Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 19

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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. The Trust’s maximum exposure under
these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the SEC, these
financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against
the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the
Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that
Fund.

The cash amount shown in the Statements of Cash
Flows is the amount reported as cash in the Statements of Financial Condition dated March 31, 2025, and December 31, 2024, and represents
cash, but does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation
of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended March 31, 2025, were typically
as follows. All times are Eastern Standard Time:

  Fund  Create/Redeem  Cut-off* (EST)  NAV  Calculation  Time (EST)  NAV  Calculation Date  -1x Short VIX Futures ETF and  2:00 p.m.  4:00 p.m.  March 31, 2025  2x Long VIX Futures ETF  2:00 p.m.  4:00 p.m.  March 31, 2025 

  * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2025. 

F-14

Market value per Share is determined at the close
of Cboe BZX and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value
transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements
may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended