Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 40

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 netted upon an early termination. The
party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting
agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize
derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition
do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

For financial reporting purposes, the Funds do
not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition.
The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset
under a master netting agreement and the related collateral received or pledged by the Funds as of June 30, 2025 and December 31, 2024.

    Fair Values of Derivative Instruments as of June 30, 2025 (Unaudited)

    Assets  
    Liabilities 
  
    Fund 
    Gross Amounts of Recognized Assets presented 
in the Statements of Financial Condition  
    Gross Amounts Offset
 in the Statements of Financial Condition  
    Net Amounts of Assets presented
 in the Statements of Financial Condition  
    Gross Amounts of Recognized Liabilities presented 
in the Statements of Financial Condition  
    Gross Amounts Offset
 in the Statements of Financial Condition  
    Net Amounts of Liabilities presented 
in the Statements of Financial Condition 
  
    -1x Short VIX Futures ETF 
    $2,370,919  
    $       -  
    $2,370,919  
    $-  
    $       -  
    $- 
  
    2x Long VIX Futures ETF 
     -  
     -  
     -  
     10,640,908  
     -  
     10,640,908 

    Fair Values of Derivative Instruments as of December 31, 2024

    Assets  
    Liabilities 
  
    Fund 
    Gross Amounts of Recognized Assets presented 
in the Statements of Financial Condition  
    Gross Amounts Offset 
in the Statements of Financial Condition  
    Net Amounts of Assets presented 
in the Statements of Financial Condition  
    Gross Amounts of