ZVOL aims to provide a monthly income stream and daily inverse exposure to midterm VIX futures with an average termtomaturity of five months The VIX is a noninvestable index that captures the implied volatility of the SP 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 shortterm trading tool and not a longterm 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 seventhmonth futures rolled daily ZVOL indirectly obtains exposure by utilizing a Cayman Island Subsidiary thus avoiding issuing a K1 form to investors The fund is structured as a commodity pool which means investors can avoid the counterparty risk of an exchangetraded note Prior to Nov 22 2024 the fund traded on the ticker ZIVB with the name Volatility Shares 1x Short VIX MidTerm Futures Strategy ETF