-1x Short VIX Futures ETF (SVIX), issued by Volatility Shares LLC through VS Trust, is an exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding generally to the inverse (-1x) performance of the Short VIX Futures Index (SHORTVOL). The fund provides inverse exposure to a daily rolled portfolio of first- and second-month VIX futures contracts with a weighted average maturity of one month, using the Time Weighted Average Price (TWAP) over the last 15 minutes of the regular equity trading session for index settlement; it holds short positions in these futures under normal market conditions. SVIX targets sophisticated traders seeking to profit from declines in short-term VIX futures volatility, with an expense ratio of approximately 1.47% and assets under management exceeding $190 million as of late 2025.
Volatility Shares LLC, founded in 2019 and headquartered at 2000 PGA Boulevard, Suite 4440, Palm Beach Gardens, Florida, acts as the sponsor, registered commodity pool operator (CPO), and member of the National Futures Association (NFA). The firm specializes in innovative leveraged and inverse ETFs linked to volatility, cryptocurrencies, and other assets, including sister fund 2x Long VIX Futures ETF (UVIX), as well as products like BITX, ETHU, SOLZ, SOLT, XRPI, XRPT, OOSB, and OOQB. Operations are primarily in the United States, listed on the Cboe BZX Exchange, serving institutional and retail investors focused on volatility trading strategies.
Launched on March 28, 2022, SVIX reintroduced inverse VIX futures exposure to the market following prior products' terminations. Recent developments by Volatility Shares include the May 2025 debut of the first U.S.-listed 1x and 2x XRP futures ETFs (XRPI and XRPT), expanding into cryptocurrency-linked products amid CME's XRP futures launch; a March 2025 reverse split announcement for ETHU; and a late 2025 SEC filing seeking approval for up to 27 new 3x and 5x leveraged ETFs tracking Bitcoin, Ether, XRP, and select equities. These initiatives reflect strategic growth in high-leverage and crypto volatility segments, with total firm assets surpassing $4-5 billion by mid-2025.