VS Trust
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 28, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-03-29.
0001213900-24-027502
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-28.
0001013762-25-004207
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 58 previous paragraphs and 58 current paragraphs.
54 unchanged; 4 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (4)
Previous wording
During the year ended December 31, 2023, the increase in the Fund’s 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 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. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase of 3,170,000 outstanding Shares during the period. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the performance of the Short Index.
Current wording
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.
Previous wording
The Fund’s net income decreased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a greater decrease in the value of futures prices during the year ended December 31, 2023.
Current wording
The Fund’s net income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to a greater decrease in the value of the futures prices during the year ended December 31, 2024.
Previous wording
During the year ended December 31, 2022, the decrease in the Fund’s 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 Long Index. The decrease in the Fund’s NAV was partially offset by an incase from 429,000 outstanding Shares at December 31, 2022 to 5,075,000 outstanding Shares at December 31, 2023. By comparison, during the year ended December 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase of 21,450,000 outstanding Shares during the period. This increase was partially offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the performance of the Long Index.
Current wording
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 Long Index. The decrease in the Fund’s per share NAV was partially offset by an increase from 507,498 outstanding Shares at December 31, 2023 to 5,531,498 outstanding Shares at December 31, 2024. By comparison, during the year ended December 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.
Previous wording
The Fund’s net income increased for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to a greater decrease in the value of the futures prices during the year ended December 31, 2023.
Current wording
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.