VS Trust
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
SVIX$23.00+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1. Financial Statements
| Index | |
|---|---|
| Documents | Page |
| Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows: | |
| -1x Short VIX Futures ETF | F-8 |
| 2x Long VIX Futures ETF | F-12 |
| Notes to Financial Statements | F-16 |
-1-
Statements of Assets and Liabilities
| -1x Short VIX Futures ETF · 2x Long VIX Futures ETF · -1x Short VIX Futures ETF · 2x Long VIX Futures ETF | ||||||
|---|---|---|---|---|---|---|
| June 30, 2024 · June 30, 2024 · December 31, · December 31, | ||||||
| (Unaudited) · (Unaudited) · 2023 · 2023 | ||||||
| ASSETS | ||||||
| Cash | $1,170,776 | $ | - | $5,032,398 | $ | - |
| Investments in securities, at value * | 49,753,353 | 18,227,598 | 14,917,099 | 8,009,153 | ||
| Interest receivable | 240,994 | 90,842 | 117,866 | 58,172 | ||
| Prepaid expenses and other assets | 20,234 | 17,715 | 16,781 | 31,493 | ||
| Deposits at Broker for Futures and Options Contracts | 137,692,583 | 63,129,095 | 115,003,174 | 61,750,311 | ||
| Variation margin receivable | - | 1,361,220 | - | 148,593 | ||
| Other receivable | 750 | - | 2,839 | - | ||
| Total Assets | 188,878,690 | 82,826,470 | 135,090,157 | 69,997,722 | ||
| LIABILITIES | ||||||
| Payables | ||||||
| Variation margin payable | $1,682,338 | $ | - | $204,703 | $ | - |
| Due to Other | - | 921 | - | - | ||
| Fund shares redeemed | - | - | 9,447,400 | - | ||
| Payable to Sponsor | 206,855 | 103,871 | 147,790 | 106,270 | ||
| Administrative, accounting and custodian fees payable | 38,953 | 32,312 | 28,065 | 25,429 | ||
| Professional fees payable | 216,733 | 241,991 | 154,412 | 133,724 | ||
| Licensing and registration fees payable | 50,736 | 65,165 | 50,368 | 67,303 | ||
| Total Liabilities | 2,195,615 | 444,260 | 10,032,738 | 332,726 | ||
| NET ASSETS | $186,683,075 | $82,382,210 | $125,057,419 | $69,664,996 | ||
| NET ASSETS CONSIST OF: | ||||||
| Paid-in capital | $14,643,962 | $493,008,105 | $4,558,124 | $424,281,739 | ||
| Total distributable earnings (accumulated deficit) | 172,039,113 | (410,625,895) | 120,499,295 | (354,616,743) | ||
| Net Assets | $186,683,075 | $82,382,210 | $125,057,419 | $69,664,996 | ||
| Net Asset Value (unlimited shares authorized): | ||||||
| Class I (unlimited shares authorized): | ||||||
| Net Assets | $186,683,075 | $82,382,210 | $125,057,419 | $69,664,996 | ||
| Shares Outstanding^ | 3,910,000 | 14,914,975 | 3,310,000 | 5,074,975 | ||
| Net Asset Value, Offering and Redemption Price per Share | $47.75 | $5.52 | $37.78 | $13.73 | ||
| Market Value per Share (Note 2) | $47.67 | $5.60 | $37.73 | $13.73 | ||
| * Investments in securities, at cost | $49,892,350 | $18,227,598 | $15,728,432 | $8,009,153 | ||
| ^ | No Par Value |
|---|
| -1x Short VIX Futures ETF | 2x Long VIX Futures ETF | -1x Short VIX Futures ETF | 2x Long VIX Futures ETF | |
|---|---|---|---|---|
| Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |
| June 30, 2024 | June 30, 2024 | June 30, 2023 | June 30, 2023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| INVESTMENT INCOME | ||||
| Income: | ||||
| Interest income | $744,592 | $299,459 | $74,800 | $301,835 |
| Total Income | 744,592 | 299,459 | 74,800 | 301,835 |
| Expenses: | ||||
| Management fees | 562,091 | 306,313 | 225,408 | 521,809 |
| Administrative, accounting and custodian fees | 33,644 | 33,398 | 24,727 | 33,684 |
| Professional fees | 74,638 | 96,229 | 80,185 | 81,279 |
| Licensing and registration fees | 25,772 | 3,113 | 31,769 | 24,392 |
| Other | 994 | 994 | - | - |
| Broker interest expense | - | - | 5,462 | 40 |
| Total Expenses | 697,139 | 440,047 | 367,551 | 661,204 |
| Net Investment Income (Loss) | 47,453 | (140,588) | (292,751) | (359,369) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS | ||||
| Net realized gain (loss) on: | ||||
| Options | (3,222,295) | - | - | - |
| Futures | 39,231,885 | (29,512,794) | 37,164,451 | (142,872,642) |
| Net change in unrealized appreciation (depreciation) of: | ||||
| Options | (116,650) | - | - | - |
| Futures | (177,708) | 3,707,269 | (811,301) | (4,374,661) |
| Net realized and unrealized gain (loss) on investments and futures contracts | 35,715,232 | (25,805,525) | 36,353,150 | (147,247,303) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $35,762,685 | $(25,946,113) | $36,060,399 | $(147,606,672) |
| -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, 2024 | June 30, 2024 | June 30, 2023 | June 30, 2023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| INVESTMENT INCOME | ||||
| Income: | ||||
| Interest income | $1,128,372 | $515,925 | $121,531 | $434,271 |
| Total Income | 1,128,372 | 515,925 | 121,531 | 434,271 |
| Expenses: | ||||
| Management fees | 994,505 | 592,945 | 394,913 | 919,658 |
| Administrative, accounting and custodian fees | 65,428 | 66,382 | 46,808 | 62,699 |
| Professional fees | 148,492 | 191,982 | 159,092 | 160,949 |
| Licensing and registration fees | 33,658 | 7,953 | 50,134 | 44,821 |
| Other | 1,967 | 1,967 | - | - |
| Broker interest expense | - | - | 8,613 | 320 |
| Total Expenses | 1,244,050 | 861,229 | 659,560 | 1,188,447 |
| Net Investment loss | (115,678) | (345,304) | (538,029) | (754,176) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS | ||||
| Net realized gain (loss) on: | ||||
| Options | (6,756,441) | - | - | - |
| Futures | 62,272,953 | (60,257,560) | 42,451,505 | (186,102,397) |
| Net change in unrealized appreciation (depreciation) of: | ||||
| Options | 672,336 | - | - | - |
| Futures | (4,533,352) | 4,593,712 | 5,362,473 | (10,587,514) |
| Net realized and unrealized gain (loss) on investments and futures contracts | 51,655,496 | (55,663,848) | 47,813,978 | (196,689,911) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $51,539,818 | $(56,009,152) | $47,275,949 | $(197,444,087) |
Statements of Changes in Net Assets
| -1x Short VIX Futures ETF | 2x Long VIX Futures ETF | -1x Short VIX Futures ETF | 2x Long VIX Futures ETF | |
|---|---|---|---|---|
| Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |
| June 30, 2024 | June 30, 2024 | June 30, 2023 | June 30, 2023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| INCREASE (DECREASE) IN NET ASSETS: | ||||
| OPERATIONS | ||||
| Net investment income (loss) | $47,453 | $(140,588) | $(292,751) | $(359,369) |
| Net realized gain (loss) on investments and futures contracts | 36,009,590 | (29,512,794) | 37,164,451 | (142,872,642) |
| Net change in unrealized appreciation (depreciation) of investments and futures contracts | (294,358) | 3,707,269 | (811,301) | (4,374,661) |
| Net increase (decrease) in net assets resulting from operations | 35,762,685 | (25,946,113) | 36,060,399 | (147,606,672) |
| CAPITAL SHARE TRANSACTIONS | ||||
| Shares sold | 146,784,826 | 100,534,349 | 33,849,864 | 174,563,374 |
| Shares redeemed | (87,250,271) | (70,175,910) | (72,249,312) | (48,655,759) |
| Net increase (decrease) in net assets from capital share transactions | 59,534,555 | 30,358,439 | (38,399,448) | 125,907,615 |
| Total increase (decrease) in net assets | 95,297,240 | 4,412,326 | (2,339,049) | (21,699,057) |
| NET ASSETS | ||||
| Beginning of Period | 91,385,835 | 77,969,884 | 74,641,462 | 107,037,859 |
| End of Period | $186,683,075 | $82,382,210 | $72,302,413 | $85,338,802 |
Statements of Changes in Net Assets
| -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, 2024 | June 30, 2024 | June 30, 2023 | June 30, 2023 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| INCREASE (DECREASE) IN NET ASSETS: | ||||
| OPERATIONS | ||||
| Net investment loss | $(115,678) | $(345,304) | $(538,029) | $(754,176) |
| Net realized gain (loss) on investments and futures contracts | 55,516,512 | (60,257,560) | 42,451,505 | (186,102,397) |
| Net change in unrealized appreciation (depreciation) of investments and futures contracts | (3,861,016) | 4,593,712 | 5,362,473 | (10,587,514) |
| Net increase (decrease) in net assets resulting from operations | 51,539,818 | (56,009,152) | 47,275,949 | (197,444,087) |
| CAPITAL SHARE TRANSACTIONS | ||||
| Shares sold | 193,932,532 | 159,539,336 | 118,500,459 | 278,060,557 |
| Shares redeemed | (183,846,694) | (90,812,970) | (139,852,598) | (120,766,434) |
| Net increase (decrease) in net assets from capital share transactions | 10,085,838 | 68,726,366 | (21,352,139) | 157,294,123 |
| Total increase (decrease) in net assets | 61,625,656 | 12,717,214 | 25,923,810 | (40,149,964) |
| NET ASSETS | ||||
| Beginning of Period | 125,057,419 | 69,664,996 | 46,378,603 | 125,488,766 |
| End of Period | $186,683,075 | $82,382,210 | $72,302,413 | $85,338,802 |
Statements of Cash Flows
| -1x Short VIX Futures ETF · 2x Long VIX Futures ETF · -1x Short VIX Futures ETF · 2x Long VIX Futures ETF | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ended · Quarter Ended · Quarter Ended · Quarter Ended | |||||||
| June 30, 2024 · June 30, 2024 · June 30, 2023 · June 30, 2023 | |||||||
| (Unaudited) · (Unaudited) · (Unaudited) · (Unaudited) | |||||||
| CASH FLOW FROM OPERATING ACTIVITIES | |||||||
| Net increase (decrease) in net assets resulting from operations | $35,762,685 | $(25,946,113) | $36,060,399 | $(147,606,672) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||
| Purchase of investments | (188,559,546) | (90,056,187) | (117,945,818) | (170,380,218) | |||
| Proceeds from sales or maturities of investments held | 160,486,393 | 89,967,903 | 123,386,374 | 176,796,775 | |||
| Net realized gain/loss on investments in options | 3,222,295 | - | - | - | |||
| Net change in unrealized appreciation/depreciation on investments in options | 116,650 | - | - | - | |||
| Decrease (Increase) in Deposits at broker for futures and options contracts | (73,044,072) | (8,610,768) | 12,091,557 | (9,303,378) | |||
| Decrease (Increase) in Variation margin receivable | - | 886,777 | (777,982) | - | |||
| Decrease (Increase) in interest receivable | (105,042) | 979 | 19,618 | 9,245 | |||
| Decrease (Increase) in other receivables | (750) | - | 492 | 1,775 | |||
| Decrease (Increase) in Prepaid expenses and other assets | 4,039 | 18,084 | (13,235) | (10,933) | |||
| Decrease (Increase) in Due from Other | - | - | 26 | - | |||
| Increase (Decrease) in Due to Custodian | - | - | (3,086,000) | 2,491,372 | |||
| Increase (Decrease) in Due to Other | - | 921 | - | - | |||
| Increase (Decrease) in Variation margin payable | 263,281 | - | - | 2,165,122 | |||
| Increase (Decrease) in Payable to Sponsor | 85,507 | 1,606 | (6,936) | 4,019 | |||
| Increase (Decrease) in Administrative, accounting and custodian fees payable | 16,918 | 5,674 | 6,731 | 1,677 | |||
| Increase (Decrease) in Professional fees payable | 23,432 | 46,454 | 13,987 | 12,757 | |||
| Increase (Decrease) in Licensing and registration fees payable | (1,658) | (7,168) | 8,348 | 15,892 | |||
| Net cash provided by (used in) operating activities | (61,729,868) | (33,691,838) | 49,757,561 | (145,802,567) | |||
| CASH FLOW FROM FINANCING ACTIVITIES | |||||||
| Proceeds from shares sold, net of cost from shares purchased | 146,784,826 | 100,534,349 | 30,240,210 | 192,593,274 | |||
| Cost of shares redeemed | (87,250,271) | (70,175,910) | (79,997,771) | (46,790,707) | |||
| Net cash provided by (used in) financing activities | 59,534,555 | 30,358,439 | (49,757,561) | 145,802,567 | |||
| NET INCREASE IN CASH | (2,195,313) | (3,333,399) | - | - | |||
| Beginning of Period | $3,366,089 | $3,333,399 | $ | - | $ | - | |
| End of Period | $1,170,776 | $ | - | $ | - | $ | - |
Statements of Cash Flows
| -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, 2024 · June 30, 2024 · June 30, 2023 · June 30, 2023 | |||||||
| (Unaudited) · (Unaudited) · (Unaudited) · (Unaudited) | |||||||
| CASH FLOW FROM OPERATING ACTIVITIES | |||||||
| Net increase (decrease) in net assets resulting from operations | $51,539,818 | $(56,009,152) | $47,275,949 | $(197,444,087) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||
| Purchase of investments | (345,494,235) | (171,901,444) | (227,091,533) | (309,353,524) | |||
| Proceeds from sales or maturities of investments held | 304,573,876 | 161,682,999 | 227,091,533 | 308,086,262 | |||
| Net realized gain/loss on investments in options | 6,756,441 | - | - | - | |||
| Net change in unrealized appreciation/depreciation on investments in options | (672,336) | - | - | - | |||
| Decrease (Increase) in Deposits at broker for futures and options contracts | (22,689,409) | (1,378,784) | (20,559,259) | 31,518,493 | |||
| Decrease (Increase) in Variation margin receivable | - | (1,212,627) | (1,242,108) | 830,840 | |||
| Decrease (Increase) in interest receivable | (123,128) | (32,670) | (294) | (14,869) | |||
| Decrease (Increase) in other receivables | 2,089 | - | 318 | 19 | |||
| Decrease (Increase) in Prepaid expenses and other assets | (3,453) | 13,778 | (24,085) | (10,101) | |||
| Increase (Decrease) in Due to Custodian | - | - | 1,023,713 | 2,874,781 | |||
| Increase (Decrease) in Due to Other | - | 921 | - | - | |||
| Increase (Decrease) in Variation margin payable | 1,477,635 | - | (187,030) | 3,406,049 | |||
| Increase (Decrease) in Payable to Sponsor | 59,065 | (2,399) | 16,246 | (37,988) | |||
| Increase (Decrease) in Administrative, accounting and custodian fees payable | 10,888 | 6,883 | (1,163) | (1,860) | |||
| Increase (Decrease) in Professional fees payable | 62,321 | 108,267 | 43,758 | 42,621 | |||
| Increase (Decrease) in Licensing and registration fees payable | 368 | (2,138) | 14,166 | 27,868 | |||
| Net cash provided by (used in) operating activities | (4,500,060) | (68,726,366) | 26,360,211 | (160,075,496) | |||
| CASH FLOW FROM FINANCING ACTIVITIES | |||||||
| Proceeds from shares sold, net of cost from shares purchased | 193,932,532 | 159,539,336 | 114,890,805 | 278,976,878 | |||
| Cost of shares redeemed | (193,294,094) | (90,812,970) | (141,755,616) | (118,901,382) | |||
| Net cash provided by (used in) financing activities | 638,438 | 68,726,366 | (26,864,811) | 160,075,496 | |||
| NET INCREASE IN CASH | (3,861,622) | - | (504,600) | - | |||
| Beginning of Period | $5,032,398 | $ | - | $504,600 | $ | - | |
| End of Period | $1,170,776 | $ | - | $ | - | $ | - |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.