VS Trust has reported its financial results for the third quarter of 2025, revealing significant changes in both revenue and net assets compared to the previous fiscal period. For the three months ended September 30, 2025, the Trust generated total income of $3.9 million, a substantial increase from $2.3 million in the same period last year. The increase in income was primarily driven by a rise in interest income, which reached $3.9 million, compared to $2.3 million in the prior year. However, the Trust also faced increased expenses, totaling $4.0 million, leading to a net investment loss of $0.1 million for the quarter.
In terms of net assets, the Trust reported a total of $699.3 million as of September 30, 2025, a decrease from $487.8 million at the end of the previous fiscal year. This decline was attributed to significant capital share transactions, with shares sold amounting to $643.9 million and shares redeemed totaling $1.3 billion during the quarter. The Trust's net asset value (NAV) per share for the -1x Short VIX Futures ETF was reported at $21.39, while the 2x Long VIX Futures ETF had an NAV of $9.94.
Operationally, the Trust has seen fluctuations in its customer base, with the number of shares outstanding for the -1x Short VIX Futures ETF at 7.7 million and 53.8 million for the 2x Long VIX Futures ETF as of September 30, 2025. The Trust's engagement metrics indicate a high level of trading activity, with significant volumes in both share sales and redemptions. The average notional value of long futures contracts for the 2x Long VIX Futures ETF was approximately $1.1 billion, reflecting the Trust's active trading strategy in the volatility markets.
Strategically, the Trust has continued to focus on its core investment objectives, which involve exposure to VIX futures contracts. The management has indicated that the Trust will maintain its approach to leverage and daily rebalancing to achieve its investment goals. Looking ahead, the Trust anticipates that market conditions will remain volatile, which may impact its performance. The management remains committed to monitoring market trends and adjusting strategies as necessary to align with the Trust's investment objectives.
About VS Trust
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