Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 348

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 348
---
4:00
p.m. (Eastern Time).

The Funds seek to achieve their investment objective
through the appropriate amount of exposure to the VIX futures contracts included in their respective index. The Funds also have the ability
to engage in options transactions, swaps, forward contracts and other instruments in order to achieve their investment objective, in the
manner and to the extent described herein.

SVIX is not benchmarked to the inverse of, and
UVIX is not benchmarked to twice, the widely referenced VIX. The Short Index and the inverse of the VIX are separate measurements and
can be expected to perform very differently. The Long Index and twice the VIX also are separate measurements and can be expected to perform
very differently. As such, SVIX can be expected to perform very differently from the inverse (-1x) of the performance of the VIX over
any period, and UVIX can be expected to perform very differently from twice (2x) of the performance of the VIX over any period.

The Funds continuously offer and redeem Shares
in blocks of at least 10,000 Shares (each such block, a “Creation Unit”). Only Authorized Participants (as defined herein)
may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into
an Authorized Participant Agreement with the Trust and Volatility Shares LLC (the “Sponsor”). Shares are offered on a continuous
basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, Shares
from any Creation Unit they create at a per-Share market price. The form of Authorized Participant Agreement and the related Authorized
Participant Procedures Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation
Unit. Authorized Participants will not receive from a Fund, the Sponsor, or any of their affiliates, any fee or other compensation in
connection with their sale of Shares to the public. An Authorized Participant may receive commissions or fees from investors who purchase
Shares through their commission or fee-based brokerage accounts.

The form of Authorized Participant Agreement and
related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem
a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees
or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.volatilityshares.com, through
which monthly