Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 15

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
 - Unobservable inputs for the asset or
liability, to the extent relevant 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 based on the best information available.

The following is a summary of the fair valuation
hierarchy of the Fund’s securities as of June 30, 2025:

    Level 1  
    Level 2  
    Level 3  
    Total 
  
    Assets: 

    Investments: 

    Purchased Options 
     1,274,000  
     -  
     -  
     1,274,000 
  
    Money Market Funds 
     88,488,565  
     -  
     -  
     88,488,565 
  
    Total Investments 
     89,762,565  
     -  
     -  
     89,762,565 

    Other Financial Instruments: 

    Futures Contracts* 
     -  
     14,817,136  
     -  
     14,817,136 
  
    Total Other Financial Instruments 
     -  
     14,817,136  
     -  
     14,817,136 

*The fair value of the Fund’s investment represents the unrealized
appreciation (depreciation) as of June 30, 2025.

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

F-9

-1x Short VIX Futures ETF

Schedule of Investments

December 31, 2024

     Notional Amount   Contracts   Value   PURCHASED OPTIONS - 0.5%              Call Options - 0.5%          CBOE Volatility Index, Expiration: 02/19/2025; Exercise Price: $28.00 (a)(b)  $24,290,000    14,000   $1,484,000   TOTAL PURCHASED OPTIONS (Cost $1,351,377)             1,484,000 

    Shares  
    Value 
  
    SHORT-TERM INVESTMENTS - 37.5% 

    Money Market Funds - 37.5%