VS Trust 10-K

Item 8. Financial Statements and Supplementary Data. Statement of Operations for the three month periods ended March 31, 2024, March 31, 2023, June 30, 2024, June 30, 2023, September 30, 2024, September 30, 2023, December 31, 2024, December 31, 2023 and the years ended December 31, 2024 and December 31, 2023 for each Fund, as applicable. -1x Short VIX Futures ETF Three Months Ended (Unaudited) Year Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Net investment income (loss) $ (163,131 ) 47,453 606,641 446,256 937,219 Net realized gain (loss) 19,506,922 36,009,590 (28,241,497 ) (10,817,410 ) 16,457,605 Net unrealized gain (loss) (3,566,658 ) (294,358 ) (3,114,805 ) (4,076,043 ) (11,051,864 ) Net income (loss) $ 15,777,133 35,762,685 (30,749,661 ) (14,447,197 ) 6,342,960 Net increase (decrease) in net asset value per share $ 4.73 $ 5.24 $ (20.69 ) $ (1.67 ) $ (12.39 ) Three Months Ended (Unaudited) Year Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2023 Net investment income (loss) $ (245,278 ) $ (292,751 ) $ (324,516 ) $ (338,410 ) $ (1,200,955 ) Net realized gain (loss) 5,287,054 37,164,451 15,738,591 40,504,431 98,694,527 Net unrealized gain (loss) 6,173,774 (811,301 ) (12,928,171 ) 13,578,943 6,013,245 Net income (loss) $ 11,215,550 $ 36,060,399 $ 2,485,904 $ 53,744,964 $ 103,506,817 Net increase (decrease) in net asset value per share $ 1.92 $ 11.58 $ (0.10 ) $ 9.75 $ 23.15 2x Long VIX Futures ETF Three Months Ended (Unaudited) Year Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Net investment income (loss) $ (204,716 ) $ (140,588 ) $ (132,190 ) $ (95,462 ) $ (572,956 ) Net realized gain (loss) (30,744,766 ) (29,512,794 ) (7,095,465 ) 19,728,508 (47,624,517 ) Net unrealized gain (loss) 886,443 3,707,269 1,135,620 10,715,992 16,445,324 Net income (loss) $ (30,063,039 ) $ (25,946,113 ) $ (6,092,035 ) 30,349,038 (31,752,149 ) Net increase (decrease) in net asset value per share $ (50.49 ) $ (31.55 ) $ (7.90 ) $ (13.40 ) $ (103.34 ) Three Months Ended (Unaudited) Year Ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 December 31, 2023 Net investment income (loss) $ (394,807 ) $ (359,369 ) $ (230,646 ) $ (189,624 ) $ (1,174,446 ) Net realized gain (loss) (43,229,755 ) (142,872,642 ) (42,049,000 ) (48,623,098 ) (276,774,495 ) Net unrealized gain (loss) (6,212,853 ) (4,374,661 ) 30,931,703 (19,318,285 ) 1,025,904 Net income (loss) $ (49,837,415 ) $ (147,606,672 ) $ (11,347,943 ) $ (68,131,007 ) $ (276,923,037 ) Net increase (decrease) in net asset value per share $ (1,337.05 ) $ (1,144.32 ) $ (96.80 ) $ (209.71 ) $ (2,787.88 ) 27 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Not applicable.