Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 15

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 (the “Fund”) has adopted
fair value accounting standards which establish a 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 valuation 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 directly or indirectly. These inputs may include quoted prices for the identical
instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default
rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent
relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation
hierarchy of the Fund’s securities as of September 30, 2025:

    Level 1  
    Level 2  
    Level 3  
    Total 
  
    Investments: 

    Purchased Options 
    $891,000  
    $–  
    $–  
    $891,000 
  
    Total Investments 
    $891,000  
    $–  
    $–  
    $891,000 

    Other Financial Instruments: 

    Futures Contracts* 
    $       –  
    $4,351,005  
    $–  
    $4,351,005 
  
    Total Other Financial Instruments 
    $–  
    $4,351,005  
    $–  
    $4,351,005 

*The fair value of the Fund's investment represents the unrealized
appreciation (depreciation) as of September 30, 2025.

Refer to the Schedule of Investments for further
disaggregation of investment categories.

F-9

-1x Short V