VS Trust
VS Trust is a Delaware statutory trust that issues exchange-traded shares through separate series focused on VIX futures exposure. Its funds are designed to provide daily investment results linked to short and leveraged long positions in VIX futures indexes, using futures contracts and related instruments. The shares of each fund trade on Cboe BZX Exchange.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueExchange-traded shares seeking daily inverse exposure to the Short VIX Futures Index.
Exchange-traded shares seeking daily 2x exposure to the Long VIX Futures Index.
Customers
The funds are bought by investors seeking tactical exposure to volatility rather than long-term buy-and-hold index tracking. Typical users include active traders, hedge funds, and sophisticated retail investors that want to express a view on market volatility or hedge equity risk. The products are designed for daily trading and are not intended to replicate returns over longer holding periods.
Buy listed shares to express short-term views on volatility and market direction.
Use the funds for tactical hedging, volatility trades, and portfolio overlays.
Trade the ETFs on exchange for speculative or hedging purposes.
Strategy
The funds are structured to deliver daily exposure to VIX futures indexes, with one series targeting inverse short exposure and the other targeting leveraged long exposure. Maintaining access to futures markets, clearing brokers, and exchange liquidity is central to the strategy because the products depend on continuous trading and daily rebalancing. The trust’s competitive position comes from offering exchange-traded, rules-based volatility exposure in a wrapper that is accessible through standard brokerage accounts.
The funds need counterparties and clearing access to maintain positions and create shares.
The product proposition depends on closely matching the stated daily index objective.
Listed shares make volatility strategies available through ordinary brokerage accounts.
Geography
VS Trust is organized in the United States as a Delaware statutory trust, and its shares trade on a U.S. exchange. The business is operationally centered in U.S. futures and exchange-traded markets, with exposure tied to U.S.-listed VIX futures contracts and U.S. clearing infrastructure. Geography matters mainly through the location of the exchange, futures markets, and counterparties rather than through end-customer sales regions.
Risks
The funds are exposed to the structural risks of futures-based volatility products, including leverage, inverse exposure, and daily reset effects that can cause returns to diverge from longer-horizon expectations. They also depend on exchange position limits, FCM discretion, margin requirements, and market liquidity, any of which can restrict trading or reduce tracking quality. Because the portfolios are marked to fair value, reported results can change sharply with VIX futures prices and valuation inputs.
Exchange rules may force position reductions or prevent new futures trades.
Exposure: VIX futures positions and creation units
Futures account agreements can be terminated at the FCM's discretion and margin can change.
Exposure: Ability to hold and roll futures contracts
The funds target one-day outcomes, so multi-day returns can differ materially from benchmark intuition.
Exposure: SVIX and UVIX investor outcomes
Futures are marked to fair value and may be hard to exit at quoted prices in stressed markets.
Exposure: NAV and reported gains/losses
Accounting
Judgemental itemsReported earnings depend on mark-to-market changes rather than realized cash flows.
Impact: Can create large period-to-period swings in net income and NAV
Fees are calculated as a fixed percentage of each fund's NAV and are not known in advance.
Impact: Operating expenses vary with fund asset values
Financial statement values may differ from final creation/redemption NAV calculations.
Impact: Can affect comparability between reported NAV and transaction pricing
Recognition timing and primary-market closing prices influence reported positions and values.
Impact: Can shift reported period results and valuation outcomes
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Last updated: 24/09/2026