Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 942

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 942
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underlying swaps, futures contracts and forward contracts change. During the year ended December 31, 2024 and December 31, 2023, each
of the Funds earned total income as follows:

    Fund 
    Total Income Year Ended December 31,  2024  
    Total Income Year Ended December 31,  2023 
  
    -1x Short VIX Futures ETF 
    $4,873,066  
    $521,465 
  
    2x Long VIX Futures ETF 
     2,046,348  
     967,916 

Each Fund’s underlying swaps, futures, options,
forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions,
regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform
terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts,
commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily
limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract
has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated
unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily
limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its
futures positions.

20

In addition, the Sponsor will seek to minimize
the market impact of rebalances across all exchange traded products based on VIX futures contracts (“VIX ETPs”) that it sponsors
on the price of VIX futures contracts by limiting the Funds’ participation, on any given day, in VIX futures contracts to no more
than 10% of the VIX futures contracts traded on Cboe Futures Exchange, Inc. (“CFE”) during any “Rebalance Period,”
defined as any fifteen minute period of continuous market trading. To limit participation during periods of market illiquidity, the Sponsor,
on any given day, may vary the manner and period over which all VIX ETPs it sponsors are rebalanced, and as such, the manner and period
over which the Funds are rebal