Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 36

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 36
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 laws, none of the Trust, the Sponsor, the Commodity
Sub-Adviser, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements
to actual results or to a change in expectations or predictions.

Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult 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.

Liquidity and Capital Resources

In order to collateralize derivatives positions,
a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short
term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable
rate-demand notes and repurchase agreements collateralized by government securities). A portion of these investments may be posted as
collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term
fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the
underlying swaps, futures contracts and forward contracts change. During the year ended December 31, 2024 and December 31, 2023, each
of the Funds earned total income as follows:

    Fund 
    Total Income Year Ended December 31,  2024  
    Total Income Year Ended December 31,  2023 
  
    -1x Short VIX Futures ETF 
    $4,873,066  
    $521,465 
  
    2x Long VIX Futures ETF 
     2,046,348  
     967,916 

Each Fund’s underlying swaps, futures, options,
forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions,
regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do