Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 950

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 950
---
 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% 
     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