Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 760

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 760
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 (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-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of December 31, 2024, to provide
reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf
of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules
and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal
financial officer, of the Trust as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial
Reporting

The Trust’s management is responsible for
establishing and maintaining adequate internal control over financial reporting of the Trust and the Funds, as defined in Rules 13a-15(f)
and 15d-15(f) under the 1934 Act. The Trust’s and the Funds’ internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies