Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 63

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 63
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 have also audited the accompanying statements
of assets and liabilities of -1x Short VIX Futures ETF and 2x Long VIX Futures ETF (the “Funds”), each a series of VS Trust,
including the schedules of investments as of December 31, 2024 and 2023, and the related statements of operations, changes in net assets,
cash flows and the financial highlights for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to
as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Funds as of December 31, 2024 and 2023, and the results of their operations, changes in net assets, cash flows and financial
highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America

Basis for Opinion

These combined financial statements and financial
statements are the responsibility of the management of the Trust’s sponsor. Our responsibility is to express an opinion on the Trust’s
combined financial statements and the Funds’ financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect
to the Trust and the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB. We have served as the auditor of the Trust and the Funds since 2022.

We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined
financial statements and financial statements are free of material misstatement, whether due to error or fraud. The Trust and the Funds
are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our
audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Trust’s and Funds’ internal control over financial reporting. Accordingly, we express
no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the combined financial statements and financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis