Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 108

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 108
---
.30 
  
    Total Return at Net Asset Value 
     -32.80% 
     -75.28% 
     158.24% 
     -95.31%
  
    Total Return at Market Value 
     -32.76% 
     -75.24% 
     157.37% 
     -95.28%

    Ratios to Average Net Assets: (4) 

    Expense ratio (5) 
     1.69% 
     2.36% 
     1.97% 
     2.18%
  
    Net Investment Loss 
     0.40% 
     -0.52% 
     -1.37% 
     -1.20%

(1)Net investment loss per share represents net investment loss
divided by the daily average shares of beneficial interest outstanding during the period.

(2)Due to timing of capital share transactions, per share amounts
may not compare with amounts appearing elsewhere within these Financial Statements.

(3)Market values are determined at the close of the applicable
primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(4)Percentages are not annualized for the periods ended December
31, 2024 and December 31, 2023.

(5)The expense ratio would be 1.67% and 2.36% respectively, for
the year ended December 31, 2024 and 1.93% and 2.18% for the year ended December 31, 2023 if brokerage commissions and futures and futures
account fees were excluded.

(6)Adjusted to reflect a 1:10 reverse stock split occurring on January 15, 2025, as if it occurred at the commencement of operations.

(7)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.

See accompanying notes to financial statements.

F-36

NOTE 8 – RISK

Correlation and Compounding Risk

The Funds do not seek to achieve their stated
investment objective over a period of time greater than a single day (as measured from NAV calculation time to NAV calculation time).
The return