Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 239

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 239
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 Futures ETF 

    10/01/2023 to 10/31/2023 
     (180,000) 
     25.82 
  
    11/01/2023 to 11/30/2023 
     (3,060,000) 
     31.79 
  
    12/01/2023 to 12/31/2023 
     (870,000) 
     36.82 
  
    2x Long VIX Futures ETF 

    10/01/2023 to 10/31/2023 
     (66,703) 
     38.26 
  
    11/01/2023 to 11/30/2023 
     (31,000) 
     21.02 
  
    12/01/2023 to 12/31/2023 
     (103,000) 
     15.91 

(1)For 2x Long VIX Futures ETF, financial highlights have been
adjusted to reflect a 1:5 reverse stock split occurring on January 25, 2023, a 1:10 reverse stock split occurring on October 11, 2023,
and a 1:10 reverse stock split occurring on January 15, 2025, as if they occurred at the commencement of operations.

19

Item 6. [Reserved].

Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.

This information should be read in conjunction
with the financial statements and notes to the financial statements included with this Annual Report on Form 10-K. The discussion and
analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward- looking
statements can be identified by terminology such as “will,” “may,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”
“intend,” “project,” “seek” or the negative of these terms or other comparable terminology. None
of the Trust, the Sponsor, the Commodity Sub- Adviser, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness
of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Commodity
Sub-Adviser, the Trustee,