Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 946

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 946
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investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements
may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the year ended December 31, 2024.

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.

Derivatives (e.g., futures contracts, options,
swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements
with counterparties or other procedures as determined by the Sponsor. Futures contracts, except for those entered into by the Gold, Silver,
Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future
trades. Futures contracts entered into by the Gold, Silver,

Fair value pricing may require subjective determinations
about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that
fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons
acting at their direction would accurately reflect the price that the 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 a 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.

The Funds disclose the fair value of their investments
in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

Discounts on short-term securities purchased are
amortized and reflected as Interest Income in the Statements of Operations.

Realized gains (losses) and changes in unrealized
gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the
period in which the contract is closed or the changes occur, respectively.

Each Fund pays its respective brokerage commissions,
including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses
charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated
investments. Brokerage commissions on futures contracts are recognized on a half-turn basis.

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Results of Operations for