VS Trust, a Delaware statutory trust formed in 2019, reported its financial results for the fiscal year ending December 31, 2025, revealing significant changes in its performance compared to the previous year. The Trust operates two series: the -1x Short VIX Futures ETF (SVIX) and the 2x Long VIX Futures ETF (UVIX). For the year, SVIX recorded a net asset value (NAV) of $212.0 million, down from $300.1 million in 2024, reflecting a 29% decrease. In contrast, UVIX's NAV increased to $331.3 million from $187.7 million, marking a 76% rise. The total income for SVIX was $5.6 million, while UVIX generated $7.3 million, indicating a substantial increase in revenue for UVIX compared to the previous year's $2.0 million.
The Trust's operational metrics showed a notable shift in share activity. SVIX's shares outstanding decreased from 11.8 million to 8.7 million, while UVIX's shares surged from 5.5 million to 58.2 million. This increase in UVIX shares was driven by a significant rise in capital raised, with shares sold totaling approximately $2.8 billion for the year. Conversely, SVIX experienced substantial redemptions, with 91.8 million shares redeemed, contributing to its declining NAV. The Trust's management attributed these changes to the cumulative effects of the funds' strategies, which seek to achieve daily investment results corresponding to the performance of their respective indices.
Strategically, the Trust has made adjustments to its management structure, with Volatility Shares LLC serving as the sponsor and commodity pool operator. The Trust has also engaged in a series of operational changes, including a transition in commodity sub-advisers, which may have influenced its performance. The management fee for SVIX is set at 1.35% of average daily net assets, while UVIX's fee is 1.65%. The Trust has also implemented a reverse stock split for UVIX, effective January 15, 2025, to enhance its marketability.
In terms of market engagement, the Trust reported a total of 66.9 million shares outstanding across both funds as of December 31, 2025. The funds' performance metrics indicated a total return at NAV of -4.45% for SVIX and -83.21% for UVIX, reflecting the volatility inherent in their investment strategies. The Trust's management emphasized the importance of active monitoring and management of investments, particularly given the leveraged nature of the funds, which can amplify both gains and losses.
Looking ahead, the Trust remains focused on its investment objectives while navigating the complexities of the VIX futures market. The management has indicated that they will continue to adapt their strategies in response to market conditions and investor demand, aiming to enhance the performance and stability of the funds. The Trust's ability to manage risks associated with leverage, market volatility, and counterparty credit risk will be critical in achieving its long-term goals.
About VS Trust
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