Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 131

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 3
Chunk 131
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000  
    $219,811,000 
  
    CBOE Volatility Index 
    Long 
    2/19/2025 
     8,706  
     17.89  
     1,000  
     155,750,340 

The futures notional values are calculated by multiplying
the number of contracts held times the valuation price times the contract multiplier. The swap notional values are calculated by multiplying
the number of units times the closing level of the Index. These notional values will increase (decrease) proportionally with increases
(decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these
contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction
or financing costs.

The Fund will generally attempt to adjust its positions
in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before
fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half. See “Item
1A. Risk Factors” in the Annual Report on Form 10-K.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Under the supervision and with the participation
of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the
Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures
of the Trust and the Funds (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934
Act”)) were effective, as of June 30, 2022, including providing reasonable assurance that information required to be disclosed in
the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized
and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated
to management, including the principal executive officer and principal financial officer, of the Trust as appropriate to allow timely
decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s or the
Funds’ internal control over