Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 113

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 3
Chunk 113
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Quantitative Disclosure

Equity Market Volatility Sensitivity

Each of the Funds is exposed to certain risks pertaining
to the use of Financial Instruments. Each Fund is exposed to equity market volatility risk through its holdings of Financial Instruments.

The tables below provide information about each
Fund’s Financial Instruments. As of March 31, 2025 (Unaudited) and December 31, 2024, each of the Fund’s positions were as
follows:

-1x Short VIX Futures ETF

As of March 31, 2025, SVIX was exposed to inverse
equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s
positions in VIX futures contracts as of March 31, 2025 (Unaudited) and December 31, 2024, which were sensitive to equity market volatility
risk.

    Futures Positions as of March 31, 2025 (Unaudited)
  
    Contract 
    Long or
 Short 
    Expiration
 Date 
    Contracts
 Sold  
    Valuation
 Price  
    Contract
 Multiplier  
    Notional Amount at
 Value 
  
    CBOE Volatility Index 
    Short 
    4/16/2025 
     (7,307) 
    $20.79  
     1,000  
    $(151,912,530)
  
    CBOE Volatility Index 
    Short 
    5/21/2025 
     (6,642) 
     20.47  
     1,000  
     (135,961,740)

    Futures Positions as of December 31, 2024
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    1/22/2025 
     (10,051) 
    $17.48  
     1,000  
    $(175,691,480)
  
    CBOE Volatility Index 
    Short 
    2/19/2025 
     (6,959) 
     17.89  
     1,000  
     (124,496