Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 16

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 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.

See accompanying notes to the financial statements.

F-12

VS Trust

NOTES TO FINANCIAL STATEMENTS

March 31, 2025 (unaudited)

NOTE 1 – ORGANIZATION

VS Trust (the “Trust”) is a Delaware
statutory trust formed on October 24, 2019, and is currently organized into separate series (each, a “Fund” and collectively,
the “Funds”). As of March