Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 12

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s
securities as of December 31, 2024:

    Level 1  
    Level 2  
    Level 3  
    Total 
  
    Assets: 

    Investments: 

    Purchased Options 
    $1,484,000  
    $–  
    $–  
    $1,484,000 
  
    Money Market Funds 
     112,622,682  
     –  
     –  
     112,622,682 
  
    Total Investments 
    $114,106,682  
    $–  
    $–  
    $114,106,682 

    Liabilities: 

    Other Financial Instruments: 

    Futures Contracts* 
     –  
     (5,346,909) 
     –  
     (5,346,909)
  
    Total Other Financial Instruments 
    $–  
    $(5,346,909) 
    $–  
    $(5,346,909)

*The
fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.

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

See accompanying notes to the financial statements.

F-8

2x Long VIX Futures ETF

Schedule of Investments

March 31, 2025 (Unaudited)

    Shares   
    Value 
  
    SHORT-TERM INVESTMENTS - 39.1% 

    Money Market Funds - 39.1% 

    First American Government Obligations Fund - Class X, 4.27% (a)(b) 
     67,740,523  
    $67,740,523 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $67,740,523) 
        
     67,740,523 

    TOTAL INVESTMENTS - 39.1% (Cost $67,740,523) 
        
     67,740,523 
  
    Other Assets in Excess of Liabilities - 60.9