Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 114

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 3
Chunk 114
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,510)

The short futures notional values are calculated
by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase
(decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these
contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction
or financing costs. The Fund will generally attempt to adjust its position in Financial Instruments each day to have -$1.00 of short exposure
to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating
the return of the Index and multiplying by negative one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K
for additional information regarding performance for periods longer than a single day.

-8-

2x Long VIX Futures ETF

As of March 31, 2025, UVIX was exposed to equity
market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions
in these Financial Instruments as of March 31, 2025 and December 31, 2024, which were sensitive to equity market volatility risk.

    Futures Positions as of March 31, 2025 (Unaudited)
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Purchased  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Long 
    4/16/2025 
     8,804  
    $20.79  
     1,000  
     183,035,160 
  
    CBOE Volatility Index 
    Long 
    5/21/2025 
     8,003  
     20.47  
     1,000  
     163,821,410 

    Futures Positions as of December 31, 2024
  
    Contract 
    Long or Short 
    Expiration 
    Contracts Purchased  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Long 
    1/22/2025 
     12,575  
    $