Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 116

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 116
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 the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have
recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health
crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns,
social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding
results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion
of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential
investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing
the accuracy of financial projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives
which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt
the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third party service providers), sectors,
industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment,
and other factors affecting the value of the Funds’ investments. These factors can cause substantial market volatility, exchange
trading suspensions and closures and can impact the ability of the Funds to complete redemptions and otherwise affect Fund performance
and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen
at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events
could have significant impact on a Fund’s performance, resulting in losses to your investment.

Risk that Current Assumptions and Expectations Could Become Outdated
As a Result of Global Economic Shocks

The onset of the novel coronavirus (COVID-19)
has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain
the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic
activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal
to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest
such move in the