Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 10

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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    Other Financial Instruments: 

    Futures Contracts* 
     –  
     (10,010,139) 
     –  
     (10,010,139)
  
    Total Other Financial Instruments 
    $–  
    $(10,010,139) 
    $–  
    $(10,010,139)

*The fair value of the Fund's investment represents the net unrealized
appreciation (depreciation) as of March 31, 2025.

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

See accompanying notes to the financial statements.

F-6

-1x Short VIX Futures ETF

Schedule of Investments

December 31, 2024

     Notional Amount   Contracts   Value   PURCHASED OPTIONS - 0.5%              Call Options - 0.5%              CBOE Volatility Index, Expiration: 02/19/2025; Exercise Price: $28.00 (a)(b)  $24,290,000    14,000   $1,484,000   TOTAL PURCHASED OPTIONS (Cost $1,351,377)             1,484,000  

    Shares  

    SHORT-TERM INVESTMENTS - 37.5% 

    Money Market Funds - 37.5% 

    First American Government Obligations Fund - Class X, 4.41% (c)(d) 
     112,622,682  
     112,622,682 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $112,622,682) 
        
     112,622,682 

    TOTAL INVESTMENTS - 38.0% (Cost $113,974,059) 
        
     114,106,682 
  
    Other Assets in Excess of Liabilities - 62.0% (e) 
        
     186,017,141 
  
    TOTAL NET ASSETS - 100.0% 
        
    $300,123,823 

Percentages are stated as a percent of net assets.

  (a) Exchange-traded.  (b) 100 shares per contract.  (c) The rate shown represents the 7