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Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments [Abstract] |
Schedule of Fair Value of Derivative Instruments | 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.
Fair Values of Derivative Instruments as of June 30, 2023 (Unaudited) |
|  |  |  | Asset Derivatives |  |  | Liability Derivatives |
Derivatives Not Accounted for as Hedging Instruments |  | Fund |  | Statements of Financial Condition Location |  | Unrealized Appreciation |  |  | Statements of Financial Condition Location |  | Unrealized Depreciation |
VIX Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | -1x Short VIX Futures ETF |  |  |  | $ | 6,518,579 |  |  |  |  | $ | - |
|  | 2x Long VIX Futures ETF |  |  |  |  | - |  |  |  |  |  | (19,791,036 | )
|  | Total Trust |  |  |  | $ | 6,518,579 |  |  |  |  | $ | (19,791,036 | )
Fair Values of Derivative Instruments as of December 31, 2022 |
|  |  |  | Asset Derivatives |  |  | Liability Derivatives |
Derivatives Not Accounted for as Hedging Instruments |  | Fund |  | Statements of Financial Condition Location |  | Unrealized Appreciation |  |  | Statements of Financial Condition Location |  | Unrealized Depreciation |
VIX Futures Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | -1x Short VIX Futures ETF |  |  |  | $ | 1,156,106 |  |  |  |  | $ | - |
|  | 2x Long VIX Futures ETF |  |  |  |  | - |  |  |  |  |  | (9,203,522 | )
|  | Total Trust |  |  |  | $ | 1,156,106 |  |  |  |  | $ | (9,203,522 | )
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 June 30, 2023 (Unaudited) and June 30, 2022 (Unaudited)
Derivatives Not Accounted for as Hedging Instruments |  | Location of Gain (Loss) on Derivatives Recognized in Income |  | Fund |  | Realized Gain (Loss) on Derivatives Recognized in Income June 30, 2023 |  |  | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income June 30, 2023 |  |  | Realized Gain (Loss) on Derivatives Recognized in Income June 30, 2022 |  |  | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income June 30, 2022 |
VIX Futures Contracts |  | Net realized gain (loss) on futures contracts/changes in unrealized appreciation (depreciation) on futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | -1x Short VIX Futures ETF |  | $ | 37,164,451 |  |  | $ | (811,301 | ) |  | $ | (4,573,051 | ) |  | $ | 835,808 |
|  |  |  | 2x Long VIX Futures ETF |  |  | (142,872,642 | ) |  |  | (4,374,661 | ) |  |  | 7,528,449 |  |  |  | (256,944 | )
|  |  |  | Total Trust |  | $ | (105,708,191 | ) |  | $ | (5,185,962 | ) |  | $ | 2,955,398 |  |  | $ | 578,864 |
The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2023 (Unaudited) and June 30, 2022 (Unaudited)
Derivatives Not Accounted for as Hedging Instruments |  | Location of Gain (Loss) on Derivatives Recognized in Income |  | Fund |  | Realized Gain (Loss) on Derivatives Recognized in Income June 30, 2023 |  |  | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income June 30, 2023 |  |  | Realized Gain (Loss) on Derivatives Recognized in Income June 30, 2022 |  |  | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income June 30, 2022 |
VIX Futures Contracts |  | Net realized gain (loss) on futures contracts/changes in unrealized appreciation (depreciation) on futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | -1x Short VIX Futures ETF |  | $ | 42,451,505 |  |  | $ | 5,362,473 |  |  | $ | (4,577,129 | ) |  | $ | 700,531 |
|  |  |  | 2x Long VIX Futures ETF |  |  | (186,102,397 | ) |  |  | (10,587,514 | ) |  |  | 7,527,995 |  |  |  | 19,258 |
|  |  |  | Total Trust |  | $ | (143,650,892 | ) |  | $ | (5,225,041 | ) |  | $ | 2,950,866 |  |  | $ | 719,789 |
Schedule of Pledged By Funds Fair Values of Derivative Instruments | 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 June 30, 2023 and December 31, 2022.
Fair Values of Derivative Instruments as of June 30, 2023 (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 |  | $ | 1,242,108 |  |  | $ | - |  |  | $ | 1,242,108 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
2x Long VIX Futures ETF |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 3,406,049 |  |  |  | - |  |  |  | 3,406,049 |
Fair Values of Derivative Instruments as of December 31, 2022
|  | 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 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 187,030 |  |  | $ | - |  |  | $ | 187,030 |
2x Long VIX Futures ETF |  |  | 830,840 |  |  |  | - |  |  |  | 830,840 |  |  |  | - |  |  |  | - |  |  |  | - |
Schedule of Gross Amounts Not Offset In The Statements of Financial Condition | Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 2023 and December 31, 2022. 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 June 30, 2023 (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 |  | $ | 1,242,108 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,242,108 |
2x Long VIX Futures ETF |  |  | (3,406,049 | ) |  |  | - |  |  |  | - |  |  |  | (3,406,049 | )
Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2022
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 |  | $ | (187,030 | ) |  | $ | - |  |  | $ | - |  |  | $ | (187,030 | )
2x Long VIX Futures ETF |  |  | 830,840 |  |  |  | - |  |  |  | - |  |  |  | 830,840 |

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