Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 405

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 405
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 Futures Contracts:               Index  Unrealized Depreciation*   -    (5,346,909)  Total fair values of derivative instruments     $1,484,000   $(5,346,909) 

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

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

F-30

Statements of Operations

The effect of derivative instruments on the Statement of Operations
for the year ended December 31, 2024:

     Net Realized Gain (Loss) on Derivatives   -1x Short VIX Futures ETF  Purchased   Short          Option   Futures       Derivatives  Contracts*   Contracts   Total   Index Contracts  $(8,015,082)  $24,472,687   $16,457,605   Total  $(8,015,082)  $24,472,687   $16,457,605  

  2x Long VIX Futures ETF  Purchased   Long          Option   Futures       Derivatives  Contracts*   Contracts   Total   Index Contracts  $         -   $(47,624,517)  $(47,624,517)  Total  $-   $(47,624,517)  $(47,624,517) 

     Net Change in Unrealized Appreciation (Depreciation) on Derivatives   -1x Short VIX Futures ETF  Purchased   Short          Option   Futures       Derivatives  Contracts**   Contracts   Total   Index Contracts  $943,956   $(11,995,820)  (11,051,864)  Total  $943,956   $(11,995,820)  (11,051,864) 

    2x Long V