5,633			$	14.04				1,000			$	79,087,320
CBOE Volatility Index		Long		2/14/2024			3,943				15.29				1,000				60,288,470

 

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. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of September 30, 2022, including providing reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, of the Trust as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in the Trust’s or the Funds’ internal control over financial reporting that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

 

Certifications

 

The certifications by the Principal Executive Officer and Principal Financial Officer of the Trust required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as exhibits to this Quarterly Report on Form 10-Q, apply both to the Trust taken as a whole and each Fund, and the Principal Executive Officer and Principal Financial Officer of the Trust are certifying both as to the Trust taken as a whole and each Fund.

 

 

Part II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

a) None.  

 

b) Not applicable.  

 

Title of Securities Registered		Amount Registered as of September 30, 2024		Shares Sold For the Three Months Ended September 30, 2024 (Unaudited)				Sale Price of Shares Sold For the Three Months Ended September  30, 2024 (Unaudited)
-1x Short VIX Futures ETF		Unlimited			21,050,000			$	546,031,939
2x Long VIX Futures ETF		Unlimited			42,750,000				232,642,352
Total Trust					63,800,000			$	778,674,291

 

Title of Securities Registered		Amount Registered as of September 30, 2024		Shares Sold For the Nine Months Ended September 30, 2024				Sale Price of Shares Sold For the Nine Months Ended September 30, 2024
-1x Short VIX Futures ETF		Unlimited			26,050,000				739,964,471
2x Long VIX Futures ETF		Unlimited			62,280,000				392,181,688
Total Trust					88,330,000				1,132,146,159

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

 

Item 6. Exhibits.

 

Exhibit No.
31.1*		Description of Document Certification by Principal Executive Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
31.2*		Description of Document Certification by Principal Financial Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
32.1*		Description of Document Certification by Principal Executive Officer of the Trust Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 under the Securities Exchange Act of 1934
32.2*		Description of Document Certification by Principal Financial Officer of the Trust Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 under the Securities Exchange Act of 1934
101.INS		Inline XBRL Instance Document (1)
101.SCH		Inline XBRL Taxonomy Extension Schema (1)
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase (1)
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase (1)
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase (1)
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase (1)
104.1		Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

 

*	Filed herewith.

 

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

 

Signatures

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

VS Trust
/s/ Justin Young
By:	Justin Young
	Principal Executive Officer
Date:	November 13, 2024
/s/ Justin Young
By:	Justin Young
	Principal Financial and Accounting Officer
Date:	November 13, 2024

 

 

-14-

Exhibit 31.1

 

Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Justin Young, certify that:

 

1.

I have reviewed this Quarterly Report on Form 10-Q of VS Trust and each of its Funds;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:: November 13, 2024	By:	/s/ Justin Young
		Name:	Justin Young
		Title:	Title: Principal Executive Officer VS Trust

 

Exhibit 31.2

 

Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Justin Young, certify that:

 

1.

I have reviewed this Quarterly Report on Form 10-Q of VS Trust and each of its Funds;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:: November 13, 2024	By:	/s/ Justin Young
		Name:	Justin Young
		Title:	Principal Financial and Accounting Officer VS Trust

 

Exhibit 32.1

 

Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) of VS Trust (the “Registrant”) and each of its Funds, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Justin Young, the Principal Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date:: November 13, 2024	By:	/s/ Justin Young
		Name:	Justin Young
		Title:	Title: Principal Executive Officer VS Trust

 

Exhibit 32.2

 

Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) of VS Trust (the “Registrant”) and each of its Funds, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Justin Young, the Principal Financial and Accounting Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(3)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(4)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date:: November 13, 2024	By:	/s/ Justin Young
		Name:	Justin Young
		Title:	Principal Financial and Accounting Officer VS Trust

 

 

 

v3.24.3

Cover	9 Months Ended
	Sep. 30, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	VS Trust
Entity Central Index Key	0001793497
Entity File Number	000-00000
Entity Tax Identification Number	84-6704517
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	2000 PGA Boulevard
Entity Address, Address Line Two	Suite 4440
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33408
Entity Phone Fax Numbers [Line Items]
City Area Code	(866)
Local Phone Number	261-0273
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	47,024,975
-1x Short VIX Futures ETF
Entity Listings [Line Items]
Title of 12(b) Security	-1x Short VIX Futures ETF
Trading Symbol	SVIX
Security Exchange Name	CboeBZX
2x Long VIX Futures ETF
Entity Listings [Line Items]
Title of 12(b) Security	2x Long VIX Futures ETF
Trading Symbol	UVIX
Security Exchange Name	CboeBZX

v3.24.3

Statements of Assets and Liabilities (Unaudited) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
-1x Short VIX Futures ETF
ASSETS
Cash			$ 5,032,398
Investments in securities	[1]	141,574,165	14,917,099
Interest receivable		734,901	117,866
Prepaid expenses and other assets		18,566	16,781
Deposits at Broker for Futures and Options Contracts		175,083,863	115,003,174
Variation margin receivable		5,608,945
Other receivable		1,380	2,839
Total Assets		323,021,820	135,090,157
Payables
Variation margin payable			204,703
Due to Other
Fund shares redeemed		4,600,608	9,447,400
Payable to Sponsor		398,712	147,790
Administrative, accounting and custodian fees payable		61,073	28,065
Professional fees payable		244,274	154,412
Licensing and registration fees payable		52,394	50,368
Total Liabilities		5,357,061	10,032,738
NET ASSETS		317,664,759	125,057,419
NET ASSETS CONSIST OF:
Paid-in capital		176,375,307	4,558,124
Total distributable earnings (accumulated deficit)		141,289,452	120,499,295
Net Assets		$ 317,664,759	$ 125,057,419
Class I (unlimited shares authorized):
Shares Outstanding (in Shares)	[1]	11,740,000	3,310,000
Net Asset Value, Offering and Redemption Price per Share (in Dollars per share)		$ 27.06	$ 37.78
Market Value per Share (Note 2) (in Dollars per share)		$ 27.07	$ 37.73
-1x Short VIX Futures ETF | Investments in securities, at cost
ASSETS
Investments in securities	[1]	$ 141,702,660	$ 15,728,432
2x Long VIX Futures ETF
ASSETS
Cash
Investments in securities	[1]	61,137,595	8,009,153
Interest receivable		181,297	58,172
Prepaid expenses and other assets		47,299	31,493
Deposits at Broker for Futures and Options Contracts		112,415,389	61,750,311
Variation margin receivable			148,593
Other receivable
Total Assets		173,781,580	69,997,722
Payables
Variation margin payable		6,246,194
Due to Other		955
Fund shares redeemed
Payable to Sponsor		184,564	106,270
Administrative, accounting and custodian fees payable		44,611	25,429
Professional fees payable		238,353	133,724
Licensing and registration fees payable		69,049	67,303
Total Liabilities		6,783,726	332,726
NET ASSETS		166,997,854	69,664,996
NET ASSETS CONSIST OF:
Paid-in capital		583,715,784	424,281,739
Total distributable earnings (accumulated deficit)		(416,717,930)	(354,616,743)
Net Assets		$ 166,997,854	$ 69,664,996
Class I (unlimited shares authorized):
Shares Outstanding (in Shares)	[1]	35,284,975	5,074,975
Net Asset Value, Offering and Redemption Price per Share (in Dollars per share)		$ 4.73	$ 13.73
Market Value per Share (Note 2) (in Dollars per share)		$ 4.72	$ 13.73
2x Long VIX Futures ETF | Investments in securities, at cost
ASSETS
Investments in securities	[1]	$ 61,137,595	$ 8,009,153
[1] No Par Value

v3.24.3

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
1x Short VIX Futures ETF
Income:
Interest income	$ 1,893,485	$ 86,183	$ 3,021,857	$ 207,714
Total Income	1,893,485	86,183	3,021,857	207,714
Expenses:
Management fees	1,134,109	293,542	2,128,614	688,455
Administrative, accounting and custodian fees	38,836	27,917	104,264	74,725
Professional fees	76,233	81,552	224,725	240,644
Licensing and registration fees	(10,647)	7,688	23,011	57,822
Other	1,006		2,973
Broker interest expense	47,307		47,307	8,613
Total Expenses	1,286,844	410,699	2,530,894	1,070,259
Net Investment Income (Loss)	606,641	(324,516)	490,963	(862,545)
Net realized gain (loss) on:
Options	266,733		(6,489,708)
Futures	(28,508,230)	15,738,591	33,764,723	58,190,096
Net change in unrealized appreciation (depreciation) of:
Options	10,502		682,838
Futures	(3,125,307)	(12,928,171)	(7,658,659)	(7,565,698)
Net realized and unrealized gain (loss) on investments and futures contracts	(31,356,302)	2,810,420	20,299,194	50,624,398
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	(30,749,661)	2,485,904	20,790,157	49,761,853
2x Long VIX Futures ETF
Income:
Interest income	407,680	257,541	923,605	691,812
Total Income	407,680	257,541	923,605	691,812
Expenses:
Management fees	416,604	365,111	1,009,549	1,284,769
Administrative, accounting and custodian fees	23,860	28,148	90,242	90,847
Professional fees	94,517	81,188	286,499	242,137
Licensing and registration fees	3,883	13,740	11,836	58,561
Other	1,006		2,973
Broker interest expense				320
Total Expenses	539,870	488,187	1,401,099	1,676,634
Net Investment Income (Loss)	(132,190)	(230,646)	(477,494)	(984,822)
Net realized gain (loss) on:
Options
Futures	(7,095,465)	(42,049,000)	(67,353,025)	(228,151,397)
Net change in unrealized appreciation (depreciation) of:
Options
Futures	1,135,620	30,931,703	5,729,332	20,344,189
Net realized and unrealized gain (loss) on investments and futures contracts	(5,959,845)	(11,117,297)	(61,623,693)	(207,807,208)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (6,092,035)	$ (11,347,943)	$ (62,101,187)	$ (208,792,030)

v3.24.3

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
-1x Short VIX Futures ETF
OPERATIONS
Net investment Income (Loss)	$ 606,641	$ (324,516)	$ 490,963	$ (862,545)
Net realized gain (loss) on investments and futures contracts	(28,241,497)	15,738,591	27,275,015	58,190,096
Net change in unrealized appreciation (depreciation) of investments and futures contracts	(3,114,805)	(12,928,171)	(6,975,821)	(7,565,698)
Net increase (decrease) in net assets resulting from operations	(30,749,661)	2,485,904	20,790,157	49,761,853
CAPITAL SHARE TRANSACTIONS
Shares sold	546,031,939	68,508,308	739,964,471	187,008,767
Shares redeemed	(384,300,594)	(32,840,529)	(568,147,288)	(172,693,127)
Net increase (decrease) in net assets from capital share transactions	161,731,345	35,667,779	171,817,183	14,315,640
Total increase (decrease) in net assets	130,981,684	38,153,683	192,607,340	64,077,493
NET ASSETS
Beginning of Period	186,683,075	72,302,413	125,057,419	46,378,603
End of Period	317,664,759	110,456,096	317,664,759	110,456,096
2x Long VIX Futures ETF
OPERATIONS
Net investment Income (Loss)	(132,190)	(230,646)	(477,494)	(984,822)
Net realized gain (loss) on investments and futures contracts	(7,095,465)	(42,049,000)	(67,353,025)	(228,151,397)
Net change in unrealized appreciation (depreciation) of investments and futures contracts	1,135,620	30,931,703	5,729,332	20,344,189
Net increase (decrease) in net assets resulting from operations	(6,092,035)	(11,347,943)	(62,101,187)	(208,792,030)
CAPITAL SHARE TRANSACTIONS
Shares sold	232,642,352	91,271,140	392,181,688	369,331,697
Shares redeemed	(141,934,673)	(77,058,854)	(232,747,643)	(197,825,288)
Net increase (decrease) in net assets from capital share transactions	90,707,679	14,212,286	159,434,045	171,506,409
Total increase (decrease) in net assets	84,615,644	2,864,343	97,332,858	(37,285,621)
NET ASSETS
Beginning of Period	82,382,210	85,338,802	69,664,996	125,488,766
End of Period	$ 166,997,854	$ 88,203,145	$ 166,997,854	$ 88,203,145

v3.24.3

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
-1x Short VIX Futures ETF
CASH FLOW FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$ (30,749,661)	$ 2,485,904	$ 20,790,157	$ 49,761,853
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Purchase of investments	(527,230,306)	(113,633,779)	(872,724,542)	(340,725,312)
Proceeds from sales or maturities of investments held	435,686,729	105,960,099	740,260,607	333,051,632
Net realized gain/loss on investments in options	(266,733)		6,489,708
Net change in unrealized appreciation/depreciation on investments in options	(10,502)		(682,838)
Decrease (Increase) in Deposits at broker for futures and options contracts	(37,391,280)	(35,708,583)	(60,080,689)	(56,267,842)
Decrease (Increase) in Variation margin receivable	(5,608,945)	1,242,108	(5,608,945)
Decrease (Increase) in Prepaid expenses and other assets	1,668	9,391	(1,785)	(14,694)
Decrease (Increase) in interest receivable	(493,907)	(26,812)	(617,035)	(27,106)
Decrease (Increase) in other receivables	(630)	253	1,459	571
Increase (Decrease) in Due to Custodian		(1,023,713)
Increase (Decrease) in Due to Other
Increase (Decrease) in Variation margin payable	(1,682,338)	1,327,607	(204,703)	1,140,577
Increase (Decrease) in Payable to Sponsor	191,857	41,257	250,922	57,503
Increase (Decrease) in Administrative, accounting and custodian fees payable	22,120	3,262	33,008	2,099
Increase (Decrease) in Professional fees payable	27,541	34,701	89,862	78,459
Increase (Decrease) in Licensing and registration fees payable	1,658	10,872	2,026	25,038
Net cash provided by (used in) operating activities	(167,502,729)	(39,277,433)	(172,002,788)	(12,917,222)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from shares sold, net of receivable for shares sold	546,031,939	72,117,962	739,964,470	187,008,767
Cost of shares redeemed, net of payable from shares purchased	(379,699,986)	(32,840,529)	(572,994,080)	(174,596,145)
Net cash provided by (used in) financing activities	166,331,953	39,277,433	166,970,390	12,412,622
NET INCREASE IN CASH	(1,170,776)		(5,032,398)	(504,600)
Beginning of Period	1,170,776		5,032,398	504,600
End of Period
2x Long VIX Futures ETF
CASH FLOW FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	(6,092,035)	(11,347,943)	(62,101,187)	(208,792,030)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Purchase of investments	(233,003,884)	(133,007,714)	(404,905,328)	(442,361,238)
Proceeds from sales or maturities of investments held	190,093,887	118,168,760	351,776,886	426,255,022
Net realized gain/loss on investments in options
Net change in unrealized appreciation/depreciation on investments in options
Decrease (Increase) in Deposits at broker for futures and options contracts	(49,286,294)	28,009,343	(50,665,078)	59,527,835
Decrease (Increase) in Variation margin receivable	1,361,220	(1,945,302)	148,593	(1,114,462)
Decrease (Increase) in Prepaid expenses and other assets	(29,584)	(16,431)	(15,806)	(26,532)
Decrease (Increase) in interest receivable	(90,455)	(47,053)	(123,125)	(61,922)
Decrease (Increase) in other receivables		(1,521)		(1,502)
Increase (Decrease) in Due to Custodian		(2,874,781)		6
Increase (Decrease) in Due to Other	34	6	955
Increase (Decrease) in Variation margin payable	6,246,194	(3,406,049)	6,246,194
Increase (Decrease) in Payable to Sponsor	80,693	(13,210)	78,294	(51,198)
Increase (Decrease) in Administrative, accounting and custodian fees payable	12,299	7,567	19,182	5,707
Increase (Decrease) in Professional fees payable	(3,638)	33,913	104,629	76,534
Increase (Decrease) in Licensing and registration fees payable	3,884	14,275	1,746	42,143
Net cash provided by (used in) operating activities	(90,707,679)	(6,426,140)	(159,434,045)	(166,501,637)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from shares sold, net of receivable for shares sold	232,642,352	85,350,046	392,181,688	364,326,925
Cost of shares redeemed, net of payable from shares purchased	(141,934,673)	(78,923,906)	(232,747,643)	(197,825,288)
Net cash provided by (used in) financing activities	90,707,679	6,426,140	159,434,045	166,501,637
NET INCREASE IN CASH
Beginning of Period
End of Period

v3.24.3

Schedule of Investments (Unaudited) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2024		Dec. 31, 2023
-1x Short VIX Futures ETF [Member]
Call Options - 0.6%
Value	[1],[2]	$ 1,744,000		$ 360,000
Money Market Funds - 44.0%
TOTAL SHORT-TERM INVESTMENTS		139,830,165		14,557,099
TOTAL INVESTMENTS		141,574,165		14,917,099
Other Assets in Excess of Liabilities		176,090,594	[3]	110,140,320	[4]
TOTAL NET ASSETS		$ 317,664,759		$ 125,057,419
-1x Short VIX Futures ETF [Member] | First American Government Obligations Fund [Member]
Money Market Funds - 44.0%
First American Government Obligations Fund, Shares (in Shares)		139,830,165	[3],[5]	14,557,099	[6]
First American Government Obligations Fund		$ 139,830,165	[3],[5]	$ 14,557,099	[6]
2x Long VIX Futures ETF [Member]
Call Options - 0.6%
Value		(6,246,194)		148,593
Money Market Funds - 44.0%
TOTAL SHORT-TERM INVESTMENTS		61,137,595		8,009,153
TOTAL INVESTMENTS		61,137,595		8,009,153
Other Assets in Excess of Liabilities		105,860,259	[7]	61,655,843	[8]
TOTAL NET ASSETS		$ 166,997,854		$ 69,664,996
2x Long VIX Futures ETF [Member] | First American Government Obligations Fund [Member]
Money Market Funds - 44.0%
First American Government Obligations Fund, Shares (in Shares)		61,137,595	[3],[5]	8,009,153	[9]
First American Government Obligations Fund		$ 61,137,595	[3],[5]	$ 8,009,153	[9]
Call Option [Member] | -1x Short VIX Futures ETF [Member] | CBOE Volatility Index [Member]
Call Options - 0.6%
Contracts	[1],[2]	16,000		24,000
Notional Amount	[1],[2]	26,768,000		29,880,000
Value	[1],[2]	$ 1,744,000		$ 360,000
[1] 100 shares per contract. [2] Exchange-traded. [3] 175,083,863 of cash is pledged as collateral for futures and options contracts. [4] $115,003,174 of cash is pledged as collateral for futures and options contracts. [5] The rate shown represents the 7-day annualized effective yield as of September 30, 2024. [6] The rate shown represents the 7-day effective yield as of December 31, 2023. [7] $138,308,091 of cash is pledged as collateral for futures contracts. [8] $61,750,311 of cash is pledged as collateral for futures contracts. [9] The rate shown represents the 7-day effective yield as of December 31, 2023.

v3.24.3

Schedule of Investments (Unaudited) (Parentheticals) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2024		Dec. 31, 2023
-1x Short VIX Futures ETF [Member]
Cost of purchase option (in Dollars)	[1],[2]	$ 1,872,495		$ 1,171,333
Cost of short term investment (in Dollars)		$ 139,830,165		$ 14,557,099
Investment percentage		44.60%		11.93%
Cost of investment (in Dollars)		$ 141,702,660		$ 15,728,432
Other assets in excess of liabilities, percentage		55.40%	[3]	88.07%	[4]
Total net assets, percentage		100.00%		100.00%
-1x Short VIX Futures ETF [Member] | First American Government Obligations Fund [Member]
Government Obligations Fund		4.82%	[3],[5]	5.28%	[6]
2x Long VIX Futures ETF [Member]
Cost of short term investment (in Dollars)		$ 61,137,595
Investment percentage		36.60%		11.50%
Cost of investment (in Dollars)		$ 61,137,595		$ 8,009,153
Other assets in excess of liabilities, percentage		63.40%	[7]	88.50%	[8]
Total net assets, percentage		100.00%		100.00%
2x Long VIX Futures ETF [Member] | First American Government Obligations Fund [Member]
Government Obligations Fund		4.82%	[3],[5]	5.28%	[9]
Call Option [Member] | -1x Short VIX Futures ETF [Member] | CBOE Volatility Index [Member]
Expiration	[1],[2]	Nov. 20, 2024		Jan. 17, 2024
Exercise Price (in Dollars per share)	[1],[2]	$ 28
Strike Price (in Dollars per share)	[1],[2]			$ 26
[1] 100 shares per contract. [2] Exchange-traded. [3] 175,083,863 of cash is pledged as collateral for futures and options contracts. [4] $115,003,174 of cash is pledged as collateral for futures and options contracts. [5] The rate shown represents the 7-day annualized effective yield as of September 30, 2024. [6] The rate shown represents the 7-day effective yield as of December 31, 2023. [7] $138,308,091 of cash is pledged as collateral for futures contracts. [8] $61,750,311 of cash is pledged as collateral for futures contracts. [9] The rate shown represents the 7-day effective yield as of December 31, 2023.

v3.24.3

Schedule of Open Futures Contracts (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
-1x Short VIX Futures ETF [Member]
Value/ Unrealized Appreciation (Depreciation)	$ (1,009,748)	$ 7,980,684
-1x Short VIX Futures ETF [Member] | CBOE Volatility Index [Member]
Expiration Date	Oct. 16, 2024	Jan. 17, 2024
Contracts Purchased (in Shares)	(9,419)	(5,055)
Value/ Unrealized Appreciation (Depreciation)	$ 905,358	$ 5,749,910
Notional	$ 177,830,720	$ 70,972,200
-1x Short VIX Futures ETF [Member] | CBOE Volatility Index One [Member]
Expiration Date	Nov. 20, 2024	Feb. 14, 2024
Contracts Purchased (in Shares)	(7,707)	(3,538)
Value/ Unrealized Appreciation (Depreciation)	$ (1,915,106)	$ 2,230,774
Notional	139,804,980	54,096,020
2x Long VIX Futures ETF [Member]
Value/ Unrealized Appreciation (Depreciation)	$ (2,448,286)	$ (8,177,618)
2x Long VIX Futures ETF [Member] | CBOE Volatility Index [Member]
Expiration Date	Oct. 16, 2024	Jan. 17, 2024
Contracts Purchased (in Shares)	9,907	5,633
Value/ Unrealized Appreciation (Depreciation)	$ (3,541,691)	$ (5,616,125)
Notional	$ 187,044,160	$ 79,087,320
2x Long VIX Futures ETF [Member] | CBOE Volatility Index One [Member]
Expiration Date	Nov. 20, 2024	Feb. 14, 2024
Contracts Purchased (in Shares)	8,106	3,943
Value/ Unrealized Appreciation (Depreciation)	$ 1,093,405	$ (2,561,493)
Notional	$ 147,042,840	$ 60,288,470

v3.24.3

Organization	9 Months Ended
	Sep. 30, 2024
Organization [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION   VS Trust (the “Trust”) is a Delaware statutory trust formed on October 24, 2019, and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of September 30, 2024, the following two series of the Trust have commenced investment operations: -1x Short VIX Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”). Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the Cboe BZX Exchange (“Cboe BZX”).   The Funds’ inception of operation was March 28, 2022. Neither the Trust nor the Funds 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.   Each Fund’s investment exposure to VIX futures contracts will cause each to be deemed a commodity pool, thereby subjecting each Fund to regulation under the Commodity Exchange Act of 1934 (“CEA”) and Commodity Futures Trading Commission (“CFTC”) rules. The Sponsor is registered as a Commodity Pool Operator (“CPO”) and the Fund will be operated in accordance with applicable CFTC rules. Registration as a CPO imposes additional compliance obligations on the Sponsor and the Funds related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Funds.   Volatility Shares LLC (the “Sponsor”) is the sponsor of the Trust and the Funds. The Sponsor also will serve as the Trust’s commodity pool operator. The Funds are commodity pools, as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the CFTC and are operated by the Sponsor, which is registered as a commodity pool operator with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940.

v3.24.3

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES   Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).   The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period.   Emerging growth company   The Trust is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. It will remain an emerging growth company until the earlier of (1) the beginning of the first fiscal year following the fifth anniversary of its initial public offering, (2) the beginning of the first fiscal year after annual gross revenue is $1.235 billion (subject to adjustment for inflation) or more, (3) the date on which the Fund has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities and (4) as of the end of any fiscal year in which the market value of common equity held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.   For as long as the Trust remains an “emerging growth company,” it may take advantage of certain exemptions from the various reporting requirements that are applicable to public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and financial statements in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote to approve executive compensation and shareholder approval of any golden parachute payments not previously approved. The Trust will take advantage of these reporting exemptions until it is no longer an “emerging growth company.”   Use of Estimates & Indemnifications   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.   Basis of Presentation   Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.   The cash amount shown in the Statements of Cash Flows is the amount reported as cash in the Statements of Financial Condition dated September 30, 2024, and December 31, 2023, and represents cash, but does not include short-term investments.   Final Net Asset Value for Fiscal Period   The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended September 30, 2024, were typically as follows. All times are Eastern Standard Time:   Fund   Create/Redeem Cut-off* (EST)   NAV Calculation Time (EST)   NAV Calculation Date -1x Short VIX Futures ETF and   2:00 p.m.   4:00 p.m.   September 30, 2024 2x Long VIX Futures ETF   2:00 p.m.   4:00 p.m.   September 30, 2024   * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended September 30, 2024.   Market value per Share is determined at the close of Cboe BZX and may be later than when the Funds’ NAV per Share is calculated.   For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended September 30, 2024.   Investment Valuation   Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short- term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.   VIX futures contracts are valued using the Time Weighted Average Price (TWAP) of the futures during the last 15 minutes of NYSE’s regular trading session, rather than solely from the VIX futures’ settlement price. The value of a Fund’s non-exchange-traded Financial Instruments typically is determined by applying the then-current disseminated levels for the Index to the terms of the Fund’s non-exchange-traded Financial Instruments.   In certain circumstances (e.g., if the Sponsor believes market quotations do not accurately reflect the fair value of a Fund’s investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such investment for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying VIX futures contract and would be based on principles that the Sponsor deems fair and equitable.   The Funds may use a variety of money market instruments. Money market instruments generally will be valued using market prices or at amortized cost.   Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a 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 such 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.   Options are valued using the last traded price as of the close of regular trading hours on the CBOE Options Exchange.   Fair Value of Financial Instruments   The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:   Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.   Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).   Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.   In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.   Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.   The following table summarizes the valuation of investments at September 30, 2024 (Unaudited) and December 31, 2023 using the fair value hierarchy:       September 30, 2024 (Unaudited)     December 31, 2023   -1x Short VIX Futures ETF   Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total   Assets                                                 Investments                                                 Purchased Options*   $ 1,744,000     $ -     $            –     $ 1,744,000     $ 360,000     $ –     $ –     $ 360,000   Short-Term Investment     139,830,165       -       -       139,830,165       14,557,099       -       -       14,557,099   Total Investments   $ 141,574,165     $ -     $ -     $ 141,574,165     $ 14,917,099     $ -     $ -     $ 14,917,099                                                                     Other Financial Instruments*                                                                 Short Futures Contracts   $ –     $ 905,358     $ –     $ 905,358     $ –     $ 7,980,684     $ –     $ 7,980,684   Total Other Financial Instruments   $ –     $ 905,358     $ -     $ 905,358     $ –     $ 7,980,684     $ -     $ 7,980,684                                                                     Liabilities                                                                 Other Financial Instruments*                                                                 Short Futures Contracts   $ –     $ (1,915,106 )   $ –     $ (1,915,106 )   $ –     $ –     $ –     $ –   Total Other Financial Instruments   $ –     $ (1,915,106 )   $ -     $ (1,915,106 )   $ -     $ –     $ -     $ –                                                     2x Long VIX Futures ETF   Level1     Level2     Level3     Total     Level1     Level2     Level3     Total   Assets                                                 Investments                                                 Short-Term Investments   $ 61,137,595     $ -     $            -     $ 61,137,595     $ 8,009,153     $ -     $ -     $ 8,009,153   Total Investments   $ 61,137,595     $ -     $ -     $ 61,137,595     $ 8,009,153     $ -     $ -     $ 8,009,153                                                                     Other Financial Instruments*                                                                 Long Futures Contracts   $ –     $ 1,093,405     $ –     $ 1,093,405     $ –     $ –     $ –     $ –   Total Other Financial Instruments   $ –     $ 1,093,405     $ -     $ 1,093,405     $ –     $ -     $ -     $ -                                                                     Liabilities             .                                                   Other Financial Instruments*                                                                 Long Futures Contracts   $ -     $ (3,541,691 )   $ -     $ (3,541,691 )   $ -     $ (8,177,618 )   $ -     $ (8,177,618 ) Total Other Financial Instruments   $ -     $ (3,541,691 )   $ -     $ (3,541,691 )   $ -     $ (8,177,618 )   $ -     $ (8,177,618 )   * The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value.   The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.   Investment Transactions and Related Income   Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations.   Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations.   Brokerage Commissions and Futures Account Fees   Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage 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 (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed).   Federal Income Tax   Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.   Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., the last four tax year ends and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

v3.24.3

Investments	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
INVESTMENTS	NOTE 3 – INVESTMENTS   Short-Term Investments   The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts.   Accounting for Derivative Instruments   In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective.   All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.   Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type.   Futures Contracts   The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying benchmark. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract.   Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction.   Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market.   Option Contracts   An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value.   When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap or security transaction to determine the realized gain (loss).   When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.   Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss.   Swap Agreements   The Funds may enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.   Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by UVIX, the would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by SVIX, the Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay.   The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset.   Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques.    Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. Outstanding swap agreements contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount.   The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.   The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings.   The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking- to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.   Statements of Assets and Liabilities   Fair values of derivative instruments as of September 30, 2024 (Unaudited) and December 31, 2023:       Statements of Assets and   Fair Value     Statements of Assets and   Fair Value       Liabilities   As of September 30, 2024 (Unaudited)     Liabilities   As of December 31, 2023   -1x Short VIX Futures ETF   Location   Assets     Liabilities     Location   Assets     Liabilities   Purchased Option Contracts:                                 Index   Investments, at value   $ 1,744,000     $ -     Investments, at value   $ 360,000     $ -   Short Futures Contracts:                                         Index   Unrealized Appreciation (Depreciation)*     905,358       (1,915,106 )   Unrealized Appreciation*     7,980,684       -   Total fair values of derivative instruments     $ 2,649,358     $ (1,915,106 )       $ 8,340,684     $ -                                             2x Long VIX Futures ETF         Assets       Liabilities           Assets       Liabilities   Long Futures Contracts:                                         Index   Unrealized Appreciation (Depreciation)*   $ 1,093,405     $ (3,541,691 )   Unrealized Appreciation (Depreciation)*   $ -     $ (8,177,618 ) Total fair values of derivative instruments     $ 1,093,405     $ (3,541,691 )     $ -     $ (8,177,618 )   * Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Futures Contracts. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.   Statements of Operations   The effect of derivative instruments on the Statement of Operations for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):       Net Realized Gain (Loss) on Derivatives     Net Realized Gain (Loss) on Derivatives       For the three months ended September 30, 2024 (Unaudited)     For the three months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $ 266,733     $ (28,508,230 )   $ (28,241,497 )   $                -     $ 15,738,591     $ 15,738,591   Total   $ 266,733     $ (28,508,230 )   $ (28,241,497 )   $ -     $ 15,738,591     $ 15,738,591         Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $            -     $ (7,095,465 )   $ (7,095,465 )   $               -     $ (42,049,000 )   $ (42,049,000 ) Total   $ -     $ (7,095,465 )   $ (7,095,465 )   $ -     $ (42,049,000 )   $ (42,049,000 )       Net Change in Unrealized Appreciation (Depreciation) on Derivatives     Net Change in Unrealized Appreciation (Depreciation) on Derivatives       For the three months ended September 30, 2024 (Unaudited)     For the three months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $ 10,502     $ (3,125,307 )   $ (3,114,805 )   $               -     $ (12,928,171 )   $ (12,928,171 ) Total   $ 10,502     $ (3,125,307 )   $ (3,114,805 )   $ -     $ (12,928,171 )   $ (12,928,171 )       Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $                     -     $ 1,135,620     $ 1,135,620     $               -     $ 30,931,703     $ 30,931,703   Total   $ -     $ 1,135,620     $ 1,135,620     $ -     $ 30,931,703     $ 30,931,703     The following table indicates the average volume when in use for the quarter ended September 30, 2024 (Unaudited):       -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $     -     $ 249,472,430   Average notional value of short futures contracts     (252,076,760 )     -     The following table indicates the average volume when in use for the quarter ended September 30, 2023 (Unaudited):       -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $ -       173,496,930   Average notional value of short futures contracts   $ (90,003,865 )     -     The following table indicates the average volume when in use for the quarter ended September 30, 2024 (Unaudited):       -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of purchased options contracts   $ 54,255,000     $              -     There were no transactions in purchased option contracts during the quarter ended September 30, 2023.   The effect of derivative instruments on the Statement of Operations for the nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):       Net Realized Gain (Loss) on Derivatives     Net Realized Gain (Loss) on Derivatives       For the nine months ended September 30, 2024 (Unaudited)     For the nine months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $ (6,489,708 )   $ 33,764,723     $ 27,275,015     $               -     $ 58,190,096     $ 58,190,096   Total   $ (6,489,708 )   $ 33,764,723     $ 27,275,015     $ -     $ 58,190,096     $ 58,190,096         Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $               -     $ (67,353,025 )   $ (67,353,025 )   $               -     $ (228,151,397 )   $ (228,151,397 ) Total   $ -     $ (67,353,025 )   $ (67,353,025 )   $ -     $ (228,151,397 )   $ (228,151,397 )       Net Change in Unrealized Appreciation (Depreciation) on Derivatives     Net Change in Unrealized Appreciation (Depreciation) on Derivatives       For the nine months ended September 30, 2024 (Unaudited)     For the nine months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $ 682,838     $ (7,658,659 )   $ (6,975,821 )   $                 -     $ (7,565,698 )   $ (7,565,698 ) Total   $ 682,838     $ (7,658,659 )   $ (6,975,821 )   $ -     $ (7,565,698 )   $ (7,565,698 )       Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $               -     $ 5,729,332     $ 5,729,332     $                -     $ 20,344,189     $ 20,344,189   Total   $ -     $ 5,729,332     $ 5,729,332     $ -     $ 20,344,189     $ 20,344,189     * The amounts disclosed are included in the realized gain (loss) on investments. ** The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.    The following table indicates the average volume when in use for the nine months ended September 30, 2024 (Unaudited):       -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $ -     $ 198,579,725   Average notional value of short futures contracts     (180,167,953 )     -     The following table indicates the average volume when in use for the nine months ended September 30, 2023 (Unaudited):       -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $ -     $ 203,069,330   Average notional value of short futures contracts     (75,262,285 )     -     The following table indicates the average volume when in use for the nine months ended September 30, 2024 (Unaudited):       -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of purchased options contracts   $ 45,226,660     $                   -     There were no transactions in purchased option contracts during the nine months ended September 30, 2023.   Offsetting Assets and Liabilities   Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.   For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2024 and December 31, 2023.   Fair Values of Derivative Instruments as of September 30, 2024 (Unaudited)     Assets     Liabilities   Fund   Gross Amounts of Recognized Assets presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts of Assets presented in the Statements of Financial Condition     Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts  of Liabilities presented in the Statements of Financial Condition   -1x Short VIX Futures ETF   $ 5,608,945     $                      -     $ 5,608,945     $ -     $                     -     $ -   2x Long VIX Futures ETF     -       -       -       6,246,194       -       6,246,194     Fair Values of Derivative Instruments as of December 31, 2023     Assets     Liabilities   Fund   Gross Amounts of Recognized Assets presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts of Assets presented in the Statements of Financial Condition     Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts of Liabilities presented in the Statements of Financial Condition   -1x Short VIX Futures ETF   $ -     $                  -     $ -     $ 204,703     $                   -     $ 204,703   2x Long VIX Futures ETF     148,593       -       148,593       -       -       -     Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at September 30, 2024 and December 31, 2023. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.   Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2024 (Unaudited) Fund   Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition     Financial Instruments for the Benefit of (the Funds) / the Counterparties     Cash Collateral for the Benefit of (the Funds) / the Counterparties     Net Amount   -1x Short VIX Futures ETF   $ 5,608,945     $                    -     $                      -     $ 5,608,945   2x Long VIX Futures ETF     (6,246,194 )     -       -       (6,246,194 )   Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2023 Fund   Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition     Financial Instruments for the Benefit of (the Funds) / the Counterparties     Cash Collateral for the Benefit of (the Funds) / the Counterparties     Net Amount   -1x Short VIX Futures ETF   $ (204,703 )   $                      -     $                    -     $ (204,703 ) 2x Long VIX Futures ETF     148,593       -       -       148,593

v3.24.3

Agreements	9 Months Ended
	Sep. 30, 2024
Agreements [Abstract]
AGREEMENTS	NOTE 4 – AGREEMENTS   SVIX pays the Sponsor a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 1.35% per annum of its average daily net assets. UVIX pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 1.65% per annum of its average daily net assets. “Average daily net assets” is calculated by dividing the month-end net assets of each Fund by the number of calendar days in such month.   No other Management Fee is paid by the Funds. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly.   Prior to September 16, 2024, Penserra Capital Management LLC (the “Penserra”) served as the Funds’ commodity sub-adviser. During the period in which Penserra served as the commodity sub-adviser, the Sponsor oversaw and paid Penserra for its services as commodity sub-adviser, based on each Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities). The Funds did not directly pay Penserra.   Non-Recurring Fees and Expenses   Each Fund pays all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.   The Administrator, Transfer Agent and Custodian   U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, serves as the Fund’s fund accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp and parent company of Fund Services, intends to serve as the Fund’s custodian pursuant to a custody agreement.   The Marketing Agent   Foreside Fund Services, LLC (the “Marketing Agent”) serves as the Marketing Agent of the Funds. Its principal duties are: (i) to work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent; (ii) maintain copies of confirmations of Creation Unit creation and redemption order acceptances; (iii) maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; and (iv) review and approve, prior to use, all Trust marketing materials for compliance with applicable SEC and FINRA advertising rules.   The Marketing Agent retains all marketing materials separately for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.   As compensation for the services it provides, the Marketing Agent receives a fee from the Funds.

v3.24.3

Offering Costs	9 Months Ended
	Sep. 30, 2024
Offering Costs [Abstract]
OFFERING COSTS	NOTE 5 – OFFERING COSTS   Offering costs will be amortized by the Funds over a twelve month period on a straight-line basis beginning once the fund commences operations. The Sponsor will not charge its Management Fee in the first year of operations of a Fund in an amount equal to the offering costs. Normal and expected expenses incurred in connection with the continuous offering of Shares of a Fund after the commencement of its trading operations will be paid by the Sponsor.

v3.24.3

Creation and Redemption of Creation Units	9 Months Ended
	Sep. 30, 2024
Creation and Redemption of Creation Units [Abstract]
CREATION AND REDEMPTION OF CREATION UNITS	NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS   Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of at least 10,000 Shares of a Fund. Creation Units may be created or redeemed only by Authorized Participants.   Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors.   Transaction Fees on Creation and Redemption Transactions   The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date.   Authorized Participants may pay a fee up to 0.03% of the value of each order they place with each order to create or redeem a Creation Unit in order to compensate the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions, unless the transaction fee is waived or otherwise adjusted by the Sponsor.   The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.   Transaction Fees for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) were as follows:   Fund   Three Months Ended  September 30, 2024 (Unaudited)     Three Months Ended  September 30, 2023 (Unaudited)   -1x Short VIX Futures ETF   $ 279,016     $ 30,296   2x Long VIX Futures ETF     112,304       50,484       $ 391,320     $ 80,880     Fund   Nine Months Ended  September 30, 2024 (Unaudited)     Nine Months Ended September 30, 2023 (Unaudited)   -1x Short VIX Futures ETF   $ 392,316     $ 107,878   2x Long VIX Futures ETF     187,387       170,097       $ 579,703     $ 277,975

v3.24.3

Financial Highlights	9 Months Ended
	Sep. 30, 2024
Financial Highlights [Abstract]
FINANCIAL HIGHLIGHTS	NOTE 7 – FINANCIAL HIGHLIGHTS   Selected data is for a Share outstanding throughout the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):   VS Trust Financial Highlights       -1x Short VIX Futures ETF     2x Long VIX Futures ETF     -1x Short VIX Futures ETF     2x Long VIX Futures ETF       Quarter Ended     Quarter Ended     Quarter Ended     Quarter Ended       September 30, 2024 (Unaudited)     September 30, 2024 (Unaudited)     September 30, 2023 (Unaudited)     September 30, 2023 (Unaudited)   Net Asset Value, Beginning of Period   $ 47.75     $ 5.52     $ 28.13     $ 4.44   Net investment Income (Loss) (1)     0.06       (0.01 )     (0.11 )     (0.01 ) Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)     (20.75 )     (0.78 )     0.01       (0.96 ) Net Increase (Decrease) in Net Asset Value Resulting from Operations     (20.69 )     (0.79 )     (0.10 )     (0.97 ) Net Asset Value, End of Period   $ 27.06     $ 4.73     $ 28.03     $ 3.47   Market Value Per Share (3)   $ 27.07     $ 4.72     $ 27.88     $ 3.49   Total Return at Net Asset Value (4)     -43.33 %     -14.31 %     -0.36 %     -21.85 % Total Return at Market Value (4)     -43.21 %     -15.71 %     -0.68 %     -21.75 %                                   Ratios to Average Net Assets: (5)                                 Expense ratio (6)     1.53 %     2.14 %     1.89 %     2.21 % Net Investment Income (Loss)     0.72 %     -0.52 %     -1.49 %     -1.04 %   (1) Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period. (2) Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements. (3) Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. (4) Percentages are not annualized for the period ended September 30, 2024 and September 30, 2023. (5) Percentages are annualized. (6) The expense ratio would be 1.48% and 2.14% respectively, for the three months ended September 30, 2024, and 1.89% and 2.21% for the three months ended September 30, 2023 if brokerage commissions and futures and futures account fees were excluded.   Selected data is for a Share outstanding throughout the Nine Months Ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited)   VS Trust Financial Highlights       -1x Short VIX Futures ETF     2x Long VIX Futures ETF     -1x Short VIX Futures ETF     2x Long VIX Futures ETF       Nine Months Ended     Nine Months Ended     Nine Months Ended     Nine Months Ended       September 30, 2024 (Unaudited)     September 30, 2024 (Unaudited)     September 30, 2023 (Unaudited)     September 30, 2023 (Unaudited)   Net Asset Value, Beginning of Period   $ 37.78     $ 13.73     $ 14.63     $ 29.25   Net investment Income (Loss)(1)     0.08     (0.04 )     (0.27 )     (0.07 ) Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)     (10.80 )     (8.96 )     13.67       (25.71 ) Net Increase (Decrease) in Net Asset Value Resulting from Operations     (10.72 )     (9.00 )     13.40       (25.78 ) Net Asset Value, End of Period   $ 27.06     $ 4.73     $ 28.03     $ 3.47   Market Value Per Share(3)   $ 27.07     $ 4.72     $ 27.88     $ 3.49   Total Return at Net Asset Value (4)     -28.37 %     -65.55 %     91.59 %     -88.14 % Total Return at Market Value (4)     -28.25 %     -65.62 %     90.18 %     -88.01 %                                   Ratios to Average Net Assets: (5)                                 Expense ratio (6)     1.61 %     2.29 %     2.10 %     2.15 % Net Investment Income (Loss)     0.31 %     -0.78 %     -1.69 %     -1.26 %   (1) Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period. (2) Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements. (3) Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated. (4) Percentages are not annualized for the period ended September 30, 2024 and September 30, 2023. (5) Percentages are annualized. (6) The expense ratio would be 1.58% and 2.29% respectively, for the nine months ended September 30, 2024, and 2.08% and 2.15% for the nine months ended September 30, 2023 if brokerage commissions and futures and futures account fees were excluded.

v3.24.3

Risk	9 Months Ended
	Sep. 30, 2024
Risk [Abstract]
RISK	NOTE 8 – RISK   Correlation and Compounding Risk   The Funds do not seek to achieve their stated investment objective over a period of time greater than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount and possibly even direction from the inverse (-1x) or two times (2x) the return of the Fund’s benchmark for the period. A Fund will lose money if its benchmark performance is flat over time, and it is possible for a Fund to lose money over time even if the performance of its benchmark increases in the case of UVIX (or decreases in the case of SVIX), as a result of daily rebalancing, the benchmark’s volatility, compounding, and other factors. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Fund to differ from the Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Fund is held and the volatility of the benchmark during the holding period of an investment in the Fund. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Fund’s returns. Daily compounding of a Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Volatility may be at least as important to a Fund’s return for a period as the return of the Fund’s underlying benchmark.   Each Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of UVIX should be approximately two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of SVIX is designed to return the inverse (-1x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Fund if he or she understands the consequences of seeking daily leveraged or daily inverse investment results. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.   While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark.   A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. Other things being equal, more significant movement in the value of its benchmark up or down will require more significant adjustments to a Fund’s portfolio. Because of this, it is unlikely that the Funds will be perfectly exposed (i.e., --1x, -2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.   Each Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. Unlike other funds that do not rebalance their portfolios as frequently, each Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.   Counterparty Risk   Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to herein as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.    Regulatory Treatment   Derivatives are generally traded in OTC markets and have only recently become subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” The SEC requirements have largely yet to be made effective, but the CFTC requirements are largely in place. The CFTC requirements have included rules for some of the types of transactions in which the Funds will engage, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions.   As noted, the CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.   Counterparty Credit Risk   The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.   The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.   OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day.   In addition, cleared derivatives benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a FCM in cleared swaps customer accounts, which are required by CFTC regulations to be separate from its proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of customer segregated funds, under which the clearing house may access all of the commingled customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.   The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.volatilityshares.com.   Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.   The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund.   Leverage Risk   The Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day.   For example, because UVIX includes a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of a Fund or upward single-day or intraday movements in the benchmark of a Fund, even if the underlying benchmark maintains a level greater than zero at all times.   Liquidity Risk   Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.   “Contango” and “Backwardation” Risk   The Funds typically hold futures contracts. As the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2019 may specify a January 2020 expiration. As that contract nears expiration, it may be replaced by selling the January 2020 contract and purchasing the contract expiring in March 2020. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2020 contract would take place at a price that is higher than the price at which the March 2020 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times.   Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable Fund benchmark. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process could adversely affect the value of a Fund and, accordingly, decrease the return of a Fund.   Natural Disaster/Epidemic Risk   Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.   Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks   The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

v3.24.3

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS   In preparing these financial statements, management has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in the Funds’ financial statements.

v3.24.3

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.3

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies [Abstract]
Emerging growth company	Emerging growth company The Trust is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012. It will remain an emerging growth company until the earlier of (1) the beginning of the first fiscal year following the fifth anniversary of its initial public offering, (2) the beginning of the first fiscal year after annual gross revenue is $1.235 billion (subject to adjustment for inflation) or more, (3) the date on which the Fund has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities and (4) as of the end of any fiscal year in which the market value of common equity held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year. For as long as the Trust remains an “emerging growth company,” it may take advantage of certain exemptions from the various reporting requirements that are applicable to public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and financial statements in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote to approve executive compensation and shareholder approval of any golden parachute payments not previously approved. The Trust will take advantage of these reporting exemptions until it is no longer an “emerging growth company.”
Use of Estimates & Indemnifications	Use of Estimates & Indemnifications The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.
Basis of Presentation	Basis of Presentation Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund. The cash amount shown in the Statements of Cash Flows is the amount reported as cash in the Statements of Financial Condition dated September 30, 2024, and December 31, 2023, and represents cash, but does not include short-term investments.
Final Net Asset Value for Fiscal Period	Final Net Asset Value for Fiscal Period The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended September 30, 2024, were typically as follows. All times are Eastern Standard Time: Fund   Create/Redeem Cut-off* (EST)   NAV Calculation Time (EST)   NAV Calculation Date -1x Short VIX Futures ETF and   2:00 p.m.   4:00 p.m.   September 30, 2024 2x Long VIX Futures ETF   2:00 p.m.   4:00 p.m.   September 30, 2024 * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended September 30, 2024.   Market value per Share is determined at the close of Cboe BZX and may be later than when the Funds’ NAV per Share is calculated. For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended September 30, 2024.
Investment Valuation	Investment Valuation Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short- term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy. VIX futures contracts are valued using the Time Weighted Average Price (TWAP) of the futures during the last 15 minutes of NYSE’s regular trading session, rather than solely from the VIX futures’ settlement price. The value of a Fund’s non-exchange-traded Financial Instruments typically is determined by applying the then-current disseminated levels for the Index to the terms of the Fund’s non-exchange-traded Financial Instruments. In certain circumstances (e.g., if the Sponsor believes market quotations do not accurately reflect the fair value of a Fund’s investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such investment for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying VIX futures contract and would be based on principles that the Sponsor deems fair and equitable. The Funds may use a variety of money market instruments. Money market instruments generally will be valued using market prices or at amortized cost. Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a 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 such 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. Options are valued using the last traded price as of the close of regular trading hours on the CBOE Options Exchange.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.   In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety. Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. The following table summarizes the valuation of investments at September 30, 2024 (Unaudited) and December 31, 2023 using the fair value hierarchy:     September 30, 2024 (Unaudited)     December 31, 2023   -1x Short VIX Futures ETF   Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total   Assets                                                 Investments                                                 Purchased Options*   $ 1,744,000     $ -     $            –     $ 1,744,000     $ 360,000     $ –     $ –     $ 360,000   Short-Term Investment     139,830,165       -       -       139,830,165       14,557,099       -       -       14,557,099   Total Investments   $ 141,574,165     $ -     $ -     $ 141,574,165     $ 14,917,099     $ -     $ -     $ 14,917,099                                                                     Other Financial Instruments*                                                                 Short Futures Contracts   $ –     $ 905,358     $ –     $ 905,358     $ –     $ 7,980,684     $ –     $ 7,980,684   Total Other Financial Instruments   $ –     $ 905,358     $ -     $ 905,358     $ –     $ 7,980,684     $ -     $ 7,980,684                                                                     Liabilities                                                                 Other Financial Instruments*                                                                 Short Futures Contracts   $ –     $ (1,915,106 )   $ –     $ (1,915,106 )   $ –     $ –     $ –     $ –   Total Other Financial Instruments   $ –     $ (1,915,106 )   $ -     $ (1,915,106 )   $ -     $ –     $ -     $ –                                                     2x Long VIX Futures ETF   Level1     Level2     Level3     Total     Level1     Level2     Level3     Total   Assets                                                 Investments                                                 Short-Term Investments   $ 61,137,595     $ -     $            -     $ 61,137,595     $ 8,009,153     $ -     $ -     $ 8,009,153   Total Investments   $ 61,137,595     $ -     $ -     $ 61,137,595     $ 8,009,153     $ -     $ -     $ 8,009,153                                                                     Other Financial Instruments*                                                                 Long Futures Contracts   $ –     $ 1,093,405     $ –     $ 1,093,405     $ –     $ –     $ –     $ –   Total Other Financial Instruments   $ –     $ 1,093,405     $ -     $ 1,093,405     $ –     $ -     $ -     $ -                                                                     Liabilities             .                                                   Other Financial Instruments*                                                                 Long Futures Contracts   $ -     $ (3,541,691 )   $ -     $ (3,541,691 )   $ -     $ (8,177,618 )   $ -     $ (8,177,618 ) Total Other Financial Instruments   $ -     $ (3,541,691 )   $ -     $ (3,541,691 )   $ -     $ (8,177,618 )   $ -     $ (8,177,618 ) * The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
Investment Transactions and Related Income	Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations.
Brokerage Commissions and Futures Account Fees	Brokerage Commissions and Futures Account Fees Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage 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 (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed).
Federal Income Tax	Federal Income Tax Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., the last four tax year ends and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

v3.24.3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies [Abstract]
Schedule of Cut-Off Times and the Times of the Calculation of the Funds	The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended September 30, 2024, were typically as follows. All times are Eastern Standard Time: Fund   Create/Redeem Cut-off* (EST)   NAV Calculation Time (EST)   NAV Calculation Date -1x Short VIX Futures ETF and   2:00 p.m.   4:00 p.m.   September 30, 2024 2x Long VIX Futures ETF   2:00 p.m.   4:00 p.m.   September 30, 2024 * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended September 30, 2024.
Schedule of Valuation of Investments at Using the Fair Value Hierarchy	The following table summarizes the valuation of investments at June 30, 2024 (Unaudited) and December 31, 2023 using the fair value hierarchy:     September 30, 2024 (Unaudited)     December 31, 2023   -1x Short VIX Futures ETF   Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total   Assets                                                 Investments                                                 Purchased Options*   $ 1,744,000     $ -     $            –     $ 1,744,000     $ 360,000     $ –     $ –     $ 360,000   Short-Term Investment     139,830,165       -       -       139,830,165       14,557,099       -       -       14,557,099   Total Investments   $ 141,574,165     $ -     $ -     $ 141,574,165     $ 14,917,099     $ -     $ -     $ 14,917,099                                                                     Other Financial Instruments*                                                                 Short Futures Contracts   $ –     $ 905,358     $ –     $ 905,358     $ –     $ 7,980,684     $ –     $ 7,980,684   Total Other Financial Instruments   $ –     $ 905,358     $ -     $ 905,358     $ –     $ 7,980,684     $ -     $ 7,980,684                                                                     Liabilities                                                                 Other Financial Instruments*                                                                 Short Futures Contracts   $ –     $ (1,915,106 )   $ –     $ (1,915,106 )   $ –     $ –     $ –     $ –   Total Other Financial Instruments   $ –     $ (1,915,106 )   $ -     $ (1,915,106 )   $ -     $ –     $ -     $ –                                                     2x Long VIX Futures ETF   Level1     Level2     Level3     Total     Level1     Level2     Level3     Total   Assets                                                 Investments                                                 Short-Term Investments   $ 61,137,595     $ -     $            -     $ 61,137,595     $ 8,009,153     $ -     $ -     $ 8,009,153   Total Investments   $ 61,137,595     $ -     $ -     $ 61,137,595     $ 8,009,153     $ -     $ -     $ 8,009,153                                                                     Other Financial Instruments*                                                                 Long Futures Contracts   $ –     $ 1,093,405     $ –     $ 1,093,405     $ –     $ –     $ –     $ –   Total Other Financial Instruments   $ –     $ 1,093,405     $ -     $ 1,093,405     $ –     $ -     $ -     $ -                                                                     Liabilities             .                                                   Other Financial Instruments*                                                                 Long Futures Contracts   $ -     $ (3,541,691 )   $ -     $ (3,541,691 )   $ -     $ (8,177,618 )   $ -     $ (8,177,618 ) Total Other Financial Instruments   $ -     $ (3,541,691 )   $ -     $ (3,541,691 )   $ -     $ (8,177,618 )   $ -     $ (8,177,618 ) * The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value.

v3.24.3

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Schedule of Average Notional Value Contracts	Fair values of derivative instruments as of September 30, 2024 (Unaudited) and December 31, 2023:     Statements of Assets and   Fair Value     Statements of Assets and   Fair Value       Liabilities   As of September 30, 2024 (Unaudited)     Liabilities   As of December 31, 2023   -1x Short VIX Futures ETF   Location   Assets     Liabilities     Location   Assets     Liabilities   Purchased Option Contracts:                                 Index   Investments, at value   $ 1,744,000     $ -     Investments, at value   $ 360,000     $ -   Short Futures Contracts:                                         Index   Unrealized Appreciation (Depreciation)*     905,358       (1,915,106 )   Unrealized Appreciation*     7,980,684       -   Total fair values of derivative instruments     $ 2,649,358     $ (1,915,106 )       $ 8,340,684     $ -                                             2x Long VIX Futures ETF         Assets       Liabilities           Assets       Liabilities   Long Futures Contracts:                                         Index   Unrealized Appreciation (Depreciation)*   $ 1,093,405     $ (3,541,691 )   Unrealized Appreciation (Depreciation)*   $ -     $ (8,177,618 ) Total fair values of derivative instruments     $ 1,093,405     $ (3,541,691 )     $ -     $ (8,177,618 )
Schedule of Effect of Derivative Instruments on the Statement of Operations	The effect of derivative instruments on the Statement of Operations for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):     Net Realized Gain (Loss) on Derivatives     Net Realized Gain (Loss) on Derivatives       For the three months ended September 30, 2024 (Unaudited)     For the three months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $ 266,733     $ (28,508,230 )   $ (28,241,497 )   $                -     $ 15,738,591     $ 15,738,591   Total   $ 266,733     $ (28,508,230 )   $ (28,241,497 )   $ -     $ 15,738,591     $ 15,738,591       Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $            -     $ (7,095,465 )   $ (7,095,465 )   $               -     $ (42,049,000 )   $ (42,049,000 ) Total   $ -     $ (7,095,465 )   $ (7,095,465 )   $ -     $ (42,049,000 )   $ (42,049,000 )     Net Change in Unrealized Appreciation (Depreciation) on Derivatives     Net Change in Unrealized Appreciation (Depreciation) on Derivatives       For the three months ended September 30, 2024 (Unaudited)     For the three months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $ 10,502     $ (3,125,307 )   $ (3,114,805 )   $               -     $ (12,928,171 )   $ (12,928,171 ) Total   $ 10,502     $ (3,125,307 )   $ (3,114,805 )   $ -     $ (12,928,171 )   $ (12,928,171 )     Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $                     -     $ 1,135,620     $ 1,135,620     $               -     $ 30,931,703     $ 30,931,703   Total   $ -     $ 1,135,620     $ 1,135,620     $ -     $ 30,931,703     $ 30,931,703   The effect of derivative instruments on the Statement of Operations for the nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):     Net Realized Gain (Loss) on Derivatives     Net Realized Gain (Loss) on Derivatives       For the nine months ended September 30, 2024 (Unaudited)     For the nine months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $ (6,489,708 )   $ 33,764,723     $ 27,275,015     $               -     $ 58,190,096     $ 58,190,096   Total   $ (6,489,708 )   $ 33,764,723     $ 27,275,015     $ -     $ 58,190,096     $ 58,190,096       Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts*     Contracts     Total     Contracts*     Contracts     Total   Index Contracts   $               -     $ (67,353,025 )   $ (67,353,025 )   $               -     $ (228,151,397 )   $ (228,151,397 ) Total   $ -     $ (67,353,025 )   $ (67,353,025 )   $ -     $ (228,151,397 )   $ (228,151,397 )     Net Change in Unrealized Appreciation (Depreciation) on Derivatives     Net Change in Unrealized Appreciation (Depreciation) on Derivatives       For the nine months ended September 30, 2024 (Unaudited)     For the nine months ended September 30, 2023 (Unaudited)       Purchased     Short           Purchased     Short         -1x Short VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $ 682,838     $ (7,658,659 )   $ (6,975,821 )   $                 -     $ (7,565,698 )   $ (7,565,698 ) Total   $ 682,838     $ (7,658,659 )   $ (6,975,821 )   $ -     $ (7,565,698 )   $ (7,565,698 )     Purchased     Long           Purchased     Long         2x Long VIX Futures ETF   Option     Futures           Option     Futures         Derivatives   Contracts**     Contracts     Total     Contracts**     Contracts     Total   Index Contracts   $               -     $ 5,729,332     $ 5,729,332     $                -     $ 20,344,189     $ 20,344,189   Total   $ -     $ 5,729,332     $ 5,729,332     $ -     $ 20,344,189     $ 20,344,189
Schedule of Average Notional Value Contracts	The following table indicates the average volume when in use for the quarter ended September 30, 2024 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $     -     $ 249,472,430   Average notional value of short futures contracts     (252,076,760 )     -   The following table indicates the average volume when in use for the quarter ended September 30, 2023 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $ -       173,496,930   Average notional value of short futures contracts   $ (90,003,865 )     -   The following table indicates the average volume when in use for the quarter ended September 30, 2024 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of purchased options contracts   $ 54,255,000     $              -   The following table indicates the average volume when in use for the nine months ended September 30, 2024 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $ -     $ 198,579,725   Average notional value of short futures contracts     (180,167,953 )     -   The following table indicates the average volume when in use for the nine months ended September 30, 2023 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of long futures contracts   $ -     $ 203,069,330   Average notional value of short futures contracts     (75,262,285 )     -   The following table indicates the average volume when in use for the nine months ended September 30, 2024 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF   Average notional value of purchased options contracts   $ 45,226,660     $                   -
Schedule of Pledged by Funds Fair Values of Derivative Instruments	The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2024 and December 31, 2023. Fair Values of Derivative Instruments as of September 30, 2024 (Unaudited)     Assets     Liabilities   Fund   Gross Amounts of Recognized Assets presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts of Assets presented in the Statements of Financial Condition     Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts  of Liabilities presented in the Statements of Financial Condition   -1x Short VIX Futures ETF   $ 5,608,945     $                      -     $ 5,608,945     $ -     $                     -     $ -   2x Long VIX Futures ETF     -       -       -       6,246,194       -       6,246,194   Fair Values of Derivative Instruments as of December 31, 2023     Assets     Liabilities   Fund   Gross Amounts of Recognized Assets presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts of Assets presented in the Statements of Financial Condition     Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition     Gross Amounts Offset in the Statements of Financial Condition     Net Amounts of Liabilities presented in the Statements of Financial Condition   -1x Short VIX Futures ETF   $ -     $                  -     $ -     $ 204,703     $                   -     $ 204,703   2x Long VIX Futures ETF     148,593       -       148,593       -       -       -
Schedule of Gross Amounts Not Offset in the Statements of Financial Condition	These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”. Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2024 (Unaudited) Fund   Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition     Financial Instruments for the Benefit of (the Funds) / the Counterparties     Cash Collateral for the Benefit of (the Funds) / the Counterparties     Net Amount   -1x Short VIX Futures ETF   $ 5,608,945     $                    -     $                      -     $ 5,608,945   2x Long VIX Futures ETF     (6,246,194 )     -       -       (6,246,194 ) Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2023 Fund   Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition     Financial Instruments for the Benefit of (the Funds) / the Counterparties     Cash Collateral for the Benefit of (the Funds) / the Counterparties     Net Amount   -1x Short VIX Futures ETF   $ (204,703 )   $                      -     $                    -     $ (204,703 ) 2x Long VIX Futures ETF     148,593       -       -       148,593

v3.24.3

Creation and Redemption of Creation Units (Tables)	9 Months Ended
	Sep. 30, 2024
Creation and Redemption of Creation Units [Abstract]
Schedule of Transaction Fees	Transaction Fees for the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) were as follows: Fund   Three Months Ended  September 30, 2024 (Unaudited)     Three Months Ended  September 30, 2023 (Unaudited)   -1x Short VIX Futures ETF   $ 279,016     $ 30,296   2x Long VIX Futures ETF     112,304       50,484       $ 391,320     $ 80,880     Fund   Nine Months Ended  September 30, 2024 (Unaudited)     Nine Months Ended September 30, 2023 (Unaudited)   -1x Short VIX Futures ETF   $ 392,316     $ 107,878   2x Long VIX Futures ETF     187,387       170,097       $ 579,703     $ 277,975

v3.24.3

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2024
Financial Highlights [Abstract]
Schedule of Share Outstanding	Selected data is for a Share outstanding throughout the three months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited):     -1x Short VIX Futures ETF     2x Long VIX Futures ETF     -1x Short VIX Futures ETF     2x Long VIX Futures ETF       Quarter Ended     Quarter Ended     Quarter Ended     Quarter Ended       September 30, 2024 (Unaudited)     September 30, 2024 (Unaudited)     September 30, 2023 (Unaudited)     September 30, 2023 (Unaudited)   Net Asset Value, Beginning of Period   $ 47.75     $ 5.52     $ 28.13     $ 4.44   Net investment Income (Loss) (1)     0.06       (0.01 )     (0.11 )     (0.01 ) Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)     (20.75 )     (0.78 )     0.01       (0.96 ) Net Increase (Decrease) in Net Asset Value Resulting from Operations     (20.69 )     (0.79 )     (0.10 )     (0.97 ) Net Asset Value, End of Period   $ 27.06     $ 4.73     $ 28.03     $ 3.47   Market Value Per Share (3)   $ 27.07     $ 4.72     $ 27.88     $ 3.49   Total Return at Net Asset Value (4)     -43.33 %     -14.31 %     -0.36 %     -21.85 % Total Return at Market Value (4)     -43.21 %     -15.71 %     -0.68 %     -21.75 %                                   Ratios to Average Net Assets: (5)                                 Expense ratio (6)     1.53 %     2.14 %     1.89 %     2.21 % Net Investment Income (Loss)     0.72 %     -0.52 %     -1.49 %     -1.04 %     -1x Short VIX Futures ETF     2x Long VIX Futures ETF     -1x Short VIX Futures ETF     2x Long VIX Futures ETF       Nine Months Ended     Nine Months Ended     Nine Months Ended     Nine Months Ended       September 30, 2024 (Unaudited)     September 30, 2024 (Unaudited)     September 30, 2023 (Unaudited)     September 30, 2023 (Unaudited)   Net Asset Value, Beginning of Period   $ 37.78     $ 13.73     $ 14.63     $ 29.25   Net investment Income (Loss)(1)     0.08     (0.04 )     (0.27 )     (0.07 ) Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (2)     (10.80 )     (8.96 )     13.67       (25.71 ) Net Increase (Decrease) in Net Asset Value Resulting from Operations     (10.72 )     (9.00 )     13.40       (25.78 ) Net Asset Value, End of Period   $ 27.06     $ 4.73     $ 28.03     $ 3.47   Market Value Per Share(3)   $ 27.07     $ 4.72     $ 27.88     $ 3.49   Total Return at Net Asset Value (4)     -28.37 %     -65.55 %     91.59 %     -88.14 % Total Return at Market Value (4)     -28.25 %     -65.62 %     90.18 %     -88.01 %                                   Ratios to Average Net Assets: (5)                                 Expense ratio (6)     1.61 %     2.29 %     2.10 %     2.15 % Net Investment Income (Loss)     0.31 %     -0.78 %     -1.69 %     -1.26 %

v3.24.3

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Annual gross revenue		$ 1,235
Non convertible debt securities		$ 1,000
Non-affiliates exceeded	$ 700

v3.24.3

Significant Accounting Policies (Details) - Schedule of Cut-Off Times and the Times of the Calculation of the Funds	3 Months Ended
	Sep. 30, 2024
-1x Short VIX Futures ETF [Member]
Schedule of Cut-Off Times and the Times of the Calculation of the Funds [Line Items]
Create/Redeem Cut-off (EST)	2:00 p.m.	[1]
NAV Calculation Time (EST)	4:00 p.m.
NAV Calculation Date	Sep. 30, 2024
2x Long VIX Futures ETF [Member]
Schedule of Cut-Off Times and the Times of the Calculation of the Funds [Line Items]
Create/Redeem Cut-off (EST)	2:00 p.m.	[1]
NAV Calculation Time (EST)	4:00 p.m.
NAV Calculation Date	Sep. 30, 2024
[1] Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended September 30, 2024.

v3.24.3

Significant Accounting Policies (Details) - Schedule of Valuation of Investments at Using the Fair Value Hierarchy - USD ($)		Sep. 30, 2024	Dec. 31, 2023
-1x Short VIX Futures ETF [Member] | Purchased Options [Member]
Investments
Total Investments	[1]	$ 1,744,000	$ 360,000
-1x Short VIX Futures ETF [Member] | Purchased Options [Member] | Level 1 [Member]
Investments
Total Investments	[1]	1,744,000	360,000
-1x Short VIX Futures ETF [Member] | Purchased Options [Member] | Level 2 [Member]
Investments
Total Investments	[1]
-1x Short VIX Futures ETF [Member] | Purchased Options [Member] | Level 3 [Member]
Investments
Total Investments	[1]
-1x Short VIX Futures ETF [Member] | Short-Term Investments [Member]
Investments
Total Investments		139,830,165	14,557,099
-1x Short VIX Futures ETF [Member] | Short-Term Investments [Member] | Level 1 [Member]
Investments
Total Investments		139,830,165	14,557,099
-1x Short VIX Futures ETF [Member] | Short-Term Investments [Member] | Level 2 [Member]
Investments
Total Investments
-1x Short VIX Futures ETF [Member] | Short-Term Investments [Member] | Level 3 [Member]
Investments
Total Investments
-1x Short VIX Futures ETF [Member] | Total Investments [Member]
Investments
Total Investments		141,574,165	14,917,099
-1x Short VIX Futures ETF [Member] | Total Investments [Member] | Level 1 [Member]
Investments
Total Investments		141,574,165	14,917,099
-1x Short VIX Futures ETF [Member] | Total Investments [Member] | Level 2 [Member]
Investments
Total Investments
-1x Short VIX Futures ETF [Member] | Total Investments [Member] | Level 3 [Member]
Investments
Total Investments
-1x Short VIX Futures ETF [Member] | Short Futures Contracts [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	905,358	7,980,684
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(1,915,106)
-1x Short VIX Futures ETF [Member] | Short Futures Contracts [Member] | Level 1 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
-1x Short VIX Futures ETF [Member] | Short Futures Contracts [Member] | Level 2 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	905,358	7,980,684
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(1,915,106)
-1x Short VIX Futures ETF [Member] | Short Futures Contracts [Member] | Level 3 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
-1x Short VIX Futures ETF [Member] | Other Financial Instruments [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	905,358	7,980,684
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(1,915,106)
-1x Short VIX Futures ETF [Member] | Other Financial Instruments [Member] | Level 1 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
-1x Short VIX Futures ETF [Member] | Other Financial Instruments [Member] | Level 2 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	905,358	7,980,684
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(1,915,106)
-1x Short VIX Futures ETF [Member] | Other Financial Instruments [Member] | Level 3 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
2x Long VIX Futures ETF [Member] | Short-Term Investments [Member]
Investments
Total Investments		61,137,595	8,009,153
2x Long VIX Futures ETF [Member] | Short-Term Investments [Member] | Level 1 [Member]
Investments
Total Investments		61,137,595	8,009,153
2x Long VIX Futures ETF [Member] | Short-Term Investments [Member] | Level 2 [Member]
Investments
Total Investments
2x Long VIX Futures ETF [Member] | Short-Term Investments [Member] | Level 3 [Member]
Investments
Total Investments
2x Long VIX Futures ETF [Member] | Total Investments [Member]
Investments
Total Investments		61,137,595	8,009,153
2x Long VIX Futures ETF [Member] | Total Investments [Member] | Level 1 [Member]
Investments
Total Investments		61,137,595	8,009,153
2x Long VIX Futures ETF [Member] | Total Investments [Member] | Level 2 [Member]
Investments
Total Investments
2x Long VIX Futures ETF [Member] | Total Investments [Member] | Level 3 [Member]
Investments
Total Investments
2x Long VIX Futures ETF [Member] | Other Financial Instruments [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	1,093,405
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(3,541,691)	(8,177,618)
2x Long VIX Futures ETF [Member] | Other Financial Instruments [Member] | Level 1 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
2x Long VIX Futures ETF [Member] | Other Financial Instruments [Member] | Level 2 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	1,093,405
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(3,541,691)	(8,177,618)
2x Long VIX Futures ETF [Member] | Other Financial Instruments [Member] | Level 3 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
2x Long VIX Futures ETF [Member] | Long Future Contracts [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	1,093,405
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(3,541,691)	(8,177,618)
2x Long VIX Futures ETF [Member] | Long Future Contracts [Member] | Level 1 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
2x Long VIX Futures ETF [Member] | Long Future Contracts [Member] | Level 2 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]	1,093,405
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]	(3,541,691)	(8,177,618)
2x Long VIX Futures ETF [Member] | Long Future Contracts [Member] | Level 3 [Member]
Other Financial Instruments*
Total Other Financial Instruments	[1]
Other Financial Instruments*
Total Other Financial Instruments, Liabilities	[1]
[1] The tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value.

v3.24.3

Investments (Details) - Schedule of Fair Value of Derivative Instruments - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
-1x Short VIX Futures ETF [Member]
Schedule of Fair Value of Derivative Instruments [Line Items]
Fair Value Assets		$ 2,649,358	$ 8,340,684
Fair Value Liabilities		$ (1,915,106)
-1x Short VIX Futures ETF [Member] | Purchased Option Contracts [Member]
Schedule of Fair Value of Derivative Instruments [Line Items]
Statements of Assets and Liabilities Location		Investments, at value	Investments, at value
Fair Value Assets		$ 1,744,000	$ 360,000
Fair Value Liabilities
-1x Short VIX Futures ETF [Member] | Short Futures Contracts [Member]
Schedule of Fair Value of Derivative Instruments [Line Items]
Statements of Assets and Liabilities Location	[1]	Unrealized Appreciation (Depreciation)*	Unrealized Appreciation*
Fair Value Assets		$ 905,358	$ 7,980,684
Fair Value Liabilities		(1,915,106)
2x Long VIX Futures ETF [Member]
Schedule of Fair Value of Derivative Instruments [Line Items]
Fair Value Assets		1,093,405
Fair Value Liabilities		$ (3,541,691)	$ (8,177,618)
2x Long VIX Futures ETF [Member] | Long Futures Contracts [Member]
Schedule of Fair Value of Derivative Instruments [Line Items]
Statements of Assets and Liabilities Location	[1]	Unrealized Appreciation (Depreciation)*	Unrealized Appreciation (Depreciation)*
Fair Value Assets		$ 1,093,405
Fair Value Liabilities		$ (3,541,691)	$ (8,177,618)
[1] Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Futures Contracts. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

v3.24.3

Investments (Details) - Schedule of Effect of Derivative Instruments on the Statement of Operations - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
-1x Short VIX Futures ETF [Member]
Schedule of Effect of Derivative Instruments on the Statement of Operations [Line Items]
Net Realized Gain (Loss) on Derivatives Purchased Option Contracts	[1]	$ 266,733		$ (6,489,708)
Net Realized Gain (Loss) on Derivatives Short and Long Futures Contracts		(28,508,230)	15,738,591	33,764,723	58,190,096
Net Realized Gain (Loss) on Derivatives		(28,241,497)	15,738,591	27,275,015	58,190,096
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Purchased Option Contracts	[2]	10,502		682,838
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Short and Long Futures Contracts		(3,125,307)	(12,928,171)	(7,658,659)	(7,565,698)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives		(3,114,805)	(12,928,171)	(6,975,821)	(7,565,698)
-1x Short VIX Futures ETF [Member] | Index Contracts [Member]
Schedule of Effect of Derivative Instruments on the Statement of Operations [Line Items]
Net Realized Gain (Loss) on Derivatives Purchased Option Contracts	[1]	266,733		(6,489,708)
Net Realized Gain (Loss) on Derivatives Short and Long Futures Contracts		(28,508,230)	15,738,591	33,764,723	58,190,096
Net Realized Gain (Loss) on Derivatives		(28,241,497)	15,738,591	27,275,015	58,190,096
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Purchased Option Contracts	[2]	10,502		682,838
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Short and Long Futures Contracts		(3,125,307)	(12,928,171)	(7,658,659)	(7,565,698)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives		(3,114,805)	(12,928,171)	(6,975,821)	(7,565,698)
2x Long VIX Futures ETF [Member]
Schedule of Effect of Derivative Instruments on the Statement of Operations [Line Items]
Net Realized Gain (Loss) on Derivatives Purchased Option Contracts	[1]
Net Realized Gain (Loss) on Derivatives Short and Long Futures Contracts		(7,095,465)	(42,049,000)	(67,353,025)	(228,151,397)
Net Realized Gain (Loss) on Derivatives		(7,095,465)	(42,049,000)	(67,353,025)	(228,151,397)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Purchased Option Contracts	[2]
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Short and Long Futures Contracts		1,135,620	30,931,703	5,729,332	20,344,189
Net Change in Unrealized Appreciation (Depreciation) on Derivatives		1,135,620	30,931,703	5,729,332	20,344,189
2x Long VIX Futures ETF [Member] | Index Contracts [Member]
Schedule of Effect of Derivative Instruments on the Statement of Operations [Line Items]
Net Realized Gain (Loss) on Derivatives Purchased Option Contracts	[1]
Net Realized Gain (Loss) on Derivatives Short and Long Futures Contracts		(7,095,465)	(42,049,000)	(67,353,025)	(228,151,397)
Net Realized Gain (Loss) on Derivatives		(7,095,465)	(42,049,000)	(67,353,025)	(228,151,397)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Purchased Option Contracts	[2]
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Short and Long Futures Contracts		1,135,620	30,931,703	5,729,332	20,344,189
Net Change in Unrealized Appreciation (Depreciation) on Derivatives		$ 1,135,620	$ 30,931,703	$ 5,729,332	$ 20,344,189
[1] The amounts disclosed are included in the realized gain (loss) on investments. [2] The amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

v3.24.3

Investments (Details) - Schedule of Average Notional Value Contracts - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
-1x Short VIX Futures ETF [Member] | Long Futures Contracts [Member]
Schedule of Average Notional Value Contracts [Line Items]
Average notional value
-1x Short VIX Futures ETF [Member] | Short Futures Contracts [Member]
Schedule of Average Notional Value Contracts [Line Items]
Average notional value	(252,076,760)	(90,003,865)	(180,167,953)	(75,262,285)
-1x Short VIX Futures ETF [Member] | Purchased Options Contracts [Member]
Schedule of Average Notional Value Contracts [Line Items]
Average notional value	54,255,000		45,226,660
2x Long VIX Futures ETF [Member] | Long Futures Contracts [Member]
Schedule of Average Notional Value Contracts [Line Items]
Average notional value	249,472,430	173,496,930	198,579,725	203,069,330
2x Long VIX Futures ETF [Member] | Short Futures Contracts [Member]
Schedule of Average Notional Value Contracts [Line Items]
Average notional value
2x Long VIX Futures ETF [Member] | Purchased Options Contracts [Member]
Schedule of Average Notional Value Contracts [Line Items]
Average notional value

v3.24.3

Investments (Details) - Schedule of Pledged by Funds Fair Values of Derivative Instruments - USD ($)	Sep. 30, 2024	Dec. 31, 2023
-1x Short VIX Futures ETF [Member] | Other Assets [Member]
Schedule of Pledged by Funds Fair Values of Derivative Instruments [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	$ 5,608,945
Gross Amounts Offset in the Statements of Financial Condition
Net Amounts of Assets presented in the Statements of Financial Condition	5,608,945
-1x Short VIX Futures ETF [Member] | Other Liabilities [Member]
Schedule of Pledged by Funds Fair Values of Derivative Instruments [Line Items]
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		204,703
Gross Amounts Offset in the Statements of Financial Condition
Net Amounts of Liabilities presented in the Statements of Financial Condition		204,703
2x Long VIX Futures ETF [Member] | Other Assets [Member]
Schedule of Pledged by Funds Fair Values of Derivative Instruments [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		148,593
Gross Amounts Offset in the Statements of Financial Condition
Net Amounts of Assets presented in the Statements of Financial Condition		148,593
2x Long VIX Futures ETF [Member] | Other Liabilities [Member]
Schedule of Pledged by Funds Fair Values of Derivative Instruments [Line Items]
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	6,246,194
Gross Amounts Offset in the Statements of Financial Condition
Net Amounts of Liabilities presented in the Statements of Financial Condition	$ 6,246,194

v3.24.3

Investments (Details) - Schedule of Gross Amounts Not Offset in the Statements of Financial Condition - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
-1x Short VIX Futures ETF [Member]
Schedule of Gross Amounts Not Offset in the Statements of Financial Condition [Line Items]
Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition	$ 5,608,945	$ (204,703)
Financial Instruments for the Benefit of (the Funds) / the Counterparties
Cash Collateral for the Benefit of (the Funds) / the Counterparties
Net Amount	5,608,945	(204,703)
2x Long VIX Futures ETF [Member]
Schedule of Gross Amounts Not Offset in the Statements of Financial Condition [Line Items]
Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition	(6,246,194)	148,593
Financial Instruments for the Benefit of (the Funds) / the Counterparties
Cash Collateral for the Benefit of (the Funds) / the Counterparties
Net Amount	$ (6,246,194)	$ 148,593

v3.24.3

Agreements (Details)	Sep. 30, 2024
SVIX [Member]
Agreements [Line Items]
Average daily net assets	1.35%
UVIX [Member]
Agreements [Line Items]
Average daily net assets	1.65%

v3.24.3

Creation and Redemption of Creation Units (Details)	9 Months Ended
	Sep. 30, 2024 shares
Creation and Redemption of Creation Units [Abstract]
Creation units	10,000
Authorized participants percentage	0.03%

v3.24.3

Creation and Redemption of Creation Units (Details) - Schedule of Transaction Fees - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Transaction Fees [Line Items]
Total Trust	$ 391,320	$ 80,880	$ 579,703	$ 277,975
-1x Short VIX Futures ETF [Member]
Schedule of Transaction Fees [Line Items]
Total Trust	279,016	30,296	392,316	107,878
2x Long VIX Futures ETF [Member]
Schedule of Transaction Fees [Line Items]
Total Trust	$ 112,304	$ 50,484	$ 187,387	$ 170,097

v3.24.3

Financial Highlights (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Minimum [Member]
Financial Highlights [Line Items]
Expense ratio percentage	1.48%	1.89%	1.58%	2.08%
Maximum [Member]
Financial Highlights [Line Items]
Expense ratio percentage	2.14%	2.21%	2.29%	2.15%

v3.24.3

Financial Highlights (Details) - Schedule of Share Outstanding - $ / shares		3 Months Ended				9 Months Ended
		Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023
-1x Short VIX Futures ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net Asset Value, Beginning of Period		$ 47.75		$ 28.13		$ 37.78		$ 14.63
Net investment Income (Loss)	[1]	0.06		(0.11)		0.08		(0.27)	[2]
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts		(20.75)	[2]	0.01	[2]	(10.8)	[2]	13.67
Net Increase (Decrease) in Net Asset Value Resulting from Operations		(20.69)		(0.1)		(10.72)		13.4
Net Asset Value, End of Period		27.06		28.03		27.06		28.03
Market Value Per Share	[3]	$ 27.07		$ 27.88		$ 27.07		$ 27.88
Total Return at Net Asset Value	[4]	(43.33%)		(0.36%)		(28.37%)		91.59%
Total Return at Market Value	[4]	(43.21%)		(0.68%)		(28.25%)		90.18%
Ratios to Average Net Assets: (5)
Expense ratio	[5]	1.53%	[6]	1.89%	[6]	1.61%	[7]	2.10%	[7]
Net Investment Income (Loss)	[5]	0.72%	[6]	(1.49%)	[6]	0.31%		(1.69%)
2x Long VIX Futures ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net Asset Value, Beginning of Period		$ 5.52		$ 4.44		$ 13.73		$ 29.25
Net investment Income (Loss)	[1]	(0.01)		(0.01)		(0.04)	[2]	(0.07)	[2]
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts		(0.78)	[2]	(0.96)	[2]	(8.96)		(25.71)
Net Increase (Decrease) in Net Asset Value Resulting from Operations		(0.79)		(0.97)		(9)		(25.78)
Net Asset Value, End of Period		4.73		3.47		4.73		3.47
Market Value Per Share	[3]	$ 4.72		$ 3.49		$ 4.72		$ 3.49
Total Return at Net Asset Value	[4]	(14.31%)		(21.85%)		(65.55%)		(88.14%)
Total Return at Market Value	[4]	(15.71%)		(21.75%)		(65.62%)		(88.01%)
Ratios to Average Net Assets: (5)
Expense ratio	[5]	2.14%	[6]	2.21%	[6]	2.29%	[7]	2.15%	[7]
Net Investment Income (Loss)	[5]	(0.52%)	[6]	(1.04%)	[6]	(0.78%)		(1.26%)
[1] Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period. [2] Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements. [3] Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds' net asset value is calculated. [4] Percentages are not annualized for the period ended September 30, 2024 and September 30, 2023. [5] Percentages are annualized. [6] The expense ratio would be 1.42% and 2.14% respectively, for the three months ended September 30, 2024, and 1.89% and 2.21% for the three months ended September 30, 2023 if brokerage commissions and futures and futures account fees were excluded. [7] The expense ratio would be 1.58% and 2.29% respectively, for the nine months ended September 30, 2024, and 2.08% and 2.15% for the nine months ended September 30, 2023 if brokerage commissions and futures and futures account fees were excluded.

v3.24.3

Risk (Details)	9 Months Ended
	Sep. 30, 2024
Risk [Abstract]
Relevant benchmark	50%

---