Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 16

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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IX 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  
    Value 
  
    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-day annualized effective yield as of December 31, 2024.

(d)Fair
value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial
statements, is available from the SEC’s EDGAR database at www.sec.gov.

(e)Includes
cash of $206,471,251 that is pledged as collateral for futures and options contracts.

See accompanying notes to financial statements.

F-10

-1x Short VIX Futures ETF

Schedule of Futures Contracts

December 31, 2024

  Description  Contracts Sold   Expiration Date  Notional Value   Value / Unrealized Appreciation (Depreciation)