Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 94

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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 matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended.

The Sponsor also serves as the Trust’s commodity
pool operator. Wilmington Trust Company serves as the Trustee of the Trust (the “Trustee”). The Funds are commodity pools,
as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the Commodity Futures Trading Commission
(the “CFTC”) and are operated by the Sponsor, a commodity pool operator registered with the CFTC. The Trust is not an investment
company registered under the Investment Company Act of 1940, as amended.

SVIX seeks daily investment results, before fees
and expenses, that correspond to the performance of the Short VIX Futures Index (the “Short Index”) for a single day, not
for any other period. UVIX seeks daily investment results, before fees and expenses, that correspond to twice the performance of the Long
VIX Futures Index (the “Long Index”). A “single day” is measured from the time a Fund calculates its net asset
value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for a Fund typically is 4:00
p.m. (Eastern Time).

The Funds seek to achieve their investment objective
through the appropriate amount of exposure to the VIX futures contracts included in their respective index. The Funds also have the ability
to engage in options transactions, swaps, forward contracts and other instruments in order to achieve their investment objective, in the
manner and to the extent described herein.

SVIX is not benchmarked to the inverse of, and
UVIX is not benchmarked to twice, the widely referenced VIX. The Short Index and the inverse of the VIX are separate measurements and
can be expected to perform very differently. The Long Index and twice the VIX also are separate measurements and can be expected to perform
very differently. As such, SVIX can be expected to perform very differently from the inverse (-1x) of the performance of the VIX over
any period, and UVIX can be expected to perform very differently from twice (2x) of the performance of the VIX over any period.

The Funds continuously offer and redeem Shares
in blocks of at least 10,000 Shares (each such block, a “Creation Unit”). Only Authorized Participants (as defined herein)
may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is