FAQs

In advance of any reverse split (a minimum of two weeks), a press release will be issued and posted to our website. See Announcements.

Volatility Shares' management team combines decades of experience in trading, derivatives markets, and ETF structure and operations. Our team includes former institutional traders from major financial institutions, quantitative analysts with advanced degrees in financial mathematics, and ETF specialists who have designed and launched hundreds of ETFs. This deep expertise allows us to create innovative products. Specifically, we’ve navigated the complex regulatory landscape to be first to market with several crypto-linked ETFs while larger firms have struggled. Volatility Shares was the first to create a 2x leveraged Bitcoin ETF (BITX), which became the first leveraged crypto ETF in the United States. We also were the first to debut a 2x leveraged Ethereum ETF, ticker ETHU. And most recently, the first to launch Solana futures ETFs in the US. This innovation has provided traders with ‘first-mover’ access to emerging asset classes through registered securities. Find out more on how Volatility Shares is changing the ETF space. Read 'About Us'.

Presently, we only post current holdings on our website. However, the underlying data for all our ETFs is available on many data providers such as Bloomberg, Fact Set, etc. for investors to download and analyze. Additionally, if you work with an advisor, they should be able to help you obtain and analyze this data.

The 2x Bitcoin Strategy ETF (BITX) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of Bitcoin for a single day, not for any other period. A “single day” is measured from the time BITX calculates its net asset value (“NAV”) to the time of BITX’s next NAV calculation. The return of BITX for periods longer than a single day will be the result of its return for each day compounded over the period. BITX’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from the BITX’s stated multiple (2x) times the return of Bitcoin for the same period. 

BITX achieves its daily investment objective by investing its assets principally in cash-settled Bitcoin futures contracts, but may also invest in certain other assets, including other investment companies, and exchange traded options on these investment companies. To qualify as a regulated investment company (“RIC”) for purposes of federal income tax treatment, BITX may reduce its exposure to Bitcoin futures on or around the end of each of the Fund’s fiscal quarter ends and may simultaneously invest in these other investments to help meet its investment objective.

Yes, BITX anticipates paying monthly dividends. View the most recent BITX dividend yield information here. There can be no guarantee BITX will make distributions.

The Fund’s distributions are sourced from investments held by the Fund and through its wholly owned subsidiary, the “Subsidiary”.  The Fund gains its exposure to Bitcoin by investing in the Subsidiary, which, in turn, invests in Bitcoin futures. For tax purposes, the Fund is required to recognize any net income of the Subsidiary, including gains on futures contracts in which its Subsidiary invests, as an ordinary dividend at the Subsidiary’s tax year end. The Fund and Subsidiary’s tax year end is the last day of February. 

For distributions going ex-dividend in January and February, denoted by * in the table below, distributions can be expected to approximate the gross investment income of the Fund for the period. Gross investment income typically consists of interest earned on cash investments, such as U.S. Treasury securities, exclusive of accrued Fund expenses.

For distributions going ex-dividend in March through December, denoted by † in the above table, if the Fund’s Subsidiary generated net income as of the most recent tax year end, distributions can be expected to approximate the total of the calendar year-to-date net investment income for the Fund (without regard to its Subsidiary). Net investment income typically consists of interest earned on cash investments, such as U.S. Treasury securities, minus accrued Fund expenses.

(PLUS) • The net income of the Fund’s Subsidiary as of the most recent tax year end.
(MINUS) • The calendar year-to-date dividend distributions by the Fund.
(DIVIDED BY) • The number of scheduled dividend distribution dates remaining in the current calendar year.

If the Fund’s Subsidiary did not generate net income as of the most recent tax year end, distributions can be expected to approximate the gross investment income of the Fund for each distribution period. It is possible that Fund distributions may be characterized (or recharacterized at a later date) as a non-taxable return of capital distribution. It is also possible that the per share distribution amount may change significantly from month to month or that the Fund may change its distribution policy in the future. 

The 2x Ether ETF (ETHU) is an ETF that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of Ether. Rather than investing directly in Ether, ETHU gains leverage through Ether Futures Contracts traded on the Chicago Mercantile Exchange (CME) and other investment vehicles. This means when Ether goes up 1% in a day, ETHU aims to go up approximately 2%, and when Ether goes down 1%, ETHU aims to go down approximately 2%.

Unlike directly holding Ether in a digital wallet, ETHU offers exposure to Ether price movements through regulated futures contracts without requiring a crypto wallet. ETHU trades on traditional stock exchanges with standard brokerage accounts, offers potential tax advantages through its regulated investment company (RIC) structure, and provides 2x leverage on daily returns. However, due to daily rebalancing and compounding effects, ETHU's performance over periods longer than one day will likely differ from simply doubling Ether's performance over the same timeframe.

ETHU rebalances its exposure daily to maintain the 2x target leverage ratio. This daily reset means compounding will affect returns over periods longer than one day. In trending markets (consistently up or down), compounding can enhance returns beyond 2x. However, in volatile or sideways markets, compounding typically reduces returns through "volatility decay." The longer ETHU is held, the more likely its performance will deviate significantly from twice Ether's return over the same period.

Yes, ETHU anticipates paying monthly dividends. View the most recent ETHU dividend yield information here. There can be no guarantee ETHU will make distributions.

The Fund’s distributions are sourced from investments held by the Fund and through its wholly owned subsidiary, the “Subsidiary”.  The Fund gains its exposure to Ether by investing in the Subsidiary, which, in turn, invests in Ether futures. For tax purposes, the Fund is required to recognize any net income of the Subsidiary, including gains on futures contracts in which its Subsidiary invests, as an ordinary dividend at the Subsidiary’s tax year end. The Fund and Subsidiary’s tax year end is the last day of February. 

For distributions going ex-dividend in January and February, denoted by * in the table below, distributions can be expected to approximate the gross investment income of the Fund for the period. Gross investment income typically consists of interest earned on cash investments, such as U.S. Treasury securities, exclusive of accrued Fund expenses.

For distributions going ex-dividend in March through December, denoted by † in the above table, if the Fund’s Subsidiary generated net income as of the most recent tax year end, distributions can be expected to approximate the total of the calendar year-to-date net investment income for the Fund (without regard to its Subsidiary). Net investment income typically consists of interest earned on cash investments, such as U.S. Treasury securities, minus accrued Fund expenses.

(PLUS) • The net income of the Fund’s Subsidiary as of the most recent tax year end.
(MINUS) • The calendar year-to-date dividend distributions by the Fund.
(DIVIDED BY) • The number of scheduled dividend distribution dates remaining in the current calendar year.

If the Fund’s Subsidiary did not generate net income as of the most recent tax year end, distributions can be expected to approximate the gross investment income of the Fund for each distribution period. It is possible that Fund distributions may be characterized (or recharacterized at a later date) as a non-taxable return of capital distribution. It is also possible that the per share distribution amount may change significantly from month to month or that the Fund may change its distribution policy in the future.

While SOLZ & SOLT provide exposure to Solana through futures contracts, SOLZ seeks to track the performance of Solana on a one-to-one basis. In contrast, SOLT aims to deliver twice (2x) the daily performance of Solana, making it a leveraged product with a different risk profile and intended use case. Read Understanding Solana ETFs – A Comprehensive Guide to SOLZ and SOLT.

Yes, both SOLZ and SOLT are registered under the Investment Company Act of 1940 and are regulated by the SEC. As SEC-registered ETFs, SOLZ and SOLT disclose their complete portfolio holdings daily, providing full transparency to investors.

You can purchase as little as one share. The minimum investment is simply the current share price. You can purchase SOLZ or SOLT through most brokerage platforms, just as you would any other stock or ETF. Simply enter the ticker symbol "SOLZ" or “SOLT” and place a buy order during market hours.

SOLZ and SOLT do not invest directly in Solana. Instead, SOLZ & SOLT seek exposure to Solana's price movements generally through futures contracts.

Futures contracts are agreements to buy or sell an asset at a predetermined price at a specified time in the future. SOLZ & SOLT use Solana futures contracts to gain exposure to Solana's price movements without directly taking delivery of the cryptocurrency.

As futures contracts approach expiration, SOLZ & SOLT "roll" their positions by selling the expiring contracts and purchasing similar contracts with later expiration dates. This process allows SOLZ & SOLT to maintain continuous exposure to Solana.

SOLZ and SOLT are structured as a regulated investment and will distribute any capital gains to shareholders. This differs from direct cryptocurrency ownership, where different tax rules may apply. However, tax treatment will depend on individual circumstances. Investors should consult with a tax professional regarding their specific situation.

SOLZ & SOLT will distribute any capital gains as required by its regulated investment company status.

SOLZ is an ETF designed to provide exposure to the performance of Solana generally through the use of futures contracts. It trades on standard exchanges and can be purchased through regular brokerage accounts. SOLZ seeks long-term capital appreciation by providing investment results that generally correspond to the performance of Solana.

The fund regularly rebalances its positions to maintain appropriate exposure to Solana's price movements. This typically occurs as futures contracts approach expiration and need to be rolled forward.

SOLZ is designed for investors seeking long-term capital appreciation through exposure to Solana. However, investors should understand that futures-based exposure may result in performance that differs from Solana's spot price over time.
SOLZ may be appropriate for:

• Long-term investors seeking exposure to blockchain technology
• Investors who want cryptocurrency exposure without dealing with wallets and exchanges
• Portfolio managers looking to diversify with digital asset exposure

SOLZ may not be suitable for:

• Highly conservative investors with minimal risk tolerance
• Investors unfamiliar with or uncomfortable with cryptocurrency market dynamics
• Those seeking short-term trading opportunities

Authorized Participants (typically large financial institutions) can create or redeem large blocks of SOLZ shares (called "creation units") directly with SOLZ. This process helps ensure the SOLZ's market price stays aligned with its net asset value.

SOLT is an ETF designed to deliver twice (2x) the daily performance of Solana generally through the use of futures contracts. It trades on standard exchanges and can be purchased through regular brokerage accounts.

The fund aims to deliver twice (2x) the daily performance of Solana. For example, if Solana increases by 5% on a given day, SOLT seeks to increase by approximately 10% for that same day. Conversely, if Solana decreases by 5%, SOLT would aim to decrease by approximately 10%.

SOLT rebalances daily to maintain the target 2x exposure. This is accomplished through the purchase or sale of futures contracts.

Because of daily compounding, SOLT's performance over periods longer than one day will likely differ from simply doubling Solana's return over the same period. This difference can be significant, especially during volatile periods.

Due to the effects of daily rebalancing and compounding, SOLT is designed for short-term tactical positioning and active trading strategies. While SOLT has a daily investment objective, you may hold SOLT shares for longer than one day if you believe it is consistent with your goals and risk tolerance.

SOLT may be appropriate for:

• Experienced investors with a high-risk tolerance
• Active traders who monitor positions daily
• Investors seeking short-term tactical exposure to Solana
• Those who understand leveraged ETF mechanics and volatility effects

SOLT is generally not suitable for:

• Long-term, buy-and-hold investors
• Conservative investors with low risk tolerance
• Those unable to monitor positions regularly
• Investors who don't understand the effects of leverage and compounding

The One+One™ S&P 500 and Bitcoin ETF (Ticker: OOSB) seeks to participate in 100% of the returns of the S&P 500® Index plus 100% of the returns of Bitcoin. This dual exposure structure allows investors to gain simultaneous exposure to both traditional equity markets and cryptocurrency through a single investment vehicle.

The One+One™ S&P 500 and Bitcoin ETF (Ticker: OOSB) uses leverage to achieve its dual exposure. OOSB's "One+One" structure seeks to provide investors with 100% exposure to the S&P 500 Index plus 100% exposure to Bitcoin through a single ETF. If you purchased separate ETFs, you would need to deploy twice the capital to achieve the same exposure.

Under normal circumstances, OOSB allocates 100% of its total assets to S&P 500 exposure and also, or "plus," 100% of its total assets to Bitcoin exposure. This means OOSB uses leverage to achieve a total of 200% exposure (100% to each asset class). OOSB achieves this by investing primarily in S&P 500 Futures Contracts, Bitcoin Futures Contracts, ETFs that track the S&P 500, Bitcoin-Linked ETPs, equities, and cash and cash equivalents. Additionally, OOSB handles all the rebalancing, futures contract management, and collateral requirements in a single product, saving you the complexity of managing multiple positions with proper allocation.

OOSB rebalances its portfolio to maintain its target allocations. Under normal circumstances, OOSB expects to rebalance back to 100% exposure to the S&P 500 and 100% exposure to Bitcoin after the difference in asset weights exceeds 20% (i.e., 110% + 90%) on two consecutive market closes, or after the sum of the assets weights falls below 90% or exceeds 110% of the sum of the Target Exposures on two consecutive market closes. The allocation may deviate over time due to valuation changes or if certain financial instruments become unavailable.

The primary difference is efficiency with leverage. With OOQB, you get 200% total market exposure (100% to each asset) using only 100% of your capital, effectively providing 2x leverage across two different asset classes. If you purchased separate ETFs, you would need to deploy twice the capital to achieve the same exposure. Additionally, OOQB handles all the rebalancing, futures contract management, and collateral requirements in a single product, saving you the complexity of managing multiple positions with proper allocation.

OOQB uses an innovative "One+One" approach to provide 100% exposure to the Nasdaq-100 Index plus 100% exposure to Bitcoin futures, effectively creating a 200% leveraged ETF across two different asset classes. OOQB uses futures contracts, other ETFs, and derivative instruments to achieve this dual exposure, all within a single ETF. This gives investors the opportunity to participate in both the technology-heavy Nasdaq-100 and Bitcoin markets simultaneously without having to purchase multiple products.

OOQB actively rebalances its portfolio to maintain target exposures. When the difference in asset weights exceeds 20% (e.g., 110% + 90%) on two consecutive market closes, or when the sum of assets falls below 90% or exceeds 110% of the target, OOQB rebalances back to the 100% + 100% target allocations. This rebalancing helps ensure OOQB maintains consistent exposure to both asset classes despite market fluctuations.

The indexes are SHORTVOL and LONGVOL.

SVIX and UVIX rebalance daily.

SHORTVOL measures the daily inverse performance of a portfolio of first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain a consistent 30-day time to maturity of the futures contracts.

LONGVOL measures the daily performance of long positions in a portfolio of first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain a consistent 30-day time to maturity of the futures contracts.

SVIX reintroduces inverse (-1x) VIX futures exposure and UVIX reintroduces leveraged (2x) VIX futures exposure.

Additionally, SVIX & UVIX seek to track indexes that determine their daily settlement price from the Time Weighted Average Price (TWAP) of a theoretical portfolio of futures during the last 15 minutes of NYSE’s regular trading session, rather than solely from the VIX futures’ settlement price.

UVIX and SVIX are exempt from IRS Section 1446(f) rule and therefore exempt from withholding 10% on proceeds. Currently, to maintain the exemption, a Qualified Notice is to be filed within 92 days of the latest filing. Please feel free to refer to our website for the Qualified Notice if needed: https://www.volatilityshares.com/filings-and-documents.php. You’ll see a new one approximately every three months.

SVIX & UVIX are treated as partnerships for tax purposes. Partnerships are considered pass-through entities meaning that the income and expenses of each Fund "flow through" to its shareholders. Thus, an investor’s allocated share of a Fund’s income, gains, losses, and deductions are reported on a Schedule K-1. Investors will not receive a Form 1099-DIV, like most other ETFs.

In general, open futures positions will be marked to market, with their gains and losses reportable as 60% long-term and 40% short- term. The reporting of gains and losses may vary depending on the specifics of a contract.

Monthly financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for each Fund will be posted on our website on the Filings & Documents page. Be sure to consult your financial professional or a tax professional for advice as to your specific tax situation.

The Funds will distribute to shareholders a Schedule K-1 that will contain information regarding the income and expense items of a Fund. The Schedule K-1 is a complex form, and shareholders may find that preparing tax returns may require additional time or may require the assistance of an accountant or other tax preparer, at an additional expense to the shareholder.

How do I find more information about my K-1?
PwC prepares your K-1 data and provides excellent customer service on all tax-related questions. They can be reached at +1-833-854-1763. Additionally, you can opt in to receive your K-1 electronically and download it ahead of mailing by visiting https://www.taxpackagesupport.com/volatilityshares.

As described in the prospectus, SVIX may invest in options and other financial instruments to obtain the appropriate exposure to its underlying index. Although the Fund has currently employs options in addition to futures contracts, the investment objective remains the same — to track the daily performance of the Short VIX Futures Index (Ticker: SHORTVOL).

A common misconception with inverse VIX-linked ETFs is that they track the inverse of the VIX Index. Please note that the VIX Index is non-investable and, thus, the only way to gain access to the VIX is through VIX-linked exposure i.e. VIX futures contracts. SVIX seeks daily investment results, before fees and expenses, that correspond to the performance of the Short VIX Futures Index (SHORTVOL) for a single day, not for any other period. SHORTVOL measures the daily inverse performance of a portfolio of first and second month VIX futures contracts. SVIX is not benchmarked to the inverse of the widely referenced VIX. SHORTVOL and the inverse of the VIX 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.

SVIX tracks the Short VIX Futures Index (SHORTVOL). SHORTVOL reflects the daily inverse performance of a theoretical portfolio of first- and second-month VIX futures contracts, which are rolled daily. The daily settlement price of SHORTVOL is determined using the Time Weighted Average Price (TWAP) of the portfolio over the last 15 minutes of the regular equity trading session. SVIX is designed to provide daily investment results, before fees and expenses, that correspond to SHORTVOL.

A common misconception with VIX-linked ETFs is that they track the VIX Index. Please note that the VIX Index is non-investable and, thus, the only way to gain access to the VIX is through VIX-linked exposure i.e. VIX futures contracts. The 2x Long VIX Futures ETF (Ticker: UVIX) seeks to provide daily investment results, before fees and expenses, that correspond generally to twice the performance of the Long VIX Futures Index (Ticker: LONGVOL). LONGVOL consists of short-term VIX futures contracts. As such, twice the performance of LONGVOL, and therefore the performance of UVIX, can be expected to be very different from twice (2x) the performance of the VIX. UVIX is not benchmarked to twice (2x) the widely referenced VIX. LONGVOL and twice the VIX are separate measurements and can be expected to perform very differently. As such, UVIX can be expected to perform very differently from twice (2x) of the performance of the VIX over any period. Importantly, because the UVIX is rebalanced daily to meet its leveraged investment objective, UVIX may not be suitable for investors who plan to hold it for periods longer than one day, particularly in volatile markets. Read the article, “How UVIX Works: The Basics”.

UVIX tracks the Long VIX Futures Index (LONGVOL). LONGVOL measures the daily performance of a theoretical portfolio consisting of first and second-month VIX futures contracts. These contracts are rolled daily to maintain a constant weighted average time to maturity of approximately one month. UVIX aims to deliver twice the daily percentage change of LONGVOL before fees and expenses. LONGVOL uses a 15-minute Time Weighted Average Price (TWAP) of VIX futures contracts in addition to their settlement prices to calculate its end-of-day value. 

UVIX is distinct from other VIX ETFs due to its 2x leverage and use LONGVOL instead of the legacy S&P 500 VIX Short-Term Futures Index.

The Volatility Premium Plus ETF (Ticker: ZVOL) seeks to provide a monthly income stream and alternative source of diversification while monetizing the premium in the VIX futures term structure.

ZVOL aims to provide daily investment results that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Inverse Daily Index (before fees and expenses).

ZVOL targets the traditionally less volatile mid-term VIX futures (4th through 7th month contracts) rather than more volatile short-term VIX futures. ZVOL also aims to distribute monthly income from the volatility premium it captures, differentiating it from many other volatility products.

ZVOL focuses on mid-term VIX futures (4th-7th month contracts) which typically exhibit:

• Lower overall volatility compared to short-term VIX futures
• Less severe contango-related decay during normal market conditions
• More moderate responses to volatility spikes (both gains and losses may be less dramatic)
• A more stable roll yield environment

This mid-term focus generally results in a less volatile product compared to short-term VIX futures strategies, though it may also mean more muted responses during periods when volatility is rapidly changing. While ZVOL has a daily investment objective, you may hold ZVOL shares for longer than one day if you believe it is consistent with your goals and risk tolerance.

ZVOL aims to generate income by capturing what's known as the "Volatility Premium." When the VIX futures term structure is in contango (where longer-dated futures prices are higher than shorter-dated ones), ZVOL benefits from rolling its short positions to new VIX Futures Contracts as existing contracts approach expiration. This process creates a potential gain from selling futures at a higher price and buying futures back at a lower price. ZVOL intends to distribute these premiums, if any, by paying monthly dividends.

WHTX seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily price performance of wheat for a single day. It's important to understand that the Fund does not seek to achieve its stated investment objective over a period longer than a single day.

Some common uses of WHTX may involve specific market catalysts with defined timeframes rather than speculative long-term directional bets on wheat prices.

Short-Term Geopolitical Events Affecting Wheat Supply
If you anticipate that a geopolitical event will disrupt wheat supply chains in the immediate future, WHTX could be a strategic investment. For example, if conflict escalates in major wheat-producing regions like Ukraine or Russia (which together account for nearly 30% of global wheat exports), you could use WHTX to capitalize on potential price spikes over a few days or weeks. The 2x leverage would amplify gains (or losses) from any sudden market reaction to supply disruptions.

Adverse Weather Events During Critical Growing Seasons
When severe drought, flooding, or frost is forecast in major wheat-growing regions during planting or harvesting seasons, wheat futures often respond rapidly. If weather satellites or forecasting models indicate imminent adverse conditions in the U.S. Midwest, Canada, or other wheat-producing regions, a short-term position in WHTX could effectively leverage the anticipated price movement as markets react to potential yield reductions.

Technical Breakouts in Wheat Futures Markets
For traders who use technical analysis, WHTX can be an effective tool when wheat futures demonstrate clear breakout patterns from significant resistance levels or consolidation patterns. Since these technical moves often occur rapidly and over short timeframes, the 2x leverage of WHTX can maximize returns during the initial momentum phase of a technical breakout before the position is closed.

Portfolio Diversification During Inflationary Periods
During periods of high inflation or anticipated inflation, agricultural commodities often perform well as stores of value. For sophisticated investors looking to add short-term tactical exposure to inflation-resistant assets, WHTX offers amplified exposure to wheat without requiring a large capital allocation. This could be especially valuable when economic indicators suggest a short-term inflationary spike is imminent.

Capitalizing on Seasonal Price Patterns
Wheat prices often follow seasonal patterns related to harvest cycles. If historical analysis shows that wheat typically rises during specific short timeframes (such as just before or after winter wheat harvest reports), WHTX could be used to capture these seasonal moves with amplified returns. This approach would require precise timing for entry and exit, ideally over a period of just a few days.

Responding to Significant USDA Crop Reports
The USDA releases regular reports on crop production, acreage, and stockpiles that can cause immediate price movements in wheat futures. If you anticipate a significant surprise in an upcoming report (such as lower-than-expected stockpiles or planted acreage), taking a position in WHTX shortly before the report's release could leverage the market's immediate reaction to unexpected data.

CORX is an ETF designed to deliver twice (2x) the daily return of corn futures prices. It's important to understand that the Fund does not seek to achieve its stated investment objective over a period longer than a single day.

CORX may be suitable for short-term trading strategies, tactical positioning based on corn market views, or portfolio hedging against agricultural inflation. It's generally not designed as a long-term, buy-and-hold investment due to the effects of daily leverage compounding. Investors should thoroughly understand leveraged ETF mechanics, have a defined time horizon (typically short), and actively monitor positions.