Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 347

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 347
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 to predict and many of which
are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions
and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related
physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers,
and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.

Introduction

VS Trust (the “Trust”) is a Delaware
statutory trust formed on October 24, 2019 and is currently organized into two separate series (each, a “Fund” and collectively,
the “Funds”). As of September 30, 2022, the following two series of the Trust have commenced investment operations: -1x Short
VIX Futures ETF and 2x Long VIX Futures ETF. Each of the Funds listed above issues common units of beneficial interest (“Shares”),
which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed
on the Cboe BZX Exchange (“Cboe BZX”).

The Trust had no operations prior to March 28,
2022, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended.

The Sponsor also serves as the Trust’s commodity
pool operator. Wilmington Trust Company serves as the Trustee of the Trust (the “Trustee”). The Funds are commodity pools,
as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the Commodity Futures Trading Commission
(the “CFTC”) and are operated by the Sponsor, a commodity pool operator registered with the CFTC. The Trust is not an investment
company registered under the Investment Company Act of 1940, as amended.

SVIX seeks daily investment results, before fees
and expenses, that correspond to the performance of the Short VIX Futures Index (the “Short Index”) for a single day, not
for any other period. UVIX seeks daily investment results, before fees and expenses, that correspond to twice the performance of the Long
VIX Futures Index (the “Long Index”). A “single day” is measured from the time a Fund calculates its net asset
value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for a Fund typically is