VS Trust

For the period ended Mar 31, 2026. Filed May 12, 2026.

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.

Mar 31, 2026 · Filed May 12, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

2x Long VIX Futures ETF

as of March 31, 2026 (Unaudited)

TOTAL INVESTMENTS - 0.0% (Cost $0) · $ · -
US Bank Money Market Deposit Account – 48.1% (a)	139,054,309
Other Assets in Excess of Liabilities - 51.9% (b)	149,892,605
TOTAL NET ASSETS - 100.0%	$288,946,914

(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 March 31, 2026 was 3.15%.
(b)	Includes cash of $201,645,499 that was pledged as collateral for futures and options contracts.

Description	Contracts Purchased	Expiration Date	Notional Value	Value / Unrealized Appreciation (Depreciation)
CBOE VIX FUTURE Apr26	11,073	04/15/2026	$277,267,920	$17,061,971
CBOE VIX FUTURE May26	12,303	05/19/2026	300,685,320	(1,200,832)
Net Unrealized Appreciation (Depreciation)				$15,861,139

Summary of Fair Value Disclosure as of March 31, 2026 (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 March 31, 2026:

	Level 1	Level 2	Level 3	Total
Assets:
Other Financial Instruments:
Futures Contracts *	$–	$17,061,971	$–	$17,061,971
Total Other Financial Instruments	$–	$17,061,971	$–	$17,061,971
Liabilities:
Other Financial Instruments:
Futures Contracts *	$–	$(1,200,832)	$–	$(1,200,832)
Total Other Financial Instruments	$–	$(1,200,832)	$–	$(1,200,832)

*	The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of March 31, 2026.

as of December 31, 2025 (Unaudited)

TOTAL INVESTMENTS - 0.0% (Cost $0) · $ · -
US Bank Money Market Deposit Account - 18.9% (a)	62,568,088
Other Assets in Excess of Liabilities - 81.1% (b)	268,723,012
TOTAL NET ASSETS - 100.0%	$331,291,100

(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 December 31, 2025 was 3.15%.
(b)	Includes cash of $263,069,326 that was pledged as collateral for futures and options contracts.

as of December 31, 2025

Description	Contracts Purchased	Expiration Date	Notional Value	Value / Unrealized Appreciation (Depreciation)
CBOE VIX FUTURE Jan26	20,732	01/21/2026	$342,699,960	$(52,868,466)
CBOE VIX FUTURE Feb26	17,276	02/18/2026	320,124,280	(7,652,515)
Net Unrealized Appreciation (Depreciation)				$(60,520,981)

Summary of Fair Value Disclosure as of December 31, 2025

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2025:

	Level 1	Level 2	Level 3	Total
Liabilities:
Other Financial Instruments:
Futures Contracts*	$–	$(60,520,981)	$–	$(60,520,981)
Total Other Financial Instruments	$–	$(60,520,981)	$–	$(60,520,981)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2025.

ContentsView on SEC.gov

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