Here are the S-1 registration statements from -1x Short VIX Futures ETF (SVIX) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
An S-1 covers the registration statement a company files to sell shares publicly, so if you follow SVIX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SVIX filings page.
VS Trust is registering a continuous offering of common units of beneficial interest for six separate funds: 3x Gold ETF, 3x Silver ETF, 3x Bitcoin ETF, 3x Ether ETF, 3x Crude Oil ETF and 3x Natural Gas ETF. Shares are offered to Authorized Participants in Creation Units at NAV; each Creation Unit consists of at least 10,000 shares. Retail investors trade shares on the exchange at market prices.
Each fund seeks, before fees and expenses, daily investment results equal to 3x the performance of its futures-based benchmark—not a 3x return over multiple days. The funds invest in linked instruments rather than the physical commodities or digital assets. Daily rebalancing and compounding can cause longer-period returns to differ in amount or direction, and an investor could lose the full principal in one day. The funds have not commenced trading and have no performance history. Shareholders receive Schedule K-1 tax reporting and have limited voting rights. Neither the Trust nor the funds are registered investment companies under the 1940 Act, so shareholders do not have the protections associated with ownership in one.
VS Trust (SVIX) amended its registration statement to describe continuous offerings of common units of beneficial interest in six funds: 3x Gold ETF (GLDU), 3x Silver ETF (SLVK), 3x Bitcoin ETF (BITH), 3x Ether ETF (ETHK), 3x Crude Oil ETF (OILY) and 3x Natural Gas ETF (NATX). Each seeks, before fees and expenses, three times the daily performance of a futures-based benchmark tied to its reference asset; sales cannot occur until the registration statement is effective. The funds had not commenced trading and had no performance history.
The funds seek exposure through futures and other linked instruments, with cash and cash equivalents also permitted, and rebalance daily toward their 3x exposure target. The objective applies only from one NAV calculation to the next. Over longer periods, daily returns compound and may differ in amount or direction from three times the reference asset’s return. The prospectus warns that an investor could lose the full investment in a single day or overnight. Only Authorized Participants may create or redeem shares directly, in Creation Units of at least 10,000 shares. The funds are not registered investment companies under the 1940 Act and will distribute Schedule K-1s.
VS Trust (SVIX), a Delaware statutory trust, is registering continuous offerings of common units of beneficial interest in six separate series: 3x Gold ETF (GLDU), 3x Silver ETF (SLVK), 3x Bitcoin ETF (BITH), 3x Ether ETF (ETHK), 3x Crude Oil ETF (OILY) and 3x Natural Gas ETF (NATX). Each Fund seeks 3x the daily performance of its reference asset via short-term futures and other linked instruments, not physical commodities or spot crypto, and targets its objective for a single day only.
The Shares are listed on the Cboe BZX Exchange and are created and redeemed only in Creation Units of at least 10,000 Shares by Authorized Participants at NAV; other investors trade Shares on the exchange. Initial Creation Units were purchased at $15.00 per Share. The Funds are operated as commodity pools, not registered investment companies under the 1940 Act, and shareholders receive a Schedule K‑1 for tax reporting.
The prospectus stresses that use of 3x leverage, daily rebalancing, futures market effects such as contango/backwardation, margin and position limits, and potential illiquidity may cause large, rapid losses, including the possible loss of the entire investment in a single day, and that longer holding periods and higher volatility typically increase deviation from 3x benchmark performance.