Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1644

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1644
---
2x Long VIX Futures ETF 
  
    Average notional value of purchased options contracts: 
    $40,945,769  
    $            - 

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 purchased
    options contracts
     
    $
    33,997,000

    $
             -

There were no transactions in purchased option
contracts during the period ended December 31, 2022.

F-28

Swap Agreements

The Funds may enter into swap agreements for
purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index or to
create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily
with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than
one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant
reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or
to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree
to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating
rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at
which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark
returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.

Generally, swap agreements entered into by the
Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently,
each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or
received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical
swap agreement entered into by UVIX, the would be entitled to settlement payments in the event