Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 594

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 594
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) in Professional fees payable 
     (40,549)
  
    Increase (Decrease) in Licensing and registration fees payable 
     97,729 
  
    Net cash provided by (used in) operating activities 
     (201,218,878)
  
    CASH FLOW FROM FINANCING ACTIVITIES 

    Proceeds from shares sold, net of cost from shares purchased 
     753,713,315 
  
    Cost of shares redeemed 
     (547,966,639)
  
    Net cash provided by (used in) financing activities 
     205,746,676 
  
    NET INCREASE IN CASH 
     4,527,798 
  
    Beginning of Year 
    $504,600 
  
    End of Year 
    $5,032,398

See accompanying notes to the financial statements.

F-22

VS Trust

Notes to Financial Statements

December 31, 2024

NOTE 1 – ORGANIZATION

VS Trust (the “Trust”) is a Delaware
statutory trust formed on October 24, 2019 and is currently organized into separate series (each, a “Fund” and collectively,
the “Funds”). As of December 31, 2024, the following two series of the Trust have commenced investment operations: -1x Short
VIX Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”). 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 Funds’ inception of operation was March
28, 2022. Neither the Trust nor the Funds had any operations prior to March 28, 2022, other than matters relating to its organization
and the registration of each series under the Securities Act of 1933.

Each Fund’s investment exposure to VIX
futures contracts will cause each to be deemed a commodity pool, thereby subjecting each Fund to regulation under the Commodity Exchange
Act of 1934 (“CEA”) and Commodity Futures Trading Commission (“CFTC”) rules. The Sponsor is registered as a Commodity
Pool Operator (“CPO”) and the Fund will be operated in accordance with applicable CFTC rules. Registration as a CPO imposes
additional compliance