Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1625

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1625
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-TERM INVESTMENTS (Cost $52,819,184) 
        
     52,819,184 

    TOTAL INVESTMENTS - 28.1% (Cost $52,819,184) 
        
     52,819,184 
  
    Other Assets in Excess 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. 

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