Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 70

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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     (6,959) 
     17.89  
     1,000  
     (124,496,510)

-9-

The short futures notional values are calculated
by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase
(decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these
contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction
or financing costs. The Fund will generally attempt to adjust its position in Financial Instruments each day to have -$1.00 of short exposure
to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating
the return of the Index and multiplying by negative one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K
for additional information regarding performance for periods longer than a single day.

2x Long VIX Futures ETF

As of September 30, 2025, UVIX was exposed to equity
market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions
in these Financial Instruments as of September 30, 2024 and December 31, 2024, which were sensitive to equity market volatility risk.

    Futures Positions as of September 30, 2025 (Unaudited)
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Long 
    10/22/2025 
     35,137  
    $17.59  
     1,000  
    $618,059,830 
  
    CBOE Volatility Index 
    Long 
    11/19/2025 
     23,424  
     19.23  
     1,000  
     450,443,520 

    Futures Positions as of December 31, 2024
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    C