Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1013

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 1013
---
 Unrealized Gain (Loss) on Investments and Futures Contracts (2) 
     (12.52) 
     (103.31) 
     23.49  
     (2,781.83)
  
    Net Increase (Decrease) in Net Asset Value Resulting from Operations 
     (12.39) 
     (103.34) 
     23.15  
     (2,787.88)
  
    Net Asset Value, End of Period 
    $25.39  
    $33.93  
    $37.78  
    $137.27 
  
    Market Value Per Share, at December 31, 2024 and December 31, 2023(3) 
    $25.37  
    $34.00  
    $37.73  
    $137.30 
  
    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