Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 69

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 volatility risk through its holdings of Financial Instruments.

The tables below provide information about each
Fund’s Financial Instruments. As of June 30, 2025 (Unaudited) and December 31, 2024, each of the Fund’s positions were as
follows:

-1x Short VIX Futures ETF

As of June 30, 2025, SVIX was exposed to inverse
equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s
positions in VIX futures contracts as of June 30, 2025 (Unaudited) and December 31, 2024, which were sensitive to equity market volatility
risk.

    Futures Positions as of June 30, 2025 (Unaudited)

    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    7/16/2025 
     (7,745) 
    $18.67  
     1,000  
    $(144,599,150)
  
    CBOE Volatility Index 
    Short 
    8/20/2025 
     (6,196) 
     20.07  
     1,000  
     (124,353,720)

    Futures Positions as of December 31, 2024

    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    1/22/2025 
     (10,051) 
    $17.48  
     1,000  
    $(175,691,480)
  
    CBOE Volatility Index 
    Short 
    2/19/2025 
     (6,959) 
     17.89  
     1,000  
     (124,496,510)

-7-

The short futures notional values are calculated
by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase
(decrease) proportionally with decreases (increases) in the price of the futures contract. Additional