VS Trust has reported its financial results for the first quarter of 2026, revealing significant fluctuations in both revenue and net assets across its two exchange-traded funds (ETFs): the -1x Short VIX Futures ETF (SVIX) and the 2x Long VIX Futures ETF (UVIX). As of March 31, 2026, SVIX reported total assets of $336.0 million, a substantial increase from $218.3 million at the end of the previous fiscal year. In contrast, UVIX's assets decreased to $355.6 million from $332.7 million during the same period. The net asset value (NAV) per share for SVIX fell to $15.73 from $24.26, while UVIX's NAV increased to $8.67 from $5.70.
The financial performance of the funds showed mixed results. SVIX generated $930,362 in interest income, down from $1.4 million in the same quarter last year, while UVIX saw an increase in interest income to $1.5 million from $1.2 million. However, both funds experienced significant losses in their investment operations. SVIX reported a net investment loss of $80.3 million, primarily due to realized and unrealized losses on futures contracts, while UVIX recorded a net increase in net assets resulting from operations of $217.5 million, driven by gains in futures contracts.
Operationally, the Trust has seen a notable increase in customer engagement, with SVIX and UVIX experiencing a combined total of 89.6 million shares sold during the quarter, compared to 19.9 million shares sold in the same period last year. This surge in trading activity reflects a growing interest in volatility-based investment strategies. The Trust's employee headcount remained stable, supporting its operational needs as it navigates the complexities of the futures market.
Looking ahead, VS Trust remains focused on its strategic objectives, which include maintaining compliance with regulatory requirements and enhancing its product offerings. The Trust is classified as an emerging growth company, allowing it to take advantage of certain reporting exemptions. Management has indicated that they will continue to monitor market conditions closely and adjust their investment strategies accordingly to optimize performance and mitigate risks associated with volatility in the financial markets. The Trust's ability to adapt to changing market dynamics will be crucial as it seeks to achieve its investment objectives in the coming quarters.
About VS Trust
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