VS Trust 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. a) The Shares of each Fund that has commenced investment operations are listed in the accompanying table. The dates the Shares of each Fund began trading, their symbols and their primary listing exchange are indicated below: Fund Commencement of Operations Ticker Symbol Name of each exchange on which registered -1x Short VIX Futures ETF 28-Mar-22 SVIX Cboe BZX Exchange 2x Long VIX Futures ETF 28-Mar-22 UVIX Cboe BZX Exchange The approximate number of holders of the Shares of each Fund as of December 31, 2025 was as follows: Fund Number of Units -1x Short VIX Futures ETF 8,740,000 2x Long VIX Futures ETF 58,157,473 Combined Trust: 66,897,473 The Funds made no distributions during the period ended December 31, 2025. The Funds have no obligation to make periodic distributions to shareholders. The approximate number of holders of the Shares of each Fund as of December 31, 2024 was as follows: Fund Number of Units -1x Short VIX Futures ETF 11,820,000 2x Long VIX Futures ETF 5,531,498 (1) Combined Trust: 17,351,498 (1) Approximate shareholders have been adjusted to reflect a 1:10 reverse stock split on January 15, 2025, as if it occurred at the commencement of operations. The Funds made no distributions during the period ended December 31, 2024. The Funds have no obligation to make periodic distributions to shareholders. b) The following tables reflect the shares sold and the sale price of the shares sold for three months and for the year ended December 31, 2025 and December 31, 2024. Title of Securities Registered Amount Registered as of December 31, 2025 Shares Sold For the Three Months Ended December 31, 2025 Sale Price of Shares Sold For the Three Months Ended December 31, 2025 Shares Sold For the Year Ended December 31, 2025 (1) Sale Price of Shares Sold For the Year Ended December 31, 2025 -1x Short VIX Futures ETF Common Units of Beneficial Interest An indeterminant amount of securities 8,200,000 $ 154,416,104 88,710,000 $ 1,369,590,652 2x Long VIX Futures ETF Common Units of Beneficial Interest An indeterminant amount of securities 66,290,000 636,392,016 160,360,000 2,795,737,205 (1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect a 1:10 reverse stock split on January 15, 2025, as if it occurred at the commencement of operations. 18 Title of Securities Registered Amount Registered as of December 31, 2024 Shares Sold For the Three Months Ended December 31, 2024 (1) Sale Price of Shares Sold For the Three Months Ended December 31, 2024 Shares Sold For the Year Ended December 31, 2024 (1) Sale Price of Shares Sold For the Year Ended December 31, 2024 -1x Short VIX Futures ETF Common Units of Beneficial Interest An indeterminant amount of securities 3,410,000 $ 88,657,561 29,460,000 $ 828,649,566 2x Long VIX Futures ETF Common Units of Beneficial Interest An indeterminant amount of securities 9,561,000 349,935,390 15,789,000 742,224,982 (1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect a 1:10 reverse stock split occurring on January 15, 2025, as if it occurred at the commencement of operations. c) From October 1, 2025 through December 31, 2025, the number of Shares redeemed and average price per Share for each Fund were as follows: Fund Total Number of Shares Redeemed Averate Price Per Share -1x Short VIX Futures ETF 10/01/2025 to 10/31/2025 (100,000 ) $ 21.39 11/01/2025 to 11/30/2025 (3,340,000 ) 19.47 12/01/2025 to 12/31/2025 (3,740,000 ) 22.58 2x Long VIX Futures ETF 10/01/2025 to 10/31/2025 (30,600,000 ) 10.58 11/01/2025 to 11/30/2025 (30,500,000 ) 10.79 12/01/2025 to 12/31/2025 (790,000 ) 7.55 From October 1, 2024 through December 31, 2024, the number of Shares redeemed and average price per Share for each Fund were as follows: Fund Total Number of Shares Redeemed (1) Average Price Per Share -1x Short VIX Futures ETF 10/01/2024 to 10/31/2024 (430,000 ) $ 25.25 11/01/2024 to 11/30/2024 (110,000 ) 28.82 12/01/2024 to 12/31/2024 (2,790,000 ) 28.29 2x Long VIX Futures ETF 10/01/2024 to 10/31/2024 (1,275,000 ) 5.51 11/01/2024 to 11/30/2024 (1,555,000 ) 3.84 12/01/2024 to 12/31/2024 (4,728,000 ) 4.01 (1) For 2x Long VIX Futures ETF, shares have been adjusted to reflect a 1:10 reverse stock split occurring on January 15, 2025, as if it occurred at the commencement of operations. 19 Item 6. [Reserved].