Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 39

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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) 
    $           -  
    $5,729,332  
    $5,729,332 
  
    Total 
    $-  
    $(48,304,442) 
    $(48,304,442) 
    $-  
    $5,729,332  
    $5,729,332 

*The amounts disclosed are included in the realized gain (loss)
on investments.

**The amounts disclosed are included in the change in unrealized
appreciation (depreciation) on investments.

F-25

The following table indicates the average volume when in use for the
nine months ended September 30, 2025 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
    $746,272,748 
  
    Average notional value of short futures contracts 
     (255,539,755) 
     - 

The following table indicates the average volume when in use for the
nine months ended September 30, 2024 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of long futures contracts 
    $-  
    $198,579,725 
  
    Average notional value of short futures contracts 
     (180,167,953) 
     - 

The following table indicates the average volume when in use for the
nine months ended September 30, 2025 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of purchased options contracts 
    $24,454,120  
    $- 

The following table indicates the average volume when in use for the
nine months ended September 30, 2024 (Unaudited):

    -1x Short VIX Futures ETF  
    2x Long VIX Futures ETF 
  
    Average notional value of purchased options contracts 
    $45,226,660  
    $- 

F-26

Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements
or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination.