Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 38

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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.51% 
     12.27% 
     -36.31%

    Ratios to Average Net Assets: (5) 

    Expense ratio (6) 
     1.66% 
     2.04% 
     1.71% 
     2.42%
  
    Net Investment Income (Loss) 
     0.55% 
     0.55% 
     -0.51% 
     -1.18%

(1)Net investment income (loss) per share represents net investment
income (loss) divided by the daily average shares of beneficial interest outstanding during the period.

(2)Due to timing of capital share transactions, per share amounts
may not compare with amounts appearing elsewhere within these Financial Statements.

(3)Market values are determined at the close of the applicable
primary listing exchange, which may be later than when the Funds' net asset value is calculated.

(4)Percentages are not annualized for the period ended March 31,
2025 and March 31, 2024

(5)Percentages are annualized.

(6)The expense ratio would be 1.66% and 2.04% respectively, for
the three months ended March 31, 2025, and 1.71% and 2.42% for the three months ended March 31, 2024 if brokerage commissions and futures
and futures account fees were excluded.

(7)Adjusted to reflect a 1:10 reverse stock split on January 15, 2025, as if it occured at the commencement of operations.

See accompanying notes to financial statements.

F-24

NOTE 8 – RISK

Correlation and Compounding Risk

The Funds do not seek to achieve their stated investment
objective over a period of time greater than a single day (as measured from NAV calculation time to NAV calculation time). The return
of a Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ
in amount and possibly even direction from the inverse (-1x) or two times (2x) the return of the Fund’s benchmark for the period.
A Fund will lose money if its benchmark performance is flat over time, and it is possible for a Fund to lose money over time even if the
performance of its benchmark increases in the case of UVIX (or decreases in the case of SVIX), as