Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 29

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 29
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 for the Index to the terms of the Fund’s non-exchange-traded
Financial Instruments.

In certain circumstances (e.g., if the
Sponsor believes market quotations do not accurately reflect the fair value of a Fund’s investment, or a trading halt closes an
exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining
the market value of such investment for such day. Such fair value prices would generally be determined based on available inputs about
the current value of the underlying VIX futures contract and would be based on principles that the Sponsor deems fair and equitable.

The Funds may use a variety of money market instruments.
Money market instruments generally will be valued using market prices or at amortized cost.

Indicative Optimized Portfolio Value (“IOPV”)

The IOPV, which is also known as the intraday
indicative value or IIV, is an indicator of the value of a Fund’s net assets at the time the IOPV is disseminated. The IOPV is
calculated and disseminated every 15 seconds during a normal Business Day. A Business Day is defined as a day the United States equity
markets are open for trading on the NYSE. The IOPV may cease calculating at an earlier time if the Exchange or other information material
to the valuation or operation of a Fund closes early. The IOPV is generally calculated using the prior day’s closing net assets
of a Fund as a base and updating throughout the Business Day changes in the value of the Financial Instruments held by the Fund. The
IOPV should not be viewed as an actual real time update of the NAV because NAV is calculated only once at the end of each Business Day.
The IOPV also should not be viewed as a precise value of the Shares. Because the market price per Share may differ from the IOPV, the
price at which an investor may be able to sell Shares at any time, and especially in times of market volatility, may be significantly
less than the IOPV at the time of sale. Neither a Fund nor the Sponsor is liable for any errors in the calculation of the IOPV or any
failure to disseminate IOPV.

15

The Exchange disseminates the IOPV. In addition,
the IOPV is published on the Exchange’s website and is available through on-line information services such as Bloomberg Finance
L.P. and/or Reuters.

Fees and