Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 22

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 Other Financial Instruments: 

    Futures Contracts* 
       
     (984,305) 
     -  
     (984,305)
  
    Total Other Financial Instruments 
    $ 
    $(984,305) 
    $-  
    $(984,305)

*The fair value of the Fund’s investment represents the net unrealized
appreciation (depreciation) as of December 31, 2024.

Refer to the Schedule of Investments for further
disaggregation of investment categories.

See accompanying notes to financial statements.

F-15

VS Trust

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited)

NOTE 1 - ORGANIZATION

VS Trust (the “Trust”) is a Delaware
statutory trust formed on October 24, 2019, and is currently organized into separate series (each, a “Fund” and collectively,
the “Funds”). As of June 30, 2025, the following two series of the Trust have commenced investment operations: -1x Short VIX
Futures ETF (“SVIX”) and 2x Long VIX Futures ETF (“UVIX”). Each of the Funds listed above issues common units
of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only
that Fund. The Shares of each Fund are listed on the Cboe BZX Exchange (“Cboe BZX”).

The Funds’ inception of operation was March
28, 2022. Neither the Trust nor the Funds had any operations prior to March 28, 2022, other than matters relating to its organization
and the registration of each series under the Securities Act of 1933.

Each Fund’s investment exposure to VIX futures
contracts will cause each to be deemed a commodity pool, thereby subjecting each Fund to regulation under the Commodity Exchange Act of
1934 (“CEA”) and Commodity Futures Trading Commission (“CFTC”) rules. The Sponsor is registered as a Commodity
Pool Operator (“CPO”) and the Fund will be operated in accordance with applicable CFTC rules. Registration as a CPO imposes
additional compliance obligations on the Sponsor and the Funds related to additional laws, regulations, and enforcement policies, which
could increase compliance costs and may affect the operations and financial performance of the Funds.

Volatility Shares LLC (the “Sponsor”)
is the sponsor of the