ETF Evaluator:
Volatility Premium Plus ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
Risk
Index
Risk
Index
ETF Details
Volatility Premium Plus ETF Overview
Volatility Premium Plus ETF (ZVOL) is an actively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). Volatility Shares Trust launched the ETF in 2023.
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.
About Volatility Premium Plus ETF (ZVOL)
There are 3 members of the management team with an average tenure of 1.68 years: Charles Lowery (2024), Anand Desai (2024) and Dustin Shidaker (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 100% and S&P 500 VIX Mid Term Ft Inv Daily TR USD index with a weighting of 100%. Volatility Premium Plus ETF has 9 securities in its portfolio. The top 10 holdings constitute 74.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Volatility Premium Plus ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Volatility Premium Plus ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -74.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Volatility Premium Plus ETF has 131.4% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $75 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ZVOL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Volatility Premium Plus ETF expense ratio is high compared to funds in the Trading--Inverse Equity category. Volatility Premium Plus ETF has an expense ratio of 1.42%, which is 24% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Volatility Premium Plus ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, Volatility Premium Plus ETF returned -0.8%, which earned it a grade of C, as the Trading--Inverse Equity category had an average return of 7.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Volatility Premium Plus ETF has a trailing yield of 74.79%, which is above the 5.32% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Volatility Premium Plus ETF Grades
Year to date, the ETF has returned 5.1%, 30.9 percentage points better than the category, which translates into a grade of A. The fund has returned 15.8% over the past year (grade of A) and 5.0% over the past three years (grade of A).
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ZVOL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ZVOL Return (NAV) | -0.8% | 8.8% | 15.8% | 5.0% | na | na |
| ZVOL Return (Price) | -0.8% | 9.2% | 15.9% | 5.1% | na | na |
| NAV +/- Price Return | 0.028% | -0.357% | -0.114% | -0.090% | na | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| ZVOL Grade (NAV) | C | A | A | A | na | na |
| +/- Category (NAV) | -8.1% | 20.8% | 45.2% | 33.2% | na | na |
| ZVOL Tax-Cost Ratio | na | na | 21.3% | 13.7% | na | na |
ZVOL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ZVOL Return (NAV) | 5.1% | -10.5% | 8.6% | na | na | na | na | na | na | na | na |
| ZVOL Return (Price) | 5.0% | -10.7% | 9.4% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.024% | 0.021% | 0.084% | na | na | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| ZVOL Grade (NAV) | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 30.9% | 24.8% | 35.1% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.10 |
| R-Squared: | 42% |
| Standard Deviation: | 22.1% |
| Category Risk Index: | 0.57 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.80 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 74.8% |
| Total Assets: | $ 15 Mil |
| Share Class Assets: | $ 15 Mil |
| Turnover: | na |
| Expense Ratio: | 1.42% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Lowery Charles (2024), Desai Anand (2024), Shidaker Dustin (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 74.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -74.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 43.2% |
| Cash: | 131.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Volatility Shares Trust |
| Phone Number: | 866-261-0273 |
| Website: | |
| Inception Date: | April 17, 2023 |
Expenses and Fees
| Expense Ratio (%): | 1.42% (Rating: High) |
| Category Average Expense Ratio (%): | 1.15% |
