Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 336

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 336
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.76%

(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 June
30, 2025 and June 30, 2024

(5)Percentages are annualized.

(6)The expense ratio would be 1.54% and 1.89% respectively,
for the three months ended June 30, 2025, and 1.67% and 2.37% for the three months ended June 30, 2024 if brokerage commissions and futures account fees were excluded.

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

See accompanying notes to financial statements.

F-29

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

VS Trust

Financial Highlights

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

    Six Months Ended  
    Six Months Ended  
    Six Months Ended  
    Six Months Ended 

    June 30,
 2025 (Unaudited)  
    June 30,
    2025(7) (Unaudited)  
    June 30,
 2024 (Unaudited)  
    June
    30,
    2024(7) (Unaudited) 
  
    Net Asset Value, Beginning of Period 
    $25.39  
    $33.93  
    $37.78  
    $137.27 
  
    Net investment income (loss) (1) 
     0.05  
     (0.01) 
     (0.03) 
     (0.41)
  
    Net Realized and