Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 883

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 883
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 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 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, 2023:

    Level 1  
    Level 2  
    Level 3  
    Total 
  
    Assets: 

    Investments: 

    Purchased Options 
    $360,000  
    $–  
    $–  
    $360,000 
  
    Money Market Funds 
     14,557,099  
     –  
     –  
     14,557,099 
  
    Total Investments 
    $14,917,099  
    $–  
    $–  
    $14,917,099 

    Other Financial Instruments: 

    Futures Contracts* 
     –  
     7,980,694  
     –  
     7,980,694 
  
    Total Other Financial Instruments 
    $–  
    $7,980,694  
    $–  
    $7,980,694 

*The fair value of the Fund’s investment represents the net unrealized
appreciation (depreciation) as of December 31, 2023.

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

See accompanying notes to financial statements.

F-10

2x Long VIX Futures ETF

Schedule of Investments

December 31, 2024

    Shares  
    Value 
  
    SHORT-TERM INVESTMENTS - 28.1% 

    Money Market Funds - 28.1% 

    First American Government Obligations Fund - Class X, 4.41% (a)(b) 
     52,819,184  
    $52,819,184 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $52,819,184) 
        
     52,819,184 

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