Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 454

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 454
---
000

    79,087,320

    CBOE VIX FUTURE Feb23
     
    Long

    Feb-24

    3,943

    15.29

    1,000

    60,288,470

The December 31, 2024 and the December 31, 2023
futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional
gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before
accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments
each day to match the performance of the Long Index. Future period returns, before fees and expenses, cannot be estimated simply
by estimating the return of the Long Index.

Qualitative Disclosure

The primary market risks that the Funds are exposed
to depend on each Fund’s investment objective and corresponding benchmark. For example, the primary market risk that SVIX and UVIX
are exposed to are inverse and long exposure, respectively, to the price of certain VIX futures contracts as measured by the return of
holding and periodically rolling such futures contracts.

26

Item 8. Financial Statements and Supplementary Data.

Statement of Operations for the three month
periods ended March 31, 2024, March 31, 2023, June 30, 2024, June 30, 2023, September 30, 2024, September 30, 2023, December 31, 2024,
December 31, 2023 and the years ended December 31, 2024 and December 31, 2023 for each Fund, as applicable.

-1x Short VIX Futures ETF

    Three Months Ended (Unaudited)  
    Year Ended 

    March 31, 2024  
    June 30, 2024  
    September 30, 2024  
    December 31, 2024  
    December 31,  2024 
  
    Net investment income (loss) 
    $(163,131) 
     47,453  
     606,641  
     446,256