Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 20

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 20
---
ation) as of June 30, 2025.

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

F-13

2x Long VIX Futures ETF

Schedule of Investments

as of 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. 

See accompanying notes to financial statements.

F-14

2x Long
VIX Futures ETF

Schedule
of Open Futures Contracts

as of
December 31, 2024

  Description  Contracts Purchased   Expiration Date  Notional Value   Value / Unrealized Appreciation (Depreciation)   CBOE VIX FUTURE  Feb25   8,706   02/19/2025  $155,750,340   $(984,305)  CBOE VIX FUTURE Jan25   12,575   01/22/2025   219,811,000    9,252,011   Net Unrealized Appreciation (Depreciation)