Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 17

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 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: 

    Purchased Options 
    $1,484,000  
    $   -  
    $    -  
    $1,484,000 
  
    Money Market Funds 
     112,622,682  
     -  
     -  
     112,622,682 
  
    Total Investments 
    $114,106,682  
    $-  
    $-  
    $114,106,682 

    Liabilities: 

    Other Financial Instruments: 

    Futures Contracts* 
     -  
     (5,346,909) 
     -  
     (5,346,909)
  
    Total Other Financial Instruments 
    $-  
    $(5,346,909) 
    $-  
    $(5,346,909)

*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