Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1549

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 1549
---
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) 
     14,557,099  
     14,557,099 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $14,557,099) 
        
     14,557,099 

    TOTAL INVESTMENTS - 11.93% (Cost $15,728,432) 
        
     14,917,099 
  
    Other Assets in Excess of Liabilities - 88.07% (b) 
        
     110,140,320 
  
    TOTAL NET ASSETS - 100.0% 
        
    $125,057,419 

Percentages are stated as a percent of net assets.

(a)Represents annualized seven-day yield at December 31, 2023.

(b)$115,003,174 of cash is pledged as collateral for options and futures contracts.

F-9

-1x Short VIX Futures ETF

Schedule of Futures Contracts

December 31, 2023