VS Trust is a Delaware statutory trust formed on October 24 2019 that operates as a sponsor of exchange traded funds focused on volatility exposure. The Trust is organized into separate series each designated as a Fund and offers investors access to daily leveraged and inverse returns tied to VIX futures contracts. As of September 30 2022 the Trust had two active series the 1x Short VIX Futures ETF (SVIX) and the 2x Long VIX Futures ETF (UVIX). The Shares of each Fund are listed on the Cboe BZX Exchange and represent fractional undivided beneficial interest in the respective Fund.

The Trust generates revenue primarily through management fees charged to each Fund based on the fund's average daily net assets. SVIX pays the Sponsor an annual fee of 1.35 percent while UVIX pays an annual fee of 1.65 percent. These fees are accrued monthly and compensate the Sponsor for its advisory services and operational support.

The Trust operates through the following segments.

• The SVIX segment seeks daily investment results that correspond to the performance of the Short VIX Futures Index by maintaining short positions in first and second month VIX futures contracts.

• The UVIX segment seeks daily investment results that correspond to twice the performance of the Long VIX Futures Index by maintaining long positions in first and second month VIX futures contracts.

Within the niche of volatility linked exchange traded products VS Trust occupies a specialized role by offering daily leveraged and inverse exposure to VIX futures. Its primary competitors include other providers of volatility ETFs such as ProShares and VelocityShares which offer similar products but with differing leverage factors and structures. The Trust's competitive advantage stems from its focused methodology that targets precise daily replication of index performance and its use of a transparent creation and redemption process limited to authorized participants.

The Trust's shares are held by a diverse group of retail and institutional investors who trade through brokerage accounts and other intermediaries. Authorized participants which are registered broker dealers create and redeem creation units of at least ten thousand shares directly with the Trust. While the filing does not disclose specific investor names the customer base consists of individuals and institutions seeking tactical exposure to short term volatility movements.