Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 509

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 509
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Futures ETF  
    2x Long VIX
 Futures ETF 
  
    Average notional value of long futures contracts:  
    $-  
    $233,976,048 
  
    Average notional value of short futures contracts:  
     (204,171,960) 
     - 

The following table indicates the average volume when in use for the
year ended December 31, 2023:

    -1x Short VIX 
Futures ETF  
    2x Long VIX 
Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
    $190,330,622 
  
    Average notional value of short futures contracts 
     (85,223,472) 
     - 

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 arrangements in the Statements of Financial Condition.
The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset
under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2024 and December 31,
2023.

    Fair Values of Derivative Instruments as of December 31, 2024

    Assets  
    Liabilities 
  
    Fund 
    Gross  Amounts of  Recognized Assets  presented in the Statements  of Financial Condition  
    Gross Amounts  Offset in  the  Statements of Financial  Condition  
    Net  Amounts of  Assets  presented  in the Statements  of Financial Condition  
    Gross  Amounts of Recognized  Liabilities  presented  in the  Statements  of Financial Condition  
    Gross Amounts Offset in  the  Statements