Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 104

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 104
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 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. The Sponsor is currently paying brokerage commissions
in VIX futures contracts exceed variable create/redeem fees collected by more than 0.02% of the Fund’s average net assets annually.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Quantitative Disclosure

Equity Market Volatility Sensitivity

Each of the Funds is exposed to certain risks pertaining
to the use of Financial Instruments. Each Fund is exposed to equity market volatility risk through its holdings of Financial Instruments.

The tables below provide information about each
Fund’s Financial Instruments. As of September 30, 2025 (Unaudited) and December 31, 2024, each of the Fund’s positions were
as follows:

-1x Short VIX Futures ETF

As of September 30, 2025, SVIX was exposed to inverse
equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s
positions in VIX futures contracts as of September 30, 2025 (Unaudited) and December 31, 2024, which were sensitive to equity market volatility
risk.

    Futures Positions as of September 30, 2025 (Unaudited)
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    10/22/2025 
     (5,431) 
    $17.59  
     1,000  
    $(95,531,290)
  
    CBOE Volatility Index 
    Short 
    11/19/2025 
     (3,620) 
     19.23  
     1,000  
     (69,612,600)

    Futures Positions as of December 31, 2024
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    1/22/2025 
     (10,051) 
    $17.48