Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 853

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 853
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31, 2023, the decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Funds 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 42,900 outstanding Shares at December 31, 2022 to 507,498 outstanding Shares
at December 31, 2023.

25

Net Income/Loss

The following table provides summary income information
for the Fund for the years ended December 31, 2024 and December 31, 2023:

    Year Ended December 31, 2024  
    Year Ended December 31, 2023 
  
    Net investment income (loss) 
    $(572,956) 
    $(1,174,446)
  
    Management fee 
     1,833,654  
     1,618,811 
  
    Brokerage commissions / Futures account fees 
     -  
     3,834 
  
    Non-recurring fees and expenses 
     785,650  
     519,717 
  
    Net realized gain (loss) 
     (47,624,517) 
     (276,774,495)
  
    Change in net unrealized appreciation (depreciation) 
     16,445,324  
     1,025,904 
  
    Net income (loss) 
     (31,752,149) 
     (276,923,037)

The Fund’s net loss decreased for the year ended December 31,
2024, as compared to the year ended December 31, 2023, primarily due to an increase in the value of futures prices during the year ended
December 31, 2024.

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
     
    Long

    Jan-25

    12,575

    17.48

    1,000

    219,811,000

    CBOE VIX FUTURE Feb25
     
    Long

    Feb-25