Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 62

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 62
---
 2020

    ***
    Incorporated by reference
    to the Trust’s Registration Statement, filed on September, 26, 2022.

    ****
    Included herewith.

Item 16. Form 10-K Summary.

Not applicable.

35

Signatures

Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

VS TRUST

    /s/
    Justin Young

    By:
    Justin Young

    Principal Executive Officer

    Date: March 28, 2025

    /s/
    Justin Young

    By:
    Justin Young

    Principal Financial and Accounting Officer

    Date: March 28, 2025

36

VS TRUST

Financial Statements as of December 31, 2024
and December 31, 2023 

Index

  Documents   Page  Report of Independent Registered Public Accounting Firm (PCAOB number: 238)   F-2  Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity and Statements of Cash Flows:   F-3 - F-6  -1x Short VIX Futures ETF   F-7  2x Long VIX Futures ETF   F-11  Combined VS Trust   F-15  Notes to Financial Statements   F-23 

F-1

  taitweller.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To Management of the Trust’s Sponsor of

VS Trust

Opinion on the Financial Statements

We have audited the accompanying combined statements
of assets and liabilities of VS Trust as of December 31, 2024 and 2023, and the related combined statements of operations, changes in
net assets, and cash flows for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the “combined
financial statements”). In our opinion, the combined financial statements present fairly, in all material respects, the combined
financial position of the Trust as of December 31, 2024 and 2023, and the results of their combined operations, combined changes in net
assets, and combined cash flows for the periods stated above, in conformity with accounting principles generally accepted in the United
States of America

We