Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 292

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 292
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1x Short VIX Futures ETF 
    $1,471,674  
    $         -  
    $          -  
    $1,471,674 
  
    2x Long VIX Futures ETF 
     (2,191,128) 
     -  
     -  
     (2,191,128)

    Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024 (Unaudited)
  
    Fund
     
    Amounts of 
Recognized
Assets / 
(Liabilities) 
presented 
in the 
Statements of 
Financial 
Condition

    Financial Instruments 
for the Benefit 
of (the Funds) 
/ the 
Counterparties

    Cash 
Collateral for 
the Benefit of 
(the Funds) / 
the 
Counterparties

    Net Amount

    -1x Short VIX Futures ETF
     
    $
    (3,655,035)

    $
                       -

    $
                         -

    $
    (3,655,035)

    2x Long VIX Futures ETF

    4,152,478

    -

    -

    4,152,478

NOTE 4 – AGREEMENTS

SVIX pays the Sponsor a management fee (the “Management
Fee”), monthly in arrears, in an amount equal to 1.35% per annum of its average daily net assets. UVIX pays the Sponsor a
Management Fee, monthly in arrears, in an amount equal to 1.65% per annum of its average daily net assets. “Average daily
net assets” is calculated by dividing the month-end net assets of each Fund by the number of calendar days in such month.

No other Management Fee is paid by the Funds. The
Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that
the Sponsor pays directly.

Prior to September 16, 2024, Penserra Capital Management
LLC (“Penserra”) served as the Funds’ commodity sub-adviser. During the period in which Penserra served as the commodity
sub-adviser, the Sponsor oversaw and paid Penserra an annual sub-advisory fee of 0.20% for its services as commodity sub-adviser,
based on each Fund’s average daily net assets (total