Financial Highlights

12 Months Ended

Dec. 31, 2023

NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data is for a Share outstanding throughout the year ended December 31, 2023 and the period ended December 31, 2022:

	-1x Short VIX Futures ETF			2x Long VIX Futures ETF			-1x Short VIX Futures ETF			2x Long VIX Futures ETF
	Year Ended December 31,			Year Ended December 31,			Period Ended			Period Ended
	2023			2023			12/31/2022⁽¹⁾			12/31/2022⁽¹⁾⁽⁸⁾
Net Asset Value, Beginning of Period	$	14.63		$	292.51		$	15.00		$	750.00
Net investment loss ⁽²⁾		(0.34	)		(0.60	)		(0.18	)		(7.50	)
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts ⁽³⁾		23.49			(278.18	)		(0.19	)		(449.99	)
Net Increase (Decrease) in Net Asset Value Resulting from Operations		23.15			(278.78	)		(0.37	)		(457.49	)
Net Asset Value, End of Period	$	37.78		$	13.73		$	14.63		$	292.51
Market Value Per Share, at December 31, 2023 ⁽⁴⁾	$	37.73		$	13.73		$	14.66		$	291.00
Total Return at Net Asset Value ⁽⁵⁾		158.24	%		-95.31	%		-2.47	%		-61.00	%
Total Return at Market Value ⁽⁵⁾		157.37	%		-95.28	%		-2.27	%		-61.20	%
Ratios to Average Net Assets: ⁽⁶⁾
Expense ratio ⁽⁷⁾		1.97	%		2.18	%		2.41	%		2.46	%
Net Investment Loss		-1.37	%		-1.20	%		-2.03	%		-1.96	%

(1)

The Fund commenced operations on March 28, 2022.

(2)

Net investment loss per share represents net investment loss divided by the daily average shares of beneficial interest outstanding during the period.

(3)

Due to timing of capital share transactions, per share amounts may not compare with amounts appearing elsewhere within these Financial Statements.

(4)

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

(5)

Percentages are not annualized.

(6)

Percentages are annualized.

(7)

The expense ratio would be 1.93% and 2.18% respectively, for the year ended December 31, 2023, and 2.29% and 2.39%, respectively, for the period ended December 31, 2022, if brokerage commissions and futures and futures account fees were excluded.

(8)

For 2x Long VIX Futures ETF, financial highlights have been adjusted to reflect a 1:5 reverse stock split occurring on January 25, 2023 and a 1:10 reverse stock split occurring on October 11, 2023, as if they occurred at the commencement of operations.

VS Trust 10-K