VS Trust

For the period ended Sep 30, 2025. Filed Nov 13, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 13, 2025

SVIX$22.97+13.3%Stored close · as of Nov 9, 2026

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Contents

2x Long VIX Futures ETF

TOTAL INVESTMENTS - 0.0% (Cost $0) · $ · --
Money Market Deposit Account - 22.7% (a)	121,053,223
Other Assets in Excess of Liabilities - 77.3%(b)	413,133,686
TOTAL NET ASSETS - 100.0%	$534,186,909

(a)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.

(b)	Includes cash of $413,840,389 that is pledged as collateral for futures contracts.

Description	Contracts Purchased	Expiration Date	Notional Value	Value / Unrealized Appreciation (Depreciation)
CBOE VIX FUTURE Oct 25	35,137	10/22/2025	$618,059,830	$(35,090,702)
CBOE VIX FUTURE Nov 25	23,424	11/19/2025	450,443,520	(4,946,034)
Net Unrealized Appreciation (Depreciation)				$(40,036,736)

Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

2x Long VIX Futures ETF (the “Fund”) has adopted fair value accounting standards which establish a 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 valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:

	Level 1	Level 2	Level 3	Total
Liabilities:
Other Financial Instruments:
Futures Contracts*	$–	$(40,036,736)	$–	$(40,036,736)
Total Other Financial Instruments	$–	$(40,036,736)	$–	$(40,036,736)

*	The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of September 30, 2025.

as of December 31, 2024

	Shares	Value
SHORT-TERM INVESTMENTS - 28.1%
Money Market Funds - 28.1%
First American Government Obligations Fund - Class X, 4.41% (a)(b)	52,819,184	$52,819,184
TOTAL SHORT-TERM INVESTMENTS (Cost $52,819,184)		52,819,184
TOTAL INVESTMENTS - 28.1% (Cost $52,819,184)		52,819,184
Other Assets in Excess of Liabilities - 71.9% (c)		134,892,075
TOTAL NET ASSETS - 100.0%		$187,711,259

(a)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(c)	Includes cash of $130,007,592 that is pledged as collateral for futures contracts.

as of December 31, 2024

Description	Contracts Purchased	Expiration Date	Notional Value	Value / Unrealized Appreciation (Depreciation)
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.

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.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.