Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 15

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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cess of Liabilities - 71.9% (c) 
        
     134,892,075 
  
    TOTAL NET ASSETS - 100.0% 
        
    $187,711,259 

Percentages are stated as a percent of net assets.

  (a) The rate shown represents the 7-day annualized effective yield as of December 31, 2024.  (b) 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.  (c) Includes cash of $130,007,592 that is pledged as collateral for futures contracts. 

See accompanying notes to the financial statements.

F-11

2x Long VIX Futures ETF

Schedule of Futures Contracts

December 31, 2024

  Description  Contracts  Purchased   Expiration  Date  Notional  Value   Value /  Unrealized  Appreciation  (Depreciation)   CBOE VIX FUTURE Feb25   8,706   02/19/2025  $155,750,340   $(984,305)  CBOE VIX FUTURE Jan25   12,575   01/22/2025   219,811,000    9,252,011   Net Unrealized Appreciation (Depreciation)               $8,267,706  

Summary of Fair Value Disclosure as of December 31, 2024

2x Long VIX Futures ETF has adopted authoritative fair value accounting
standards which establish an authoritative 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 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