VS Trust
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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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.
Jun 30, 2026 · Filed Aug 14, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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-1x Short VIX Futures ETF
| Notional Amount | Contracts | Value | |
|---|---|---|---|
| PURCHASED OPTIONS - 0.2% (a) | |||
| Call Options - 0.2% | |||
| Cboe Volatility Index, Expiration: 08/19/2026; Exercise Price: $32.00 (b)(c) | $8,883,000 | 5,400 | $426,600 |
| TOTAL PURCHASED OPTIONS (Cost $440,245) | 426,600 | ||
| TOTAL INVESTMENTS – 0.2% (Cost $440,245) | 426,600 | ||
| US Bank Money Market Deposit Account – 30.3% (d) | 60,646,726 | ||
| Other Assets in Excess of Liabilities - 69.5% (e) | 139,268,646 | ||
| TOTAL NET ASSETS - 100.0% | $200,341,972 | ||
| (a) | Non-income producing security. |
|---|---|
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | 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 June 30, 2026 was 3.15%. |
| (e) | Includes cash of 139,185,626 that was pledged as collateral for futures and options contracts. |
| Description | Contracts Sold | Expiration Date | Notional Value | Value / Unrealized Appreciation (Depreciation) |
|---|---|---|---|---|
| Cboe Volatility Index Jul26 | (6,658) | 07/22/2026 | $119,377,940 | $10,428,749 |
| Cboe Volatility Index Aug26 | (4,280) | 08/19/2026 | 80,977,600 | 3,336,980 |
| Net Unrealized Appreciation (Depreciation) | $13,765,729 | |||
Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
-1x Short 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 June 30, 2026:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Investments: | ||||
| Purchased Options | $426,600 | $– | $– | $426,600 |
| Total Investments | $426,600 | $– | $– | $426,600 |
| Other Financial Instruments: | ||||
| Futures Contracts * | $– | $13,765,729 | $– | $13,765,729 |
| Total Other Financial Instruments | $– | $13,765,729 | $– | $13,765,729 |
| * | The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of June 30, 2026. |
|---|
December 31, 2025 (Unaudited)
| Notional Amount | Contracts | Value | |
|---|---|---|---|
| PURCHASED OPTIONS - 0.5% (a) | |||
| Call Options - 0.5% | |||
| Cboe Volatility Index, Expiration: 02/18/2026; Exercise Price: $28.00 | $13,455,000 | 9,000 | $891,000 |
| TOTAL PURCHASED OPTIONS (Cost $787,742) | 891,000 | ||
| TOTAL INVESTMENTS - 0.5% (Cost $787,742) | 891,000 | ||
| US Bank Money Market Deposit Account, 29.3% (d)(e) | 62,207,349 | ||
| Other Assets in Excess of Liabilities - 70.2% | 148,932,951 | ||
| TOTAL NET ASSETS - 100.0% | $212,031,300 | ||
| (a) | Non-income producing security. |
|---|---|
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | 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%. |
| (e) | Includes cash of $154,886,352 that was pledged as collateral for futures and options contracts. |
December 31, 2025 (Unaudited)
| Description · Contracts Sold · Expiration Date · Notional Value · Value / Unrealized Appreciation (Depreciation) | |||||
|---|---|---|---|---|---|
| Cboe VIX FUTURES Jan26 | (6,632) | 01/21/2026 | $109,626,960 | $15,094,491 | |
| Cboe VIX FUTURES Feb26 | (5,526) | 02/18/2026 | 102,396,780 | 2,169,843 | |
| Net Unrealized Appreciation (Depreciation) | $17,264,334 | ||||
Summary of Fair Value Disclosure as of December 31, 2025
-1x Short 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.
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, 2025:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Investments: | ||||
| Purchased Options | $891,000 | $– | $– | $891,000 |
| Total Investments | $891,000 | $– | $– | $891,000 |
| Other Financial Instruments: | ||||
| Futures Contracts* | $– | $17,264,334 | $– | $17,264,334 |
| Total Other Financial Instruments | $– | $17,264,334 | $– | $17,264,334 |
| * | The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of December 31, 2025. |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.