Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1622

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1622
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 own assumptions about the assumptions
a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation
hierarchy of the Fund’s securities as of December 31, 2024:

    Level 1  
    Level 2  
    Level 3  
    Total 
  
    Assets: 

    Investments: 

    Purchased Options 
    $1,484,000  
    $–  
    $–  
    $1,484,000 
  
    Money Market Funds 
     112,622,682  
     –  
     –  
     112,622,682 
  
    Total Investments 
    $114,106,682  
    $–  
    $–  
    $114,106,682 

    Liabilities: 

    Other Financial Instruments: 

    Futures Contracts* 
     –  
     (5,346,909) 
     –  
     (5,346,909)
  
    Total Other Financial Instruments 
    $–  
    $(5,346,909) 
    $–  
    $(5,346,909)

*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.

F-8

-1x
Short VIX Futures ETF

Schedule
of Investments

December
31, 2023

    Notional Amount   Contracts   Value   PURCHASED OPTIONS - 0.29%              Call Options - 0.29%             CBOE VIX, Expiration: 01/17/2024; Exercise Price: $26.00  $29,880,000    24,000   $360,000   TOTAL PURCHASED OPTIONS (Cost $1,171,333)             360,000 

    Shares  
    Value  
  
    SHORT-TERM
    INVESTMENTS – 11.64% 

    Money
    Market Funds – 11.64% 

    First American Government Obligations Fund - Class X, 5.28% (a)