Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 92

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.

This information should be read in conjunction
with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and
analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward- looking
statements can be identified by terminology such as “will,” “may,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”
“intend,” “project,” “seek” or the negative of these terms or other comparable terminology. None of
the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking
statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator
is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations
or predictions.

Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which
are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions
and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related
physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers,
and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.

Introduction

VS Trust (the “Trust”) is a Delaware
statutory trust formed on October 24, 2019 and is currently organized into two separate series (each, a “Fund” and collectively,
the “Funds”). As of September 30, 2022, the following two series of the Trust have commenced investment operations: -1x Short
VIX Futures ETF and 2x Long VIX Futures ETF. Each of the Funds listed above issues common units of beneficial interest (“Shares”),
which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed
on the Cboe BZX Exchange (“Cboe BZX”).

The Trust had no operations prior to March 28,
2022, other than