Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 32

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 32
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Shares of each Fund that has commenced investment operations are listed in the accompanying table. The dates the Shares of each Fund
began trading, their symbols and their primary listing exchange are indicated below:

    Fund
     
    Commencement
    of Operations
     
    Ticker
    Symbol
     
    Name
    of each exchange
 on which registered
  
    -1x Short VIX Futures ETF
     
    28-Mar-22
     
    SVIX
     
    Cboe BZX Exchange
  
    2x Long VIX Futures ETF
     
    28-Mar-22
     
    UVIX
     
    Cboe BZX Exchange

The approximate number of holders of the Shares
of each Fund as of December 31, 2024 was as follows:

    Fund 
    Number of Units 
  
    -1x Short VIX Futures ETF 
     11,820,000 
  
    2x Long VIX Futures ETF(1) 
     5,531,498 
  
    Combined Trust: 
     17,351,498 

(1)Approximate shareholders have been adjusted to reflect
a 1:10 reverse stock split on January 15, 2025, as if it occurred at the commencement of operations.

The Funds made no distributions to Shareholders
during the fiscal year ended December 31, 2024. The Funds have no obligation to make periodic distributions to Shareholders.

The approximate number of holders of the Shares
of each Fund as of December 31, 2023 was as follows:

    Fund 
    Number of
 Units 
  
    -1x Short VIX Futures ETF 
     3,310,000 
  
    2x Long VIX Futures ETF(1) 
     507,498 
  
    Combined Trust: 
     3,817,498 

(1)Approximate shareholders have been adjusted to reflect a
1:5 reverse stock split on January 25, 2023, a 1:10 reverse stock split on October 11, 2023, and a 1:10 reverse stock split on January
15, 2025, as if they occurred at the commencement of operations.

The Funds made no distributions to Shareholders
during the fiscal year ended December 31, 2023. The Funds have no obligation to make periodic distributions to Shareholders.

    b)
    The following tables