VS Trust

For the period ended Jun 30, 2025. Filed Aug 13, 2025.

About 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, 2025 · Filed Aug 13, 2025

SVIX$22.97+13.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

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, 2025 · June 30, 2025 · December 31, · December 31,
(Unaudited) · (Unaudited) · 2024 · 2024
ASSETS
Cash	$	-	$	-		$	-		$1,189,437
Investments in securities, at value *		89,762,565		143,237,062			114,106,682		52,819,184
Interest receivable		622,124		668,113			595,610		383,703
Prepaid expenses and other assets		25,969		81,332			13,472		52,844
Receivable for shares sold		-		24,993,248			-		-
Deposits at Broker for Futures and Options Contracts		176,802,487		439,703,309			206,471,251		130,007,592
Variation margin receivable		2,370,919		-			-		4,152,478
Other receivable		-		7,498			4,952		-
Total Assets		269,584,064		608,690,562			321,191,967		188,605,238
LIABILITIES
Payables
Variation margin payable	$	-		$10,640,908			$3,655,035	$	-
Fund shares redeemed		-		-			16,505,580		-
Payable to Sponsor		323,845		701,435			350,201		318,004
Administrative, accounting and custodian fees payable		43,017		3,373			69,969		16,395
Professional fees payable		223,066		316,868			313,037		444,580
Licensing and registration fees payable		46,950		38,194			174,322		115,000
Total Liabilities		636,878		11,700,778			21,068,144		893,979
NET ASSETS		$268,947,186		$596,989,784			$300,123,823		$187,711,259
NET ASSETS CONSIST OF:
Paid-in capital		$222,816,450		$996,948,289			$173,281,568		$574,080,151
Total distributable earnings (accumulated deficit)		46,130,736		(399,958,505)			126,842,255		(386,368,892)
Net Assets		$268,947,186		$596,989,784			$300,123,823		$187,711,259
Net Asset Value (unlimited shares authorized):
Class I (unlimited shares authorized):
Net Assets		$268,947,186		$596,989,784			$300,123,823		$187,711,259
Shares Outstanding^		17,270,000		26,757,473	(1)		11,820,000		5,531,498	(1)
Net Asset Value, Offering and Redemption Price per Share		$15.57		$22.31	(1)		$25.39		$33.93	(1)
Market Value per Share (Note 2)		$15.51		$22.44	(1)		$25.37		$34.00	(1)
* Investments in securities, at cost		$89,881,942		$143,237,062			$113,974,059		$52,819,184

^	No Par Value

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

For the Three Months Ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited)

	-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, 2025	June 30, 2025	June 30, 2024	June 30, 2024
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
INVESTMENT INCOME
Income:
Interest income	$2,385,094	$1,188,948	$744,592	$299,459
Other Income	(607)	-	-	-
Total Income	2,384,487	1,188,948	744,592	299,459
Expenses:
Management fees	1,502,043	1,316,207	562,091	306,313
Administrative, accounting and custodian fees	82,841	48,909	33,644	33,398
Professional fees	78,270	97,340	74,638	96,229
Licensing and registration fees	48,181	42,822	25,772	3,113
Other	1,500	1,500	994	994
Total Expenses	1,712,835	1,506,778	697,139	440,047
Net Investment income (loss)	671,652	(317,830)	47,453	(140,588)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Options	(1,965,313)	-	(3,222,295)	-
Futures	(71,701,776)	(5,105,107)	39,231,885	(29,512,794)
Net change in unrealized appreciation (depreciation) of:
Options	(342,534)	-	(116,650)	-
Futures	24,827,275	(89,185,485)	(177,708)	3,707,269
Net realized and unrealized gain (loss) on investments and futures contracts	(49,182,348)	(94,290,592)	35,715,232	(25,805,525)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$(48,510,696)	$(94,608,422)	$35,762,685	$(25,946,113)

	-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	June 30, 2025	June 30, 2024	June 30, 2024
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
INVESTMENT INCOME
Income:
Interest income	$3,790,120	$2,382,591	$1,128,372	$515,925
Other Income	(607)	(117)	-	-
Total Income	3,789,513	2,382,474	1,128,372	515,925
Expenses:
Management fees	2,359,979	2,076,828	994,505	592,945
Administrative, accounting and custodian fees	155,473	90,721	65,428	66,382
Professional fees	151,032	190,331	148,492	191,982
Licensing and registration fees	95,832	85,173	33,658	7,953
Other	2,983	2,983	1,967	1,967
Total Expenses	2,765,299	2,446,036	1,244,050	861,229
Net Investment income (loss)	1,024,214	(63,562)	(115,678)	(345,304)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Options	(3,484,146)	-	(6,756,441)	-
Futures	(98,163,632)	72,972,541	62,272,953	(60,257,560)
Net change in unrealized appreciation (depreciation) of:
Options	(252,000)	-	672,336	-
Futures	20,164,045	(86,498,592)	(4,533,352)	4,593,712
Net realized and unrealized gain (loss) on investments and futures contracts	(81,735,733)	(13,526,051)	51,655,496	(55,663,848)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$(80,711,519)	$(13,589,613)	$51,539,818	$(56,009,152)

Statements of Changes in Net Assets

For the Three Months Ended June 30, 2025 and June 30, 2024 (Unaudited)

	-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, 2025	June 30, 2025	June 30, 2024	June 30, 2024
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS
Net investment gain (loss)	$671,652	$(317,830)	$47,453	$(140,588)
Net realized gain (loss) on investments and futures contracts	(73,667,089)	(5,105,107)	36,009,590	(29,512,794)
Net change in unrealized appreciation (depreciation) of investments and futures contracts	24,484,741	(89,185,485)	(294,358)	3,707,269
Net increase (decrease) in net assets resulting from operations	(48,510,696)	(94,608,422)	35,762,685	(25,946,113)
CAPITAL SHARE TRANSACTIONS
Shares sold	777,860,047	1,043,390,295	146,784,826	100,534,349
Shares redeemed	(748,288,765)	(525,203,375)	(87,250,271)	(70,175,910)
Net increase in net assets from capital share transactions	29,571,282	518,186,920	59,534,555	30,358,439
Total increase (decrease) in net assets	(18,939,414)	423,578,498	95,297,240	4,412,326
NET ASSETS
Beginning of Period	287,886,600	173,411,286	91,385,835	77,969,884
End of Period	$268,947,186	$596,989,784	$186,683,075	$82,382,210

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, 2025	June 30, 2025	June 30, 2024	June 30, 2024
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS
Net investment income (loss)	$1,024,214	$(63,562)	$(115,678)	$(345,304)
Net realized gain (loss) on investments and futures contracts	(101,647,778)	72,972,541	55,516,512	(60,257,560)
Net change in unrealized appreciation (depreciation) of investments and futures contracts	19,912,045	(86,498,592)	(3,861,016)	4,593,712
Net increase (decrease) in net assets resulting from operations	(80,711,519)	(13,589,613)	51,539,818	(56,009,152)
CAPITAL SHARE TRANSACTIONS
Shares sold	1,168,099,472	1,562,223,528	193,932,532	159,539,336
Shares redeemed	(1,118,564,590)	(1,139,355,390)	(183,846,694)	(90,812,970)
Net increase in net assets from capital share transactions	49,534,882	422,868,138	10,085,838	68,726,366
Total increase (decrease) in net assets	(31,176,637)	409,278,525	61,625,656	12,717,214
NET ASSETS
Beginning of Period	300,123,823	187,711,259	125,057,419	69,664,996
End of Period	$268,947,186	$596,989,784	$186,683,075	$82,382,210

Statements of Cash Flows

For the Three Months Ended June 30, 2025 and June 30, 2024 (Unaudited)

-1x Short VIX Futures ETF · 2x Long VIX Futures ETF · -1x Short VIX Futures ETF · 2x Long VIX Futures ETF
For the Quarter Ended · For the Quarter Ended · For the Quarter Ended · For the Quarter Ended
June 30, 2025 · June 30, 2025 · June 30, 2024 · June 30, 2024
(Unaudited) · (Unaudited) · (Unaudited) · (Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations		$(48,510,696)		$(94,608,422)	$35,762,685		$(25,946,113)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Purchase of investments		(848,645,731)		(623,042,293)	(188,559,546)		(90,056,187)
Proceeds from sales or maturities of investments held		868,368,120		547,545,753	160,486,393		89,967,903
Net realized gain/loss on investments in options		1,965,313		-	3,222,295		-
Net change in unrealized appreciation/depreciation on investments in options		342,534		-	116,650		-
Decrease (Increase) in Deposits at broker for futures and options contracts		(22,210,123)		(315,252,018)	(73,044,072)		(8,610,768)
Decrease (Increase) in Variation margin receivable		(899,245)		-	-		886,777
Decrease (Increase) in interest receivable		5,283		(292,043)	(105,042)		979
Decrease (Increase) in other receivables		6,096		(2,604)	(750)		-
Decrease (Increase) in Prepaid expenses and other assets		(2,535)		(15,922)	4,039		18,084
Increase (Decrease) in Due to Other		-		-	-		921
Increase (Decrease) in Variation margin payable		-		8,449,780	263,281		-
Increase (Decrease) in Payable to Sponsor		(50,411)		514,222	85,507		1,606
Increase (Decrease) in Administrative, accounting and custodian fees payable		(64,695)		(19,118)	16,918		5,674
Increase (Decrease) in Professional fees payable		(26,928)		(49,148)	23,432		46,454
Increase (Decrease) in Licensing and registration fees payable		(167,564)		(107,628)	(1,658)		(7,168)
Net cash provided by (used in) operating activities		(49,890,582)		(476,879,440)	(61,729,868)		(33,691,838)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from shares sold, net of receivable for shares sold		798,179,347		1,018,397,048	146,784,826		100,534,349
Cost of shares redeemed, net of payable for fund shares redeemed		(748,288,765)		(541,517,608)	(87,250,271)		(70,175,910)
Net cash provided by (used in) financing activities		49,890,582		476,879,440	59,534,555		30,358,439
NET INCREASE (DECREASE) 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, 2025 · June 30, 2025 · June 30, 2024 · June 30, 2024
(Unaudited) · (Unaudited) · (Unaudited) · (Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations		$(80,711,519)		$(13,589,613)	$51,539,818		$(56,009,152)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Purchase of investments		(1,158,003,446)		(969,786,830)	(345,494,235)		(171,901,444)
Proceeds from sales or maturities of investments held		1,178,611,417		879,368,952	304,573,876		161,682,999
Net realized gain/loss on investments in options		3,484,146		-	6,756,441		-
Net change in unrealized appreciation/depreciation on investments in options		252,000		-	(672,336)		-
Decrease (Increase) in Deposits at broker for futures and options contracts		29,668,764		(309,695,717)	(22,689,409)		(1,378,784)
Decrease (Increase) in Variation margin receivable		(2,370,919)		4,152,478	-		(1,212,627)
Decrease (Increase) in interest receivable		(26,514)		(284,410)	(123,128)		(32,670)
Decrease (Increase) in other receivables		4,952		(7,498)	2,089		-
Decrease (Increase) in Prepaid expenses and other assets		(12,497)		(28,488)	(3,453)		13,778
Increase (Decrease) in Due to Custodian		-		-	-		921
Increase (Decrease) in Variation margin payable		(3,655,035)		10,640,908	1,477,635		-
Increase (Decrease) in Payable to Sponsor		(26,356)		383,431	59,065		(2,399)
Increase (Decrease) in Administrative, accounting and custodian fees payable		(26,952)		(13,022)	10,888		6,883
Increase (Decrease) in Professional fees payable		(89,971)		(127,712)	62,321		108,267
Increase (Decrease) in Licensing and registration fees payable		(127,372)		(76,806)	368		(2,138)
Net cash provided by (used in) operating activities		(33,029,302)		(399,064,327)	(4,500,060)		(68,726,366)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from shares sold, net of receivable for shares sold		1,168,099,472		1,537,230,280	193,932,532		159,539,336
Cost of shares redeemed, net of payable for fund shares redeemed		(1,135,070,170)		(1,139,355,390)	(193,294,094)		(90,812,970)
Net cash provided by (used in) financing activities		33,029,302		397,874,890	638,438		68,726,366
NET INCREASE (DECREASE) IN CASH		-		(1,189,437)	(3,861,622)		-
Beginning of Period		-		1,189,437	5,032,398		-
End of Period	$	-	$	-	$1,170,776	$	-

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.