Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 384

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 384
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    $52,819,184 

    Other Financial
    Instruments: 

    Futures
    Contracts* 
     –  
     9,252,011  
     –  
     9,252,011 
  
    Total Other Financial
    Instruments 
    $–  
    $9,252,011  
    $–  
    $9,252,011 

    Liabilities: 

    Other Financial
    Instruments: 

    Futures
    Contracts* 
     – 
     (984,305) 
     –  
     (984,305)
  
    Total Other Financial
    Instruments 
    $– 
    $(984,305) 
    $–  
    $(984,305)

*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.

F-12

2x Long VIX Futures ETF

Schedule of Investments

December 31, 2023

    Shares  
    Value 
  
    SHORT-TERM INVESTMENTS – 11.50% 

    Money Market Funds – 11.50% 

    First American Government Obligations Fund - Class X, 5.28% (a) 
     8,009,153  
    $8,009,153 
  
    TOTAL SHORT-TERM INVESTMENTS (Cost $8,009,153) 
        
     8,009,153 

    TOTAL INVESTMENTS – 11.50% (Cost $8,009,153) 
        
     8,009,153 
  
    Other Assets in Excess of Liabilities – 88.50% (b) 
        
     61,655,843 
  
    TOTAL NET ASSETS - 100.0% 
        
    $69,664,996 

Percentages are stated as a percent of net assets.

(a)Represents annualized seven-day yield at December 31, 2023.

(b)$61,750,311 of cash is pledged as collateral for futures contracts.

F-13

2x Long VIX Futures ETF

Schedule of Futures Contracts

December 31, 2023

  Description  Contracts Purchased   Expiration