Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 311

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 8
Chunk 311
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              Index  Unrealized Appreciation*   4,351,005        Unrealized Appreciation*        (5,346,909)  Total fair values of derivative instruments     $5,242,005   $-      $1,484,000   $(5,346,909) 

  2x Long VIX Futures ETF     Assets   Liabilities      Assets   Liabilities   Long Futures Contracts:                        Index  Unrealized Appreciation*  $       -   $(40,036,736)  Unrealized Appreciation*  $9,252,011   $(984,305)  Total fair values of derivative instruments     $-   $(40,036,736)     $9,252,011   $(984,305) 

*Includes cumulative appreciation (depreciation) of futures contracts
as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Financial Condition
in receivable/payable on open futures.

F-22

Statements of Operations

The effect of derivative instruments on the Statement of Operations for the three months ended September 30, 2025 (Unaudited) and September
30, 2024 (Unaudited):

    Net Realized Gain (Loss) on Derivatives  
    Net Realized Gain (Loss) on Derivatives 

    For the three months ended September 30, 2025 (Unaudited)  
    For the three months ended September 30, 2024 (Unaudited) 
  
    -1x Short VIX Futures ETF 
    Purchased  
    Short  
       
    Purchased  
    Short  

    Option  
    Futures  
       
    Option  
    Futures  

    Derivatives 
    Contracts*  
    Contracts  
    Total  
    Contracts*  
    Contracts  
    Total 
  
    Index Contracts 
    $(2,530,152) 
    $78,088,785  
    $75,558,633  
    $266,733  
    $(28,508,230) 
    $(28,241,497)
  
    Total 
    $(2,530,152) 
    $78,