Company: SVIX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044385
Chunk: 18

Company: VS Trust
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 financial statements
were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations
of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting
only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made.
Interim period results are not necessarily indicative of results for a full-year period.

F-13

Emerging growth company

The Trust is an “emerging growth company,”
as defined in the Jumpstart Our Business Startups Act of 2012. It will remain an emerging growth company until the earlier of (1) the
beginning of the first fiscal year following the fifth anniversary of its initial public offering, (2) the beginning of the first fiscal
year after annual gross revenue is $1.235 billion (subject to adjustment for inflation) or more, (3) the date on which the Fund has, during
the previous three-year 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