Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1627

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1627
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 VIX Futures ETF

Schedule of Investments

December 31, 2023

    Shares  
    Value 
  
    SHORT-TERM INVESTMENTS – 11.50% 

    Money Market Funds – 11.50% 

    First American Government Obligations Fund - Class X, 5.28% (a) 
     8,009,153  
    $8,009,153 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $8,009,153) 
        
     8,009,153 

    TOTAL INVESTMENTS – 11.50% (Cost $8,009,153) 
        
     8,009,153 
  
    Other Assets in Excess of Liabilities – 88.50% (b) 
        
     61,655,843 
  
    TOTAL NET ASSETS - 100.0% 
        
    $69,664,996 

Percentages are stated as a percent of net assets.

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

(b)$61,750,311 of cash is pledged as collateral for futures contracts.

F-13

2x Long VIX Futures ETF

Schedule of Futures Contracts

December 31, 2023

  Description  Contracts Purchased   Expiration
Date  Notional
Value   Value / Unrealized Appreciation (Depreciation)   CBOE VIX FUTURE Jan24   5,633   01/17/2024  $79,087,320   $(5,616,125)  CBOE VIX FUTURE Feb24   3,943   02/14/2024   60,288,470    (2,561,493)  Net Unrealized Appreciation (Depreciation)               $(8,177,618) 

Summary of Fair Value Disclosure as of December
31, 2023

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