Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1041

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 1041
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 30,349,038  
     (31,752,149)
  
    Net increase (decrease) in net asset value per share 
    $(50.49) 
    $(31.55) 
    $(7.90) 
    $(13.40) 
    $(103.34)

    Three Months Ended (Unaudited)  
    Year Ended 

    March 31, 2023  
    June 30, 2023  
    September 30, 2023  
    December 31, 2023  
    December 31, 2023 
  
    Net investment income (loss) 
    $(394,807) 
    $(359,369) 
    $(230,646) 
    $(189,624) 
    $(1,174,446)
  
    Net realized gain (loss) 
     (43,229,755) 
     (142,872,642) 
     (42,049,000) 
     (48,623,098) 
     (276,774,495)
  
    Net unrealized gain (loss) 
     (6,212,853) 
     (4,374,661) 
     30,931,703  
     (19,318,285) 
     1,025,904 
  
    Net income (loss) 
    $(49,837,415) 
    $(147,606,672) 
    $(11,347,943) 
    $(68,131,007) 
    $(276,923,037)
  
    Net increase (decrease) in net asset value per share 
    $(1,337.05) 
    $(1,144.32) 
    $(96.80) 
    $(209.71) 
    $(2,787.88)

27

Item 9. Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure.

Not applicable.

Item 9A. 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 the principal executive officer and principal financial
officer have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rules 13a