Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1392

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9C
Chunk 1392
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    First American Government Obligations Fund - Class X, 4.41% (c)(d) 
     112,622,682  
     112,622,682 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $112,622,682) 
        
     112,622,682 

    TOTAL INVESTMENTS - 38.0% (Cost $113,974,059) 
        
     114,106,682 
  
    Other Assets in Excess of Liabilities - 62.0% (e) 
        
     186,017,141 
  
    TOTAL NET ASSETS - 100.0% 
        
    $300,123,823 

Percentages are stated as
a percent of net assets.

  (a) Exchange-traded.       (b) 100 shares per contract.       (c) The rate shown represents the 7-day annualized effective yield as of December 31, 2024.       (d) 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.       (e)  Includes cash of $206,471,251 that is pledged as collateral for options and futures contracts. 

F-7

-1x Short VIX Futures ETF

Schedule of Futures Contracts

December 31, 2024

  Description  Contracts 
Sold   Expiration 
Date  Notional 
Value   Value / 
Unrealized 
Appreciation 
(Depreciation)    CBOE VIX FUTURE Feb25   (6,959)  02/19/2025  $124,496,510   $(919,561)   CBOE VIX FUTURE Jan25   (10,051)  01/22/2025   175,691,480    (4,427,348)  Net Unrealized Appreciation (Depreciation)               $(5,346,909) 

Summary of Fair Value Disclosure as of December
31, 2024

-1x Short VIX Futures ETF has adopted authoritative
fair value accounting standards which establish an authoritative definition of fair value and set