VS Trust Reports Q1 2025 Financial Results for SVIX and UVIX ETFs

VS Trust has reported its financial results for the first quarter of 2025, 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, 2025, SVIX reported net assets of $287.9 million, a decrease from $300.1 million at the end of 2024, while UVIX's net assets fell to $173.4 million from $187.7 million. The total income for SVIX was $1.4 million, a substantial increase from $383,780 in the same period last year, while UVIX generated $1.2 million, up from $216,466.

The financial performance of both funds was impacted by significant realized and unrealized losses on investments. SVIX experienced a net realized loss of $27.98 million, while UVIX reported a realized gain of $78.08 million. The net change in unrealized appreciation for SVIX was a loss of $4.57 million, contrasting with UVIX's gain of $2.69 million. Consequently, SVIX's net increase in net assets resulting from operations was a loss of $32.2 million, while UVIX saw an increase of $81 million.

Operationally, the Trust has seen changes in its customer base and trading activity. As of March 31, 2025, SVIX had approximately 14.17 million shares outstanding, while UVIX had 4.68 million shares. The funds have also engaged in significant trading activity, with SVIX selling shares worth approximately $390.2 million and redeeming shares worth $370.3 million. UVIX's share transactions were similarly active, with $518.8 million in shares sold and $614.2 million redeemed.

The filing indicates that the Trust is navigating a challenging market environment, with volatility impacting both funds' performance. The management has noted that the funds' investment strategies are designed to achieve specific daily performance objectives, which can lead to significant variations in returns over longer periods. Looking ahead, the Trust remains focused on maintaining compliance with regulatory requirements and managing its exposure to market risks, particularly as it continues to operate as an emerging growth company under the SEC regulations.

In summary, VS Trust's Q1 2025 results reflect a complex interplay of increased income and significant losses, alongside active trading and a focus on regulatory compliance. The Trust's management is optimistic about navigating the current market conditions while continuing to pursue its investment objectives.