Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 34

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 34
---
abilities  Fair Value   Liabilities  Fair Value      Location  As of June 30, 2025 (Unaudited)   Location  As of December 31, 2024   -1x Short VIX Futures ETF     Assets   Liabilities      Assets   Liabilities   Purchased Option Contracts:                        Index  Investments, at value  $1,274,000   $         -   Investments, at value  $1,484,000   $-   Short Futures Contracts:                            Index  Unrealized Appreciation*   14,817,136    -   Unrealized Appreciation*        (5,346,909)  Total fair values of derivative instruments     $16,091,136   $-      $1,484,000   $(5,346,909) 

F-21

  2x Long VIX Futures ETF     Assets   Liabilities      Assets   Liabilities   Long Futures Contracts:                        Index  Unrealized Appreciation*  $        -   $(78,230,886)  Unrealized Appreciation*  $9,252,011   $(984,305)  Total fair values of derivative instruments     $-   $(78,230,886)     $9,252,011   $(984,305) 

*Includes
cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation
margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

Statements of Operations

The effect of derivative instruments on the Statement of Operations
for the three months ended June 30, 2025 (Unaudited) and June 30, 2024 (Unaudited):

    Net Realized Gain (Loss) on Derivatives  
    Net Realized Gain (Loss) on Derivatives 

    For the three months ended 
June 30, 2025 (Unaudited)  
    For the three months ended 
June 30, 2024 (Unaudited) 

    Purchased  
    Short  
       
    Purchased