Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 3

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 3
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Eastern time). Through this price averaging process
— known as the Time Weighted Average Price (or TWAP). The Short Index inception date was November 22, 2019. Its ticker symbol is:
SHORTVOL.

If SVIX is successful in meeting its objective,
its value on a given day, before fees and expenses, should gain approximately as much on a percentage basis as the level of the Short
Index. Conversely, its value on a given day, before fees and expenses, should lose approximately as much on a percentage basis as the
level of the Short Index. Although the Fund seeks to track the performance of the Short Index each day, the Fund may not perfectly track
the Short Index’s performance over the same period, which is known as tracking error.

UVIX

UVIX seeks daily investment results, before fees
and expenses, that correspond to twice (2x) the performance of the Long Index for a single day. The Fund does not seek to achieve
its stated objective over a period greater than a single day. A “single day” is measured from the time the Fund calculates
its NAV to the time of the Fund’s next NAV calculation.

The Long Index measures the daily performance
of a portfolio of long positions in first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain
a consistent time to maturity of the futures contracts. The Index is calculated daily at 4:00 p.m. (Eastern time) and at a value calculated
from the average price for the futures contracts between 3:45 p.m. (Eastern time) and 4:00 p.m. (Eastern time). Through this price averaging
process — known as the Time Weighted Average Price (or TWAP). The Long Index inception date is October 8, 2021. Its ticker symbol
is: LONGVOL. If the Fund is successful in meeting its objective, its value on a given day, before fees and expenses, should gain or lose
approximately as much on a percentage basis as twice (2x) the level of the Index. Although the Fund seeks to track twice (2x) the performance
of the Index each day, the Fund may not perfectly achieve its objective over the same period, which is known as tracking error. For more
information, see Correlation Risk on page 10.

The Fund is not designed to meet its investment
objective over periods longer than one day. Notwithstanding, the table below shows a performance example of the