Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 329

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 329
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amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

The following table indicates the average volume when in use for the
six months ended June 30, 2025:

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
    $638,862,547 
  
    Average notional value of short futures contracts 
     (285,671,710) 
     - 

The following table indicates the average volume when in use for the six months ended June 30, 2024:

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
    $153,410,633 
  
    Average notional value of short futures contracts 
     (134,345,370) 
     - 

The following table indicates the average volume when in use for the six months ended June 30, 2025:

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of purchased options contracts 
    $26,864,171  
    $- 

The following table indicates the average volume when in use for the six months ended June 30, 2024:

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of purchased options contracts 
    $41,159,514  
    $    - 

F-24

Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements
or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The
party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting
agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize
derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition
do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

For financial reporting purposes, the Funds do
not offset derivative assets and derivative liabilities that are subject to netting