Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 1
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 to November 1, 2022, Milliman FRM served as the Funds’ commodity sub-adviser.

SVIX seeks daily investment results, before fees
and expenses, that correspond to the performance of the Short VIX Futures Index (the “Short Index”) for a single day, not
for any other period. UVIX seeks daily investment results, before fees and expenses, that correspond to twice the performance of the
Long VIX Futures Index (the “Long Index”). A “single day” is measured from the time a Fund calculates its net
asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for a Fund typically is
4:00 p.m. (Eastern Time). The Short Index measures the daily inverse (i.e., opposite) performance of a portfolio of first- and second-month
futures contracts on the CBOE Volatility Index, commonly known as the “VIX.” The Long Index measures the performance of a
portfolio of first- and second-month futures contracts on the VIX. Because the Funds’ portfolios are rebalanced daily to meet their
leveraged (or inverse) investment objective, the Funds may not be suitable for investors who plan to hold them for periods longer than
one day, particularly in volatile markets.

The Funds seek to achieve their investment objective
through the appropriate amount of exposure to the VIX futures contracts included in their respective index. The Funds also have the ability
to engage in options transactions, swaps, forward contracts and other instruments in order to achieve their investment objective, in
the manner and to the extent described herein.

SVIX is not benchmarked to the inverse of, and
UVIX is not benchmarked to twice, the widely referenced VIX. The Short Index and the inverse of the VIX are separate measurements and
can be expected to perform very differently. The Long Index and twice the VIX also are separate measurements and can be expected to perform
very differently. As such, SVIX can be expected to perform very differently from the inverse (-1x) of the performance of the VIX over
any period, and UVIX can be expected to perform very differently from twice (2x) of the performance of the VIX over any period. The Funds
continuously offer and redeem Shares in blocks of at least 10,000 Shares (each such block, a “Creation Unit”) at current
per Share market prices. Only Authorized Participants (as defined herein) may purchase and