Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 18

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
---
     -  
     -  
     112,622,682 
  
    Total Investments 
    $114,106,682  
    $-  
    $-  
    $114,106,682 

    Liabilities: 

    Other Financial Instruments: 

    Futures Contracts* 
     -  
     (5,346,909) 
     -  
     (5,346,909)
  
    Total Other Financial Instruments 
    $-  
    $(5,346,909) 
    $-  
    $(5,346,909)

*The
fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2024.

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

See accompanying notes to financial statements.

F-11

2x Long VIX Futures ETF

Schedule of Investments

September 30, 2025 (Unaudited)

    TOTAL INVESTMENTS - 0.0% (Cost $0) 
    $-- 
  
    Money Market Deposit Account - 22.7% (a) 
     121,053,223 
  
    Other Assets in Excess of Liabilities - 77.3%(b) 
     413,133,686 
  
    TOTAL NET ASSETS - 100.0% 
    $534,186,909 

Percentages are stated as a percent of net assets.

(a)The
U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA
will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September
30, 2025 was 3.06%.

(b)Includes cash of $413,840,389 that is pledged as collateral
for futures contracts.

F-12

2x Long VIX Futures ETF

Schedule of Futures Contracts

September 30, 2025 (Unaudited)

  Description  Contracts Purchased   Expiration Date  Notional Value   Value / Unrealized Appreciation (Depreciation)   CBOE VIX FUTURE Oct 25   35,137   10/22/2025  $618,059,830   $(35,090,702)