Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 20

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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March 31, 2025.

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 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.

Fair value pricing may require subjective determinations
about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s
NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor
or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose
of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from
the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Options are valued using the last traded price
as of the close of regular trading hours on the CBOE Options Exchange.

Investment Transactions and Related Income

Investment transactions are recorded on the trade
date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreci