Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 60

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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Unaudited) and September 30, 2024 (Unaudited) were as follows:

    Interest Income
  
    Fund 
    Three Months Ended September 30, 2025 (Unaudited)  
    Three Months Ended September 30, 2024 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    $884,596  
    $1,893,485 
  
    2x Long VIX Futures ETF 
     3,013,952  
     407,680 
  
    Total Trust 
    $3,898,548  
    $2,301,165 

Interest Income for the nine months ended September
30, 2025 (Unaudited), and September 30, 2024 (Unaudited) were as follows.

    Fund 
    Nine Months Ended September 30, 2025 (Unaudited)  
    Nine Months Ended September 30, 2024 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    $4,674,716  
    $3,021,857 
  
    2x Long VIX Futures ETF 
     5,396,544  
     923,605 
  
    Total Trust 
    $10,071,260  
    $3,945,462 

-3-

Futures Contracts

A futures contract is a standardized contract traded
on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of a particular underlying
asset at a specified time and place or alternatively may call for cash settlement. Futures contracts are traded on a wide variety of underlying
assets, including bonds, interest rates, agricultural products, stock indexes, currencies, energy, metals, economic indicators and statistical
measures. The notional size and calendar term futures contracts on a particular underlying asset are identical and are not subject to
any negotiation, other than with respect to price and the number of contracts traded between the buyer and seller. A Fund generally deposits
cash and/or securities with an FCM for its open positions in futures contracts, which may, in turn, transfer such deposits to the clearinghouse
to protect the clearing house against non-payment by the Fund. The clearing house becomes substituted for each counterparty to a futures
contract, and, in effect, guarantees performance. In addition, the FCM may require a Fund to deposit