Position limits and accountability levels
Exchange rules may force position reductions or prevent new futures trades.
- Scope
- VIX futures positions and creation units
- Materiality
- high
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.
| % | |
|---|---|
| Short VIX futures ETF | 50% Exchange-traded shares seeking daily inverse exposure to the Short VIX Futures Index. |
| Leveraged long VIX futures ETF | 50% Exchange-traded shares seeking daily 2x exposure to the Long VIX Futures Index. |
The funds are bought by investors seeking tactical exposure to volatility rather than long-term buy-and-hold index...
- Active tradersprimary
Buy listed shares to express short-term views on volatility and market direction.
- Hedge funds and institutional tradersprimary
Use the funds for tactical hedging, volatility trades, and portfolio overlays.
- Sophisticated retail investorssecondary
Trade the ETFs on exchange for speculative or hedging purposes.
VS Trust is organized in the United States as a Delaware statutory trust, and its shares trade on a U.S. exchange...
- •U.S.-organized Delaware statutory trust
- •Shares listed on Cboe BZX Exchange
- •Exposure centered on U.S. VIX futures markets
- •Clearing and brokerage relationships are U.S.-based
- •No country revenue disclosure provided in reports
The funds are structured to deliver daily exposure to VIX futures indexes, with one series targeting inverse short...
01
Preserve futures market accessshort-term
The funds need counterparties and clearing access to maintain positions and create shares.
02
Deliver daily benchmark-linked exposuremedium-term
The product proposition depends on closely matching the stated daily index objective.
03
Support exchange-traded investor accesslong-term
Listed shares make volatility strategies available through ordinary brokerage accounts.
The funds are exposed to the structural risks of futures-based volatility products, including leverage, inverse...
FCM and clearing access dependence
Futures account agreements can be terminated at the FCM's discretion and margin can change.
- Scope
- Ability to hold and roll futures contracts
- Materiality
- high
Daily leverage and inverse exposure decay
The funds target one-day outcomes, so multi-day returns can differ materially from benchmark intuition.
- Scope
- SVIX and UVIX investor outcomes
- Materiality
- high
Fair value and market liquidity risk
Futures are marked to fair value and may be hard to exit at quoted prices in stressed markets.
- Scope
- NAV and reported gains/losses
- Materiality
- medium
Fair value measurement of futures
Can create large period-to-period swings in net income and NAV
NAV-based management fee accrual
Operating expenses vary with fund asset values
Creation/redemption valuation differences
Can affect comparability between reported NAV and transaction pricing
Trade-date and closing-price valuation
Can shift reported period results and valuation outcomes
: 29.4.2026