Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 249

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 249
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 Benchmark annualized volatility 
     80.52% 
     56.21%

(1)Shares outstanding have been adjusted to reflect a 1:10 reverse stock split on January 15, 2025, as if it occurred at the commencement
of operations.

(2)Shares outstanding have been adjusted to reflect a 1:5 reverse
stock split on January 25, 2023, a 1:10 reverse stock split on October 11, 2023, and a 1:10 reverse stock split on January 15, 2025,
as if they occurred at the commencement of operations.

The Fund’s inception of operation was March
28, 2022. Neither the Trust nor the Fund had any operations prior to March 28, 2022, other than matters relating to its organization
and the registration of each series under the Securities Act of 1933.

During the year ended December 31, 2024, the decrease in the Fund’s
per share NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that
correspond to the performance of the Long Index. The decrease in the Fund’s per share NAV was partially offset by an increase from
507,498 outstanding Shares at December 31, 2023 to 5,531,498 outstanding Shares at December 31, 2024. By comparison, during the year
ended December 31, 2023, the decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Funds seeking
daily investment results, before fees and expenses, that correspond to the performance of the Long Index. The decrease in the Fund’s
per share NAV was partially offset by an increase from 42,900 outstanding Shares at December 31, 2022 to 507,498 outstanding Shares
at December 31, 2023.

25

Net Income/Loss

The following table provides summary income information
for the Fund for the years ended December 31, 2024 and December 31, 2023:

    Year Ended December 31, 2024  
    Year Ended December 31, 2023 
  
    Net investment income (loss) 
    $(572,956) 
    $(1,174,446)
  
    Management fee 
     1,833,654  
     1,618,811 
  
    Brokerage commissions / Futures account fees 
     -