Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 885

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 885
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 or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit
risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or
liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions
a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of
the Fund’s securities as of December 31, 2024:

    Level
    1  
    Level
    2  
    Level
    3  
    Total 
  
    Assets: 

    Investments: 

    Money
    Market Funds 
    $52,819,184  
    $–  
    $–  
    $52,819,184 
  
    Total Investments 
    $52,819,184  
    $–  
    $–  
    $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