Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 423

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 423
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 price and volatility of oil. The global economic shocks being experienced as of the date hereof
may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant
losses.

NOTE 9 – SUBSEQUENT EVENTS

In preparing these financial statements, management
has evaluated Fund related events and transactions for potential recognition or disclosure through the date the financial statements
were issued. There were no other events or translations that occurred during the year that materially impacted the amounts or disclosures
in the Funds’ financial statements.

F-40

Investments in securities, at cost

1.0000

The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.
The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of December 31, 2023.

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Future Contracts. Only current day's variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

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