Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 352

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 352
---
 and expenses 
     785,650  
     519,717 
  
    Net realized gain (loss) 
     (47,624,517) 
     (276,774,495)
  
    Change in net unrealized appreciation (depreciation) 
     16,445,324  
     1,025,904 
  
    Net income (loss) 
     (31,752,149) 
     (276,923,037)

The Fund’s net loss decreased for the year ended December 31,
2024, as compared to the year ended December 31, 2023, primarily due to an increase in the value of futures prices during the year ended
December 31, 2024.

Futures Positions as of December 31, 2024

    Contract
     
    Long or
    
    Short
     
    Expiration

    Contracts

    Valuation
    
    Price

    Contract
    Multiplier

    Notional 
    Amount at 
    Value

    CBOE VIX FUTURE Jan25
     
    Long

    Jan-25

    12,575

    17.48

    1,000

    219,811,000

    CBOE VIX FUTURE Feb25
     
    Long

    Feb-25

    8,706

    17.89

    1,000

    155,750,340

    Futures
    Positions as of December 31, 2023
  
    Contract
     
    Long or
    Short
     
    Expiration

    Contracts

    Valuation
    Price

    Contract
    Multiplier

    Notional 
    Amount at
    Value

    CBOE VIX FUTURE Jan23
     
    Long

    Jan-24

    5,633

    14.04

    1,000

    79,087,320

    CBOE VIX FUTURE Feb23
     
    Long

    Feb-24

    3,943

    15.29

    1,000

    60,288,470

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