Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 95

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 95
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 an entity that has entered into
an Authorized Participant Agreement with the Trust and Volatility Shares LLC (the “Sponsor”). Shares are offered on a continuous
basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, Shares
from any Creation Unit they create at a per-Share market price. The form of Authorized Participant Agreement and the related Authorized
Participant Procedures Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation
Unit. Authorized Participants will not receive from a Fund, the Sponsor, or any of their affiliates, any fee or other compensation in
connection with their sale of Shares to the public. An Authorized Participant may receive commissions or fees from investors who purchase
Shares through their commission or fee-based brokerage accounts.

The form of Authorized Participant Agreement and
related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem
a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees
or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.volatilityshares.com, through
which monthly account statements and the Trust’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”),
can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the
U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s
EDGAR database at www.sec.gov.

-2-

Liquidity and Capital Resources

In order to collateralize derivatives positions
in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities,
or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank
money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities. A portion
of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage
that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of