Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 909

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 909
---
   -  
    $1,025,904  
    $1,025,904 
  
    Total 
    $-  
    $1,025,904  
    $1,025,904 

*The
amounts disclosed are included in the realized gain (loss) on investments.

**The
amounts disclosed are included in the change in unrealized appreciation (depreciation) on investments.

F-32

The following table indicates the average volume when in use for the
year ended December 31, 2024:

    -1x Short VIX 
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,
202