Volatility Premium Plus 

ZVOL aims to provide a monthly income stream and daily inverse exposure to mid-term VIX futures with an average term-to-maturity of five months. The VIX is a non-investable index that captures the implied volatility of the S&P 500. The fund rolls its short positions and rebalances its portfolio daily, whereby the time and manner of rebalancing are at the discretion of the fund adviser. As a daily inverse product, ZVOL is designed as a short-term trading tool and not a long-term investment vehicle. Returns over holding periods greater than one day can be significantly different from -1x of the index. ZVOL does not deliver inverse returns on the VIX itself. The fund provides the inverse returns of the fourth, fifth, sixth, and seventh-month futures, rolled daily. ZVOL indirectly obtains exposure by utilizing a Cayman Island Subsidiary, thus, avoiding issuing a K-1 form to investors. The fund is structured as a commodity pool, which means investors can avoid the counterparty risk of an exchange-traded note. Prior to Nov. 22, 2024 the fund traded on the ticker ZIVB with the name Volatility Shares -1x Short VIX Mid-Term Futures Strategy ETF.