Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1490

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 1490
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 be known; however, the Trust expects any risk of loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the SEC,
these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable
only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of
each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase
of Shares in that Fund.

Statements of Cash Flows

The cash amount shown in the Statements of Cash
Flows is the amount reported as cash in the Statements of Financial Condition dated December 31, 2024 and December 31, 2023, and represents
cash but does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation
of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended December 31, 2024 were
typically as follows. All times are Eastern Standard Time:

  Fund   Create/Redeem Cut-off*(EST)   NAV 
Calculation Time (EST)   NAV Calculation Date  -1x Short VIX Futures ETF and   2:00 p.m.   4:00 p.m.   December 31, 2024  2x Long VIX Futures ETF   2:00 p.m.   4:00 p.m.   December 31, 2024 

  * Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended December 31, 2023. 

Market value per Share is determined at the close
of Cboe BZX and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value
transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements
may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended
December 31, 2023.

F-24

Investment Valuation