How does initial reaction velocity (V0) differ from Vmax in terms of substrate concentration?

V0 occurs at saturating substrate concentrations, while Vmax occurs at lower substrate concentrations.

V0 occurs at lower substrate concentrations, while Vmax occurs at saturating substrate concentrations.

V0 and Vmax occur at the same substrate concentration.

V0 is independent of substrate concentration, while Vmax depends on it.