Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 6

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 6
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 to no more than ten
percent (10%) of the contracts traded on Cboe Futures Exchange, Inc. (“CFE”) during any “Rebalance Period,” defined
as any fifteen minute period of continuous market trading. In the event that any VIX ETP (including each Fund) expects to hit the ten
percent threshold during the primary Rebalance Period from 3:45 p.m. to 4:00 p.m. (Eastern time), the VIX ETPs would extend participation
during periods of market illiquidity, the Sponsor, on any given day, may vary the manner and period over which all funds it sponsors
are rebalanced, and as such, the manner and period over which a Fund is rebalanced.

3

The Short Index

The Short Index measures the daily inverse performance
of a portfolio of first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain a consistent
time to maturity of the futures contracts.

The Short Index is calculated daily at 4:00 p.m.
(Eastern time) from the average price of the VIX futures contracts between 3:45 p.m. and 4:00 p.m. (Eastern time).

The Short Index has an inception date of November
22, 2019.

The Long Index

The Long Index measures the daily performance
of long positions in a portfolio of first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain
a consistent time to maturity of the futures contracts.

The Long Index is calculated daily at 4:00 p.m.
(Eastern time) from the average price of the VIX futures contracts between 3:45 p.m. and 4:00 p.m. (Eastern time).

The Long Index has an inception date of October
8, 2021.

VIX Futures Contracts

Each Index is comprised of VIX futures contracts.
VIX futures contracts were first launched for trading by the CBOE in 2004. VIX futures contracts allow investors to invest based on their
view of the forward implied market volatility of the S&P 500. Investors that believe the forward implied market volatility of the
S&P 500 will increase may buy VIX futures contracts. Conversely, investors that believe that the forward implied market volatility
of the S&P 500 will decline may sell VIX futures contracts.

While the VIX represents a measure of the current
expected volatility of the S&P 500 over