Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 46

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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    $27.07  
    $47.20 
  
    Total Return at Net Asset Value (4) 
     37.38% 
     -55.45% 
     -43.33% 
     -14.31%
  
    Total Return at Market Value (4) 
     37.85% 
     -55.75% 
     -43.21% 
     -15.71%

    Ratios to Average Net Assets: (5) 

    Expense ratio (6) 
     2.29% 
     1.95% 
     1.53% 
     2.14%
  
    Net Investment income (loss) 
     -0.55% 
     0.13% 
     0.72% 
     -0.52%

(1)Net investment income (loss) per share represents net investment
income (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 period ended September
30, 2025 and September 30, 2024.

(5)Percentages are annualized.

(6)The expense ratio would be 2.29% and 1.95% respectively, for
the three months ended September 30, 2025, and 1.53% and 2.14% for the three months ended September 30, 2024 if brokerage commissions
and futures and futures account fees were excluded.

(7)Adjusted to reflect a 1:10 reverse stock split on January 15,
2025, as if it occured at the commencement of operations.

(8) Amount represents less than $0.005 

See accompanying notes to financial statements.

F-31

Selected data is for a Share outstanding throughout
the Nine Months Ended September 30, 2025 (Unaudited) and September 30, 2024 (Unaudited)

VS Trust

Financial Highlights

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF  
    -1x Short V