Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 189

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 189
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 and the Funds. The Sponsor also will serve as the Trust’s commodity pool operator. The Funds are commodity
pools, as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the CFTC and are operated
by the Sponsor, which is registered as a commodity pool operator with the CFTC. The Trust is not an investment company registered under
the Investment Company Act of 1940.

On January 11, 2023, the Trust’s Sponsor announced a one-for-five
reverse share split for shares of the 2x Long VIX Futures ETF, effective after the close of business on January 24, 2023. On January 25,
2023, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business on January
24, 2023. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share
split is reflected in the financial statements.

On September 22, 2023, the Trust’s Sponsor announced a one-for-ten
reverse share split for shares of the 2x Long VIX Futures ETF, effective after the close of business on October 10, 2023. On October 11,
2023, shareholders will be deemed to hold one Fund share for every ten Fund shares previously held as of the close of business on October
10, 2023. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share
split is reflected in the financial statements.

On December 31, 2024, the Trust’s Sponsor announced a one-for-ten
reverse share split for shares of the 2x Long VIX Futures ETF, effective after the close of business on January 14, 2025. On January 15,
2025, shareholders will be deemed to hold one Fund share for every ten Fund shares previously held as of the close of business on January
14, 2025. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share
split is reflected in the financial statements.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company, as defined
by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial
Services — Investment Companies.” As such, the Funds follow the investment company accounting