Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 178

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 178
---
 Total Investments 
    $14,917,099  
    $–  
    $–  
    $14,917,099 

    Other Financial Instruments: 

    Futures Contracts* 
     –  
     7,980,694  
     –  
     7,980,694 
  
    Total Other Financial Instruments 
    $–  
    $7,980,694  
    $–  
    $7,980,694 

*The fair value of the Fund’s investment represents the net unrealized
appreciation (depreciation) as of December 31, 2023.

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

See accompanying notes to financial statements.

F-10

2x Long VIX Futures ETF

Schedule of Investments

December 31, 2024

    Shares  
    Value 
  
    SHORT-TERM INVESTMENTS - 28.1% 

    Money Market Funds - 28.1% 

    First American Government Obligations Fund - Class X, 4.41% (a)(b) 
     52,819,184  
    $52,819,184 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $52,819,184) 
        
     52,819,184 

    TOTAL INVESTMENTS - 28.1% (Cost $52,819,184) 
        
     52,819,184 
  
    Other Assets in Excess of Liabilities - 71.9% (c) 
        
     134,892,075 
  
    TOTAL NET ASSETS - 100.0% 
        
    $187,711,259 

Percentages
are stated as a percent of net assets. 

  (a) The rate shown represents the 7-day annualized effective yield as of December 31, 2024.       (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 $130,007,592 that is pledged as collateral for futures contracts. 

F-11

2x Long VIX Futures ETF

Schedule of Futures Contracts

December 31