Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 83

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 83
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 each Fund varies from
period to period as the market values of the underlying swaps, futures contracts and forward contracts change.

Interest Income for the three months ended March
31, 2025 (Unaudited) and March 31, 2024 (Unaudited) were as follows:

    Interest Income
  
    Fund 
    Three Months
 Ended
 March 31,
 2025
 (Unaudited)  
    Three Months
 Ended
 March 31,
 2024
 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    $1,405,026  
    $383,780 
  
    2x Long VIX Futures ETF 
     1,193,644  
     216,466 
  
    Total Trust 
    $2,598,670  
    $600,246 

-3-

Futures Contracts

A futures contract is a standardized contract traded
on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of a particular underlying
asset at a specified time and place or alternatively may call for cash settlement. Futures contracts are traded on a wide variety of underlying
assets, including bonds, interest rates, agricultural products, stock indexes, currencies, energy, metals, economic indicators and statistical
measures. The notional size and calendar term futures contracts on a particular underlying asset are identical and are not subject to
any negotiation, other than with respect to price and the number of contracts traded between the buyer and seller. A Fund generally deposits
cash and/or securities with an FCM for its open positions in futures contracts, which may, in turn, transfer such deposits to the clearinghouse
to protect the clearing house against non-payment by the Fund. The clearing house becomes substituted for each counterparty to a futures
contract, and, in effect, guarantees performance. In addition, the FCM may require a Fund to deposit collateral in excess of the clearing
house’s margin requirements for the FCM’s own protection.

Certain futures contracts, including stock index
contracts, VIX futures contracts and certain commodity futures contracts settle in cash. The cash settlement amount reflects the difference
between the contract purchase/sale price and the contract settlement price. The cash settlement mechanism avoids the potential for either
side to have to deliver the underlying asset. For other futures contracts, the contractual obligations of a buyer or seller may generally
be satisfied by taking or making physical delivery of the