Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 334

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 334
---
 fund
whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near
the closing settlement price for such contracts on the purchase order date.

Authorized Participants may pay a fee up to 0.03%
of the value of each order they place with each order to create or redeem a Creation Unit in order to compensate the Administrator, the
Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units
and to offset the costs of increasing or decreasing derivative positions, unless the transaction fee is waived or otherwise adjusted by
the Sponsor.

The Sponsor provides such Authorized Participant
with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included
in the Creation Units they purchase from the Funds to other investors in the secondary market.

Transaction Fees for the three months ended June
30, 2025 (Unaudited) and June 30, 2024 (Unaudited) were as follows:

    Fund 
    Three Months Ended June 30, 
2025 (Unaudited)  
    Three Months Ended June 30, 
2024 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    $457,707  
    $70,190 
  
    2x Long VIX Futures ETF 
     470,437  
     51,197 

    $928,144  
    $121,387 

    Fund 
     Six Months  Ended  June 30,  2025 (Unaudited)  
     Six Months Ended June 30, 2024 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    $685,793  
    $113,300 
  
    2x Long VIX Futures ETF 
     810,230  
     75,083 

    $1,496,023  
    $188,383 

F-28

NOTE 7 - FINANCIAL HIGHLIGHTS

Selected data is for a Share outstanding throughout
the three months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

VS
Trust

Financial Highlights

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF  
    -1x Short