Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 105

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 105
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 with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments.
Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions
in VIX futures contracts exceed variable create/redeem fees collected by more than 0.02% of the Fund’s average net assets annually.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Quantitative Disclosure

Equity Market Volatility Sensitivity

Each of the Funds is exposed to certain risks pertaining
to the use of Financial Instruments. Each Fund is exposed to equity market volatility risk through its holdings of Financial Instruments.

The tables below provide information about each
Fund’s Financial Instruments. As of June 30, 2025 (Unaudited) and December 31, 2024, each of the Fund’s positions were as
follows:

-1x Short VIX Futures ETF

As of June 30, 2025, SVIX was exposed to inverse
equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s
positions in VIX futures contracts as of June 30, 2025 (Unaudited) and December 31, 2024, which were sensitive to equity market volatility
risk.

    Futures Positions as of June 30, 2025 (Unaudited)

    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    7/16/2025 
     (7,745) 
    $18.67  
     1,000  
    $(144,599,150)
  
    CBOE Volatility Index 
    Short 
    8/20/2025 
     (6,196) 
     20.07  
     1,000  
     (124,353,720)

    Futures Positions as of December 31, 2024

    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    1/22/2025 
     (10,051) 
    $17.48