Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 18

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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disaggregation of investment categories.

See accompanying notes to financial statements.

F-11

2x Long VIX Futures ETF

Schedule of Investments

as of June 30, 2025 (Unaudited)

    Shares  
    Value 
  
    SHORT-TERM INVESTMENTS - 24.0% 

    Money Market Funds - 24.0% 

    First American Government Obligations Fund - Class X, 4.25% (a)(b) 
     143,237,062  
    $143,237,062 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $143,237,062) 
        
     143,237,062 

    TOTAL INVESTMENTS - 24.0% (Cost $143,237,062) 
        
     143,237,062 
  
    Other Assets in Excess of Liabilities - 76.0%(c) 
        
     453,752,722 
  
    TOTAL NET ASSETS - 100.0% 
        
    $596,989,784 

Percentages are stated as a percent of net assets.

(a)The rate shown represents the 7-day annualized effective
yield as of June 30, 2025.

(b)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.

(c)Includes cash of $439,703,309 that is pledged as collateral for futures contracts.

F-12

2x Long VIX Futures ETF

Schedule of Futures Contracts

June 30, 2025 (Unaudited)

  Description  Contracts Purchased   Expiration Date  Notional Value   Value / Unrealized Appreciation (Depreciation)   CBOE VIX FUTURE  Aug25   27,511   08/20/2025  $552,145,770   $(15,041,964)  CBOE VIX FUTURE Jul25   34,388   07/16/2025   642,023,960    (63,188,922)  Net Unrealized Appreciation (Depreciation)               $(78,230,886) 

Summary of Fair Value Disclosure as of June