Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1638

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1638
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 does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation
of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended December 31, 2024 were
typically as follows. All times are Eastern Standard Time:

  Fund   Create/Redeem Cut-off*(EST)   NAV 
Calculation Time (EST)   NAV Calculation Date  -1x Short VIX Futures ETF and   2:00 p.m.   4:00 p.m.   December 31, 2024  2x Long VIX Futures ETF   2:00 p.m.   4:00 p.m.   December 31, 2024 

  * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended December 31, 2023. 

Market value per Share is determined at the close
of Cboe BZX and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value
transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements
may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended
December 31, 2023.

F-24

Investment Valuation

Short-term investments are valued at amortized
cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short- term investments are valued at their
market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations
are typically categorized as Level I in the fair value hierarchy.

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 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