{
 "ticker": "ZVOL",
 "name": "Volatility Premium Plus ETF",
 "issuer": "Volatility Shares",
 "desk": "alternatives",
 "url": "https://etfiq.com/funds/zvol",
 "html": "https://etfiq.com/funds/zvol",
 "markdown": "https://etfiq.com/funds/zvol.md",
 "as_of": "2026-10-09",
 "verdict": "In the S&P 500\u2019s down weeks over the year to Oct 9, 2026, ZVOL fell 66% as much as the index.",
 "key_facts": [
  {
   "key": "correlation_with_the_s_p_500",
   "label": "Correlation with the S&P 500",
   "value": "+0.65",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "ZVOL, correlation with the S&P 500: +0.65, as of Oct 9, 2026."
  },
  {
   "key": "beta_to_the_s_p_500",
   "label": "Beta to the S&P 500",
   "value": "+0.85",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "ZVOL, beta to the S&P 500: +0.85, as of Oct 9, 2026."
  },
  {
   "key": "down_week_capture",
   "label": "Down-week capture",
   "value": "65.5%",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "ZVOL, down-week capture: 65.5%, as of Oct 9, 2026."
  },
  {
   "key": "against_t_bills_52_weeks",
   "label": "Against T-bills, 52 weeks",
   "value": "+24.6 pts",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "ZVOL, against T-bills, 52 weeks: +24.6 pts, as of Oct 9, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$20m",
   "source": "issuer page, as of Oct 8, 2026",
   "as_of": "2026-10-09",
   "sentence": "ZVOL, net assets: $20m (issuer page, as of Oct 8, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.42%",
   "source": "485BPOS XBRL, Jun 26, 2026",
   "as_of": "2026-10-09",
   "sentence": "ZVOL, expense ratio: 1.42% (485BPOS XBRL, Jun 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "issuer",
   "label": "Issuer",
   "value": "Volatility Shares",
   "source": null
  },
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "Volatility",
   "source": "ETFIQ, from its prospectus"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.42%",
   "source": "485BPOS XBRL, Jun 26, 2026"
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$20m",
   "source": "issuer page, as of Oct 8, 2026"
  },
  {
   "key": "structure",
   "label": "Structure",
   "value": "fund registered under the 1940 Act",
   "source": null
  },
  {
   "key": "index_its_own_filing_names",
   "label": "Index its own filing names",
   "value": "none: it is actively managed",
   "source": null
  },
  {
   "key": "volatility_group",
   "label": "Volatility group",
   "value": "Volatility income",
   "source": "ETFIQ"
  },
  {
   "key": "zvol_against_spot_vix_1_month",
   "label": "ZVOL against spot VIX, 1 month",
   "value": "+4.4% against \u22122.0% for the VIX index (15.72 to 15.41), Sep 8, 2026 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "zvol_against_spot_vix_3_months",
   "label": "ZVOL against spot VIX, 3 months",
   "value": "+12.0% against \u22122.7% for the VIX index (15.84 to 15.41), Jul 9, 2026 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "zvol_against_spot_vix_1_year",
   "label": "ZVOL against spot VIX, 1 year",
   "value": "+24.7% against \u22125.5% for the VIX index (16.30 to 15.41), Oct 8, 2025 to Oct 8, 2026",
   "source": null
  },
  {
   "key": "roll_of_the_short_term_vix_futures_1_month",
   "label": "Roll of the short-term VIX futures, 1 month",
   "value": "\u22124.5%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned \u22124.7% while the constant-maturity futures price moved \u22120.3%, Sep 8, 2026 to Oct 8, 2026; in contango on 22 of 22 days",
   "source": null
  },
  {
   "key": "roll_of_the_short_term_vix_futures_3_months",
   "label": "Roll of the short-term VIX futures, 3 months",
   "value": "\u221219.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned \u221220.9% while the constant-maturity futures price moved \u22121.9%, Jul 9, 2026 to Oct 8, 2026; in contango on 64 of 64 days",
   "source": null
  },
  {
   "key": "roll_of_the_short_term_vix_futures_1_year",
   "label": "Roll of the short-term VIX futures, 1 year",
   "value": "\u221247.4%: the index rebuilt by ETFIQ from Cboe VIX futures settlements returned \u221249.6% while the constant-maturity futures price moved \u22124.1%, Oct 8, 2025 to Oct 8, 2026; in contango on 220 of 251 days",
   "source": null
  },
  {
   "key": "front_two_vix_futures_on_oct_8_2026",
   "label": "Front two VIX futures on Oct 8, 2026",
   "value": "17.62 and 18.01, a contango of 2.2%",
   "source": null
  },
  {
   "key": "zvol_paid_out_against_its_return_3_months",
   "label": "ZVOL paid out against its return, 3 months",
   "value": "17.4% of its starting price paid out; price \u22126.6%, total return +12.2%, Jul 10, 2026 to Oct 9, 2026",
   "source": null
  },
  {
   "key": "zvol_paid_out_against_its_return_6_months",
   "label": "ZVOL paid out against its return, 6 months",
   "value": "32.9% of its starting price paid out; price \u221211.9%, total return +25.9%, Apr 10, 2026 to Oct 9, 2026",
   "source": null
  },
  {
   "key": "zvol_paid_out_against_its_return_1_year",
   "label": "ZVOL paid out against its return, 1 year",
   "value": "49.3% of its starting price paid out; price \u221234.0%, total return +24.9%, Oct 9, 2025 to Oct 9, 2026",
   "source": null
  },
  {
   "key": "vix_spike_jul_8_2024_to_aug_5_2024",
   "label": "VIX spike, Jul 8, 2024 to Aug 5, 2024",
   "value": "VIX 12.37 to 38.57; ZVOL \u221226.0%",
   "source": null
  },
  {
   "key": "vix_spike_mar_25_2025_to_apr_8_2025",
   "label": "VIX spike, Mar 25, 2025 to Apr 8, 2025",
   "value": "VIX 17.15 to 52.33; ZVOL \u221221.6%",
   "source": null
  },
  {
   "key": "vix_spike_feb_27_2026_to_mar_27_2026",
   "label": "VIX spike, Feb 27, 2026 to Mar 27, 2026",
   "value": "VIX 19.86 to 31.05; ZVOL \u221211.4%",
   "source": null
  },
  {
   "key": "weeks_measured",
   "label": "Weeks measured",
   "value": "52, from Oct 10, 2025 to Oct 9, 2026",
   "source": null
  },
  {
   "key": "weeks_the_s_p_500_fell",
   "label": "Weeks the S&P 500 fell",
   "value": "21",
   "source": null
  },
  {
   "key": "the_s_p_500_in_those_weeks_on_average",
   "label": "The S&P 500 in those weeks, on average",
   "value": "\u22121.18%",
   "source": null
  },
  {
   "key": "zvol_in_those_weeks_on_average",
   "label": "ZVOL in those weeks, on average",
   "value": "\u22120.77%",
   "source": null
  },
  {
   "key": "zvol_total_return_over_those_weeks",
   "label": "ZVOL total return over those weeks",
   "value": "+28.3%",
   "source": null
  },
  {
   "key": "t_bills",
   "label": "T-bills",
   "value": "+3.7%",
   "source": null
  },
  {
   "key": "first_traded",
   "label": "First traded",
   "value": "Apr 19, 2023",
   "source": null
  },
  {
   "key": "days_traded",
   "label": "Days traded",
   "value": "90",
   "source": null
  },
  {
   "key": "quoted",
   "label": "Quoted",
   "value": "on an exchange, every trading day",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "The fund": "+12.2%",
   "S&P 500": "+3.4%",
   "Difference, percentage points": "+8.8 pts"
  },
  {
   "window": "6 months",
   "The fund": "+25.9%",
   "S&P 500": "+15.2%",
   "Difference, percentage points": "+10.8 pts"
  },
  {
   "window": "1 year",
   "The fund": "+24.9%",
   "S&P 500": "+17.3%",
   "Difference, percentage points": "+7.7 pts"
  },
  {
   "window": "3 years",
   "The fund": "+32.6%",
   "S&P 500": "+85.8%",
   "Difference, percentage points": "\u221253.1 pts"
  },
  {
   "window": "Since launch",
   "The fund": "+75.9%",
   "S&P 500": "+96.4%",
   "Difference, percentage points": "\u221220.5 pts"
  }
 ],
 "questions": [
  {
   "q": "Does ZVOL move with the S&P 500?",
   "a": "Over the year to Oct 9, 2026, ZVOL\u2019s weekly returns had a correlation of +0.65 with the S&P 500\u2019s, on a scale where 1 moves in step, 0 shows no pattern and \u22121 moves opposite. Its beta was +0.85, so for each 1% the index moved it moved about 0.85% the same way."
  },
  {
   "q": "What did ZVOL do when stocks fell?",
   "a": "The S&P 500 fell in 21 of the 52 weeks to Oct 9, 2026, by 1.18% on average. In those weeks ZVOL fell 0.77% on average, a down-week capture of 65.5%."
  },
  {
   "q": "Did ZVOL earn more than cash?",
   "a": "Over the same 52 weeks ZVOL returned +28.3% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. ZVOL finished 24.6 percentage points ahead of it."
  },
  {
   "q": "What does ZVOL cost?",
   "a": "The prospectus expense ratio is 1.42% a year."
  },
  {
   "q": "Why is ZVOL listed as volatility?",
   "a": "ETFIQ files each fund by what its own prospectus says it does, and ZVOL\u2019s describes a volatility fund."
  },
  {
   "q": "What did rolling the VIX futures cost over the last year?",
   "a": "Holding the short-term VIX futures returned \u221249.6% from Oct 8, 2025 to Oct 8, 2026, while the constant-maturity futures price moved \u22124.1%. The difference, \u221247.4%, is the roll: what selling the expiring month and buying the next cost. A fund short these futures collects it instead."
  },
  {
   "q": "How much did ZVOL pay out against what it returned?",
   "a": "From Oct 9, 2025 to Oct 9, 2026, ZVOL paid out 49.3% of its starting price. Its price moved \u221234.0% and its total return, with the payouts reinvested, was +24.9%."
  }
 ],
 "generated": "2026-10-09",
 "license": "https://etfiq.com/license/",
 "license_text": "Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, ZVOL, alternatives ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/zvol"
}