Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 247

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 247
---
219  
    $(1,200,955)
  
    Management fee 
     3,149,545  
     1,180,598 
  
    Brokerage commissions / Futures account fees 
     47,307  
     33,299 
  
    Non-recurring fees and expenses 
     738,995  
     508,523 
  
    Net realized gain (loss) 
     16,457,605  
     98,694,527 
  
    Change in net unrealized appreciation (depreciation) 
     (11,051,864) 
     6,013,245 
  
    Net income (loss) 
     6,342,960  
     103,506,817 

The Fund’s net income decreased for the
year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a greater decrease in the value of the
futures prices during the year ended December 31, 2024.

24

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 
    Short 
    Jan-25 
     (10,051) 
     17.48  
     1,000  
     (175,691,480)
  
    CBOE VIX FUTURE Feb25 
    Short 
    Feb-25 
     (6,959) 
     17.89  
     1,000  
     (124,496,510)

Futures Positions as of December
31, 2023

    Contract 
    Long or Short 
    Expiration 
    Contracts  
    Valuation 
Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE VIX FUTURE Jan24 
    Short 
    Jan-24 
     (5,055) 
     14.04  
     1,000  
     (70,972,200)
  
    CBOE VIX FUTURE Feb24 
    Short 
    Feb-24 
     (3,538) 
     15.29