Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 843

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 843
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Item 6. [Reserved].

Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.

This information should be read in conjunction
with the financial statements and notes to the financial statements included with this Annual Report on Form 10-K. The discussion and
analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward- looking
statements can be identified by terminology such as “will,” “may,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”
“intend,” “project,” “seek” or the negative of these terms or other comparable terminology. None
of the Trust, the Sponsor, the Commodity Sub- Adviser, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness
of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Commodity
Sub-Adviser, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements
to actual results or to a change in expectations or predictions.

Because forward-looking statements relate to
the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which
are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions
and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related
physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers,
and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.

Liquidity and Capital Resources

In order to collateralize derivatives positions,
a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short
term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable
rate-demand notes and repurchase agreements collateralized by government securities). A portion of these investments may be posted as
collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term
fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period