Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 349

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 349
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 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 each Fund varies from
period to period as the market values of the underlying swaps, futures contracts and forward contracts change.

Interest Income for the three months ended June 30, 2025
(Unaudited) and June 30, 2024 (Unaudited) were as follows:

    Interest Income

    Fund 
    Three Months Ended June 30, 
2025 (Unaudited)  
    Three Months Ended June 30, 
2024 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    $2,385,094  
    $744,592 
  
    2x Long VIX Futures ETF 
     1,188,948  
     299,459 
  
    Total Trust 
    $3,574,042  
    $1,044,051 

Interest Income for the six months ended June 30, 2025 (Unaudited),
and June 30, 2024 (Unaudited) were as follows.

    Fund 
    Six Months
 Ended 
June 30, 
2025 (Unaudited)  
    Six Months
 Ended 
June 30, 
202