Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 14

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 shares per contract.  (c) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.  (d) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.  (e) Includes cash of $176,802,487 that is pledged as collateral for options and
futures contracts. 

F-8

-1x Short VIX Futures ETF

Schedule of Futures Contracts

June 30, 2025 (Unaudited)

  Description  Contracts Sold   Expiration Date  Notional Value   Value / Unrealized Appreciation (Depreciation)   CBOE VIX FUTURE  Aug25   (6,196)  08/20/2025  $124,353,720   $3,544,500   CBOE VIX FUTURE Jul25   (7,745)  07/16/2025   144,599,150    11,272,636   Net Unrealized Appreciation (Depreciation)               $14,817,136  

Summary of Fair Value Disclosure as of June
30, 2025 (Unaudited)

-1x Short VIX Futures ETF (the “Fund”)
has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.
These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair
value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels
for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used
for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active
markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted
prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,
yield curves, default rates and similar data.

Level 3