Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 2

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 2
---
 redeem Shares from a Fund and then only in
Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with the Trust and Volatility
Shares LLC (the “Sponsor”). Shares are offered on a continuous basis to Authorized Participants in Creation Units at NAV.
Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market
price. The form of Authorized Participant Agreement and the related Authorized Participant Procedures Handbook set forth the terms and
conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants will not receive from
a Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.
An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage
accounts.

1

The Sponsor maintains a website at www.volatilityshares.com,
through which monthly account statements and the Trust’s Annual Report on Form 10- K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically
file with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the
Trust may also be found on the SEC’s EDGAR database at www.sec.gov.

Investment Objectives and Principal Investment Strategies

Investment Objectives

SVIX

SVIX seeks daily investment results, before fees
and expenses, that correspond to the performance of the Short Index for a single day. The Fund does not seek to achieve its stated
objective over a period greater than a single day. A “single day” is measured from the time the Fund calculates its NAV
to the time of the Fund’s next NAV calculation.

The Index measures the daily inverse performance
of a portfolio of first and second month VIX futures contracts. This theoretical portfolio is rolled each day to maintain a consistent
time to maturity of the futures contracts. The Index is calculated daily at 4:00 p.m. (Eastern time) and at a value calculated from the
average price for the futures contracts between 3:45 p.m. (Eastern time) and 4:00 p.m. (