Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1637

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1637
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 period, issued more than $1.0 billion in non-convertible debt securities and (4) as of the end of any
fiscal year in which the market value of common equity held by non-affiliates exceeded $700 million as of the end of the second quarter
of that fiscal year.

For as long as the Trust remains an “emerging
growth company,” it may take advantage of certain exemptions from the various reporting requirements that are applicable to public
companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and
financial statements in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote to approve executive compensation and shareholder approval of any golden parachute payments not previously approved. The Trust will
take advantage of these reporting exemptions until it is no longer an “emerging growth company.”

Use of Estimates & Indemnifications

The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust enters
into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under
these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the SEC,
these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable
only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of
each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase
of Shares in that Fund.

Statements of Cash Flows

The cash amount shown in the Statements of Cash
Flows is the amount reported as cash in the Statements of Financial Condition dated December 31, 2024 and December 31, 2023, and represents
cash but