Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 350

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 350
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,020)

The December 31, 2024 and the December 31, 2023
futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional
gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before
accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments
each day to match the performance of the Short Index. Future period returns, before fees and expenses, cannot be estimated simply
by estimating the return of the Short Index.

2x Long VIX Futures ETF

Fund Performance

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

    Year Ended  December 31,
    2024(1)  
    Year Ended December 31,
    2023(2) 
  
    Net assets beginning of period 
    $69,664,996  
    $125,488,766 
  
    Net assets end of period 
    $187,711,259  
    $69,664,996 
  
    Percentage change in NAV 
     169% 
     -44%
  
    Shares outstanding beginning of period 
     507,498  
     42,900 
  
    Shares outstanding end of period 
     5,531,498  
     507,498 
  
    Percentage change in shares outstanding 
     990% 
     1,083%
  
    Shares created 
     15,789,000  
     947,700 
  
    Shares redeemed 
     (10,765,000) 
     (483,102)
  
    Per share NAV beginning of period 
    $137.27  
    $2,925.15 
  
    Per share NAV end of period 
    $33.93  
    $137.27 
  
    Percentage change in per share NAV 
     -75.3% 
     -95.3%
  
    Percentage change in benchmark 
     -29.3% 
     -73.5%
  
    Benchmark annualized volatility 
     80.52%