Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 346

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 346
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COVID-19) has
caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain
the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic
activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal
to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest
such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced
shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof
may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant
losses.

NOTE 9 - SUBSEQUENT EVENTS

In preparing these financial statements, management
has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements
were issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures
in the Funds’ financial statements.

F-33

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