ZVOL – Volatility Premium Plus ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide total return. “Volatility Premium” or “roll yield” occurs when a party closes out a short position on an expiring futures contract and opens a new short position in the next futures contract; the price difference results in a gain. The fund manager has adopted a policy pursuant to Rule 35d-1 under the Investment Company Act of 1940 to invest in futures contracts and other securities in an amount that provides investment exposure of at least 80% of the value of the fund’s net assets (plus the amount of any borrowing for investment purposes) to VIX Futures Contracts. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
ZVOL	Volatility Premium Plus ETF	ETF	Open	—	—	Apr 17, 2023	$20.29M	1.420%	—	—	$3.09M

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