VS Trust operates two commodity pools structured as exchange-traded funds that provide investors with leveraged and inverse exposure to VIX futures volatility. SVIX seeks to deliver inverse daily performance of a short VIX futures index through inverse positioning in first- and second-month VIX futures contracts, while UVIX seeks to deliver twice the daily performance of a long VIX futures index through leveraged long positions in the same contracts; both employ daily rebalancing and may use options, swaps, and forward contracts to achieve their objectives. The sponsor, Volatility Shares LLC, earns management fees from each fund (1.35% annually for SVIX and 1.65% for UVIX based on average daily net assets), while Authorized Participants—registered broker-dealers that create and redeem shares in blocks with the Trust—pay transaction fees to distribute shares to retail investors through traditional brokerage accounts.