Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 383

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 383
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 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)               $8,267,706  

Summary of Fair Value Disclosure as of December 31, 2024

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 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  
    $–  
    $–