Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 31

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
 $         -  
    $2,686,893  
    $2,686,893  
    $          -  
    $886,443  
    $886,443 
  
    Total 
    $-  
    $2,686,893  
    $2,686,893  
    $-  
    $886,443  
    $886,443 

The following table indicates the average volume
when in use for the quarter ended March 31, 2025 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
    $361,208,955 
  
    Average notional value of short futures contracts 
     (294,031,130) 
     - 

The following table indicates the average volume
when in use for the quarter ended March 31, 2024 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
     147,687,020 
  
    Average notional value of short futures contracts 
    $(108,259,145) 
     - 

The following table indicates the average volume
when in use for the quarter ended March 31, 2025 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of purchased options contracts 
    $22,060,300  
    $       - 

The following table indicates the average volume
when in use for the quarter ended March 31, 2024 (Unaudited):

    -1x Short VIX
Futures ETF

    2x Long VIX
Futures ETF

    Average notional value of purchased options contracts
     
    $
    32,218,375

    $
                 -

F-20

Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements
or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The
party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party