Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 346

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 8
Chunk 346
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30, 2025 (Unaudited) and December 31, 2024, each of the Fund’s positions were
as follows:

-1x Short VIX Futures ETF

As of September 30, 2025, SVIX was exposed to inverse
equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s
positions in VIX futures contracts as of September 30, 2025 (Unaudited) and December 31, 2024, which were sensitive to equity market volatility
risk.

    Futures Positions as of September 30, 2025 (Unaudited)
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    10/22/2025 
     (5,431) 
    $17.59  
     1,000  
    $(95,531,290)
  
    CBOE Volatility Index 
    Short 
    11/19/2025 
     (3,620) 
     19.23  
     1,000  
     (69,612,600)

    Futures Positions as of December 31, 2024
  
    Contract 
    Long or Short 
    Expiration Date 
    Contracts Sold  
    Valuation Price  
    Contract Multiplier  
    Notional Amount at Value 
  
    CBOE Volatility Index 
    Short 
    1/22/2025 
     (10,051) 
    $17.48  
     1,000  
    $(175,691,480)
  
    CBOE Volatility Index 
    Short 
    2/19/2025 
     (6,959) 
     17.89  
     1,000  
     (124,496,510)

-9-

The short futures notional values are calculated
by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase
(decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these
contracts will be equal to any such subsequent decreases (increases) in short notional