Company: SVIX
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109885
Chunk: 150

Company: VS Trust
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 150
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Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Under the supervision and with the participation
of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the
Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures
of the Trust and the Funds (as defined in Rules 13a-15€ and 15d-15€ under the Securities Exchange Act of 1934, as amended (the
“1934 Act”)) were effective, as of September 30, 2022, including providing reasonable assurance that information required
to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed,
summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated
and communicated to management, including the principal executive officer and principal financial officer, of the Trust as appropriate
to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s or the
Funds’ internal control over financial reporting that occurred during the quarter ended September 30, 2025 that have materially
affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

Certifications

The certifications by the Principal Executive Officer
and Principal Financial Officer of the Trust required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed
or furnished as exhibits to this Quarterly Report on Form 10-Q, apply both to the Trust taken as a whole and each Fund, and the Principal
Executive Officer and Principal Financial Officer of the Trust are certifying both as to the Trust taken as a whole and each Fund.

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Part II. OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Investments in futures contracts are subject to
current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required
to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund
or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if
implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions