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

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 28
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20% of the value of a Creation Unit. An order may include
multiple Creation Units. The transaction fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.

Special Settlement

The Sponsor may allow for early settlement of
purchase or redemption orders. Such arrangements may result in additional charges to the Authorized Participant.

Net Asset Value

The net asset value (“NAV”) in respect
of a Fund means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other debt securities less
total liabilities of the Fund, consistently applied under the accrual method of accounting. In particular, the NAV includes any unrealized
profit or loss on open futures contracts (and Financial Instruments, if any), and any other credit or debit accruing to the Fund but
unpaid or not received by the Fund. The NAV per Share of a Fund is computed by dividing the value of the net assets of the Fund (i.e.,
the value of its total assets less total liabilities) by its total number of Shares outstanding. Expenses and fees are accrued daily
and taken into account for purposes of determining the NAV. Each Fund’s NAV is calculated on each day other than a day when the
Exchange is closed for regular trading. Each Fund computes its NAV only once each Business Day as of 4:00 p.m. (Eastern Time) (the
“NAV Calculation Time”), or an earlier time as set forth on www.volatilityshares.com. For example, a Fund may
calculate its NAV as of an earlier time if the Exchange or other exchange material to the valuation or operation of the Fund closes early.
The Funds’ website at www.volatilityshares.com will display the end of day closing Index level, and NAV per Share for the
Fund. The Fund will provide daily website disclosure, prior to market opening, of the Funds’ portfolio holdings. This website disclosure
of the portfolio composition of the Fund will occur at the same time as the disclosure by the Fund of the portfolio composition to Authorized
Participants so that all market participants are provided portfolio composition information at the same time.

In calculating the NAV of a Fund, the VIX futures
contracts are valued using the Time Weighted Average Price (TWAP) of the futures during the last 15 minutes of NYSE’s regular trading
session, rather than solely from the VIX futures’ settlement price. The value of a Fund’s non-exchange-traded Financial Instruments
typically is determined by applying the then-current disseminated levels