VS Trust is a Delaware statutory trust that sponsors two ETFs providing leveraged exposure to VIX futures contracts. The first, SVIX, seeks daily returns equal to -1x the performance of a portfolio of first- and second-month VIX futures contracts — it rises when volatility expectations fall. The second, UVIX, seeks daily returns equal to 2x the performance of a similar long portfolio — it rises when volatility expectations increase. Both funds launched in March 2022 and are listed on the Cboe BZX Exchange. They are structured as commodity pools regulated by the CFTC, not as registered investment companies. Critically, both funds are designed as single-day trading instruments; due to daily rebalancing and compounding effects, returns over periods longer than one day can diverge significantly from the stated leverage multiples. The funds target sophisticated, short-term traders seeking leveraged or inverse exposure to equity market volatility. VS Trust earns revenue through management fees — SVIX charges 1.35% and UVIX charges 1.65% per annum on average daily net assets — so revenue scales directly with AUM. The funds use a standard ETF creation/redemption structure, where only institutional Authorized Participants can create or redeem shares in minimum blocks of 10,000 shares. The trust's sponsor, Volatility Shares, manages daily rebalancing of VIX futures positions across multiple futures commission merchants.