Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 751

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 751
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 into by the Gold, Silver,
Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future
trades. Futures contracts entered into by the Gold, Silver,

Fair value pricing may require subjective determinations
about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that
fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons
acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that
investment as of the time of pricing (for instance, in a forced or distressed sale).

The prices used by a Fund may differ from the
value that would be realized if the investments were sold and the differences could be material to the financial statements.

The Funds disclose the fair value of their investments
in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

Discounts on short-term securities purchased are
amortized and reflected as Interest Income in the Statements of Operations.

Realized gains (losses) and changes in unrealized
gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the
period in which the contract is closed or the changes occur, respectively.

Each Fund pays its respective brokerage commissions,
including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses
charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated
investments. Brokerage commissions on futures contracts are recognized on a half-turn basis.

23

Results of Operations for the Years Ended December 31, 2024 and
December 31, 2023

-1x Short VIX Futures ETF

Fund Performance

The following table provides summary performance
information for the Fund for the year ended December 31, 2024 and December 31, 2023:

    Year Ended December 31,  2024  
    Year Ended December 31,  2023 
  
    Net Assets beginning of period 
    $125,057,419  
    $46,378,603 
  
    Net Assets end of period 
    $300,123,823  
    $125,057,419 
  
    Percentage change in NAV 
     140% 
     170