ZIVB

-1x Short VIX Mid-Term Futures Strategy ETF
Distribution Rate*:24.58%
30-Day SEC Yield**:1.13%

Fund & Index Description

NOW WITH MONTHLY DISTRIBUTIONS!

The -1x Short VIX Mid-Term Futures Strategy ETF (Ticker: ZIVB) 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).  It may be used to express a medium-term view on declining implied equity volatility.

The S&P 500® VIX® Mid-Term Futures Inverse Daily Index is designed to measure the performance of the inverse of the S&P 500 VIX Mid-Term Futures Index, which measures the return of a daily rolling long position in the fourth, fifth, sixth and seventh month VIX futures contracts.

Fund Data & Pricing
Net Assets as of 03/01/2024 $4.89m
NAV $23.31
Shares Outstanding 210,000
Premium/discount Percentage 0.00%
Closing Price $23.31
Median 30 Day Spread 0.30%

Data as of 03/01/2024

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Fund Details
Inception Date 04/19/2023
Ticker ZIVB
Primary Exchange CBOE
CUSIP 92864M202
IOPV Symbol ZIVB.IV
NAV Symbol ZIVB.NV
Expense Ratio 1.35%
30 Day SEC Yield* N/A
Performance Quarter end returns as of 12/31/2023
  Avg. Annualized  
  Quarter 1 Year 3 Year Since Inception
Fund NAV 14.19% - - 51.94%
Market Price 13.62% - - 51.42%
S&P 500 VIX Mid Term Futures Inverse Daily Index (Excess Return) 13.95% - - 50.28%

Expense ratio: 1.35%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 866.261.0273.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Distribution Detail
EX- Date Record Date Payable Date Amount
02/26/2024 02/27/2024 02/29/2024 0.48500000
01/26/2024 01/29/2024 01/31/2024 0.48500000
12/26/2023 12/27/2023 12/29/2023 0.12329445

*Distribution Rate is the annual yield an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended at the most recent month- end, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period. Distributions are not guaranteed.

**The Distribution Rate and 30-Day SEC Yield is not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from month to month and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These distribution rates caused by unusually favorable market conditions may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future. Additional fund risks can be found below.

Top Holdings
% Of Net Assets Name Ticker CUSIP Shares/Contracts Market Value/Notional
-15.93% CBOE VIX FUTURE Jun24 UXM4 Index UXM4 INDEX -48 -779,923.20
-33.09% CBOE VIX FUTURE Jul24 UXN4 Index UXN4 INDEX -96 -1,619,731.20
-33.73% CBOE VIX FUTURE Aug24 UXQ4 Index UXQ4 INDEX -96 -1,651,200.00
-17.39% CBOE VIX FUTURE Sep24 UXU4 Index UXU4 INDEX -48 -851,428.80
99.99% Cash & Other Cash&Other CASH_USD 4,894,623 4,894,623.18

Data as of 03/04/2024. Cash & Other includes cash, other accrued assets & liabilities, & shares of money market funds that invest in U.S. government securities. Holdings are subject to change.