Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 42

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 42
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 of period 
     11,820,000  
     3,310,000 
  
    Percentage change in shares outstanding 
     257% 
     4%
  
    Shares created 
     29,460,000  
     13,120,000 
  
    Shares redeemed 
     (20,950,000) 
     (12,980,000)
  
    Per share NAV beginning of period 
    $37.78  
    $14.63 
  
    Per share NAV end of period 
    $25.39  
    $37.78 
  
    Percentage change in per share NAV 
     (32.80)% 
     158.24%
  
    Percentage change in benchmark 
     (27.52)% 
     174.77%
  
    Benchmark annualized volatility 
     80.52% 
     56.21%

The Fund’s inception of operation was March
28, 2022. Neither the Trust nor the Fund had any operations prior to March 28, 2022, other than matters relating to its organization
and the registration of each series under the Securities Act of 1933.

During the year ended December 31, 2024, the
decrease in the Fund’s per share NAV resulted primarily from the cumulative effect of the Fund seeking daily investment
results, before fees and expenses, that correspond to the performance of the Short Index. The decrease in the Fund’s per share
NAV also resulted in part from an increase from 3,310,000 outstanding Shares at December 31, 2023 to 11,820,000 outstanding Shares
at December 31, 2024. By comparison, during the year ended December 31, 2023, the increase in the Fund’s per share NAV
resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that
correspond to the performance of the Short Index. The increase in the Fund’s per share NAV also resulted in part from an
increase from 3,170,000 outstanding Shares at December 31, 2022 to 3,310,000 outstanding Shares at December 31, 2023.

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