Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 13

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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% 
        
     105,670,763 
  
    TOTAL NET ASSETS - 100.0% 
        
    $173,411,286 

Percentages are stated as a percent of net assets. 

  (a) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.  (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 $124,451,291 that is pledged as collateral for futures contracts. 

See accompanying notes to the financial statements.

F-9

2x Long VIX Futures ETF 

Schedule of Futures Contracts 

March 31, 2025 (Unaudited)

  Description  Contracts Purchased   Expiration Date  Notional Value   Value / Unrealized Appreciation (Depreciation)   CBOE Volatility Index   8,804   04/16/2025  $183,035,160   $2,307,094   CBOE Volatility Index   8,003   05/21/2025   163,821,410    8,647,505   Net Unrealized Appreciation (Depreciation)               $10,954,599  

Summary of Fair Value Disclosure as of March
31, 2025 (Unaudited)

2x Long VIX Futures ETF has adopted authoritative
fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.
These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair
value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels
for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active
markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted
prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may