-1x Short VIX Futures ETF Financials

SVIX

Source SEC Filings (10-K/10-Q) Updated May 12, 2026 Currency USD FYE December

This page shows -1x Short VIX Futures ETF (SVIX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SVIX FY2025 2026-05-13

Results are driven by valuation swings, while balance-sheet growth comes mainly from equity funding rather than leverage.

In each of FY2022-FY2025, operating cash outflows were matched or exceeded by financing inflows, so cash was replenished through capital movements rather than internal generation. That matters because FY2025 still held $124.8M of cash after a -$623.5M net loss, showing liquidity depended more on funding access than on accounting earnings.

The gap between operating income of just -$55K and net income of -$623.5M in FY2025 says the year's damage did not come from the fund's administrative cost base; it came from losses recorded outside the small operating line. For a reader used to normal companies, that means expense discipline tells you far less here than the underlying exposure does.

The balance sheet stayed lightly levered: FY2025 equity was $543.3M against only $7.7M of liabilities. Because liabilities remained tiny even as assets expanded, the fund scaled mostly through shareholder capital rather than borrowing, so losses hit equity directly instead of creating much creditor pressure.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of -1x Short VIX Futures ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

-1x Short VIX Futures ETF carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

-1x Short VIX Futures ETF generates a -114.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -5.2% the prior year.

Piotroski F-Score Weak

1/9

-1x Short VIX Futures ETF passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.87x

For every $1 of reported earnings, -1x Short VIX Futures ETF generates $0.87 in operating cash flow (-$542.1M OCF vs -$623.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$623.5M

YoY-2354.0%

-1x Short VIX Futures ETF reported -$623.5M in net income in fiscal year 2025. This represents a decrease of 2354.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$124.8M

YoY+10390.3%

-1x Short VIX Futures ETF held $124.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-114.8%

YoY-109.5pp

-1x Short VIX Futures ETF's ROE was -114.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 109.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SVIX Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$936K+148.0%	$377K+64.5%	$229K+137.6%	$97K
Operating Income	-$55K-115.0%	$364K+115.3%	-$2.4M-23.2%	-$1.9M
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A
Net Income	-$623.5M-2354.0%	-$25.4M	N/A	-$60.7M
EPS (Diluted)	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q4'24	Q4'23	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$55K	N/A	N/A	N/A	N/A
Operating Income	$43K	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$80.3M	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

SVIX Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$551.0M+8.1%	$509.8M+148.6%	$205.1M+17.5%	$174.6M
Current Assets	N/A	N/A	N/A	N/A
Cash & Equivalents	$124.8M+10390.3%	$1.2M-76.4%	$5.0M+897.3%	$505K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$6.5M+57.2%	$4.2M+2694.5%	$149K-82.1%	$831K
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$7.7M-64.9%	$22.0M+111.9%	$10.4M+283.1%	$2.7M
Current Liabilities	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$543.3M+11.4%	$487.8M+150.5%	$194.7M+13.3%	$171.9M
Retained Earnings	-$883.1M-240.3%	-$259.5M-10.9%	-$234.1M-285.7%	-$60.7M

Metric	Q2'26	Q4'25	Q4'24	Q4'23	Q4'22
Total Assets	$336.0M-39.0%	$551.0M+8.1%	$509.8M+148.6%	$205.1M+17.5%	$174.6M
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$148.0M+18.6%	$124.8M+10390.3%	$1.2M-76.4%	$5.0M+897.3%	$505K
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$29.2M+347.2%	$6.5M+57.2%	$4.2M+2694.5%	$149K-82.1%	$831K
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1M-86.0%	$7.7M-64.9%	$22.0M+111.9%	$10.4M+283.1%	$2.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$334.9M-38.4%	$543.3M+11.4%	$487.8M+150.5%	$194.7M+13.3%	$171.9M
Retained Earnings	$74.7M+108.5%	-$883.1M-240.3%	-$259.5M-10.9%	-$234.1M-285.7%	-$60.7M

SVIX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$542.1M-64.6%	-$329.4M-63.7%	-$201.2M+13.3%	-$232.0M
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A
Financing Cash Flow	$665.7M+104.5%	$325.6M+58.2%	$205.7M-11.5%	$232.5M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q4'24	Q4'23	Q4'22
Operating Cash Flow	-$114.3M	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$200.1M	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

SVIX Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	-114.8%-109.5pp	-5.2%	N/A	-35.3%
Return on Assets	-113.2%-108.2pp	-5.0%	N/A	-34.8%
Current Ratio	N/A	N/A	N/A	N/A
Debt-to-Equity	0.01-0.0	0.040.0	0.05+0.0	0.02
FCF Margin	N/A	N/A	N/A	N/A

Metric	Q2'26	Q4'25	Q4'24	Q4'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	-24.0%	N/A	N/A	N/A	N/A
Return on Assets	-23.9%	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.00-0.0	0.01-0.0	0.040.0	0.05+0.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is -1x Short VIX Futures ETF profitable?

No, -1x Short VIX Futures ETF (SVIX) reported a net income of -$623.5M in fiscal year 2025.

What is -1x Short VIX Futures ETF's return on equity (ROE)?

-1x Short VIX Futures ETF (SVIX) has a return on equity of -114.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is -1x Short VIX Futures ETF's operating cash flow?

-1x Short VIX Futures ETF (SVIX) generated -$542.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are -1x Short VIX Futures ETF's total assets?

-1x Short VIX Futures ETF (SVIX) had $551.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What is -1x Short VIX Futures ETF's debt-to-equity ratio?

-1x Short VIX Futures ETF (SVIX) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is -1x Short VIX Futures ETF's return on assets (ROA)?

-1x Short VIX Futures ETF (SVIX) had a return on assets of -113.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is -1x Short VIX Futures ETF's cash runway?

Based on fiscal year 2025 data, -1x Short VIX Futures ETF (SVIX) had $124.8M in cash against an annual operating cash burn of $542.1M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is -1x Short VIX Futures ETF's Piotroski F-Score?

-1x Short VIX Futures ETF (SVIX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are -1x Short VIX Futures ETF's earnings high quality?

-1x Short VIX Futures ETF (SVIX) has an earnings quality ratio of 0.87x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is -1x Short VIX Futures ETF?

-1x Short VIX Futures ETF (SVIX) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.