Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 305

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 305
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shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof
may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant
losses.

NOTE 9 – SUBSEQUENT EVENTS

In preparing these financial statements, management
has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements were
issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures in
the Funds’ financial statements.

F-28

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.

This information should be read in conjunction
with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and
analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward- looking
statements can be identified by terminology such as “will,” “may,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”
“intend,” “project,” “seek” or the negative of these terms or other comparable terminology. None of
the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking
statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, 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.

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