Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1209

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9A
Chunk 1209
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 or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

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Management, including the principal executive
officer and principal financial officer of the Trust, assessed the effectiveness of the Trust’s and the Funds’ internal control
over financial reporting as of December 31, 2024. Their assessment included an evaluation of the design of the Trust’s and the
Funds’ internal control over financial reporting and testing of the operational effectiveness of their internal control over financial
reporting. In making its assessment, the Trust’s management has utilized the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) in its report entitled Internal Control – Integrated Framework (2013). Based
on their assessment and those criteria, management, including the principal executive officer and principal financial officer of the
Trust, concluded that the Trust’s and the Funds’ internal control over financial reporting was effective as of December 31,
2024.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s or
the Funds’ internal control over financial reporting that occurred during the year ended December 31, 2024 that have materially
affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

Certifications

The certifications by the Principal Executive
Officer and Principal Financial Officer of the Trust required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which
are filed or furnished as exhibits to this Annual Report on Form 10-K, apply both to the Trust taken as a whole and each Fund, and the
Principal Executive Officer and Principal Financial Officer of the Trust are certifying both as to the Trust taken as a whole and each
Fund.

Item 9B. Other Information.

Not applicable.

Item 9C. Disclosure Regarding Jurisdictions that Prevent Inspections.

Not applicable.

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Part III.

Item 10. Directors, Executive Officers and Corporate Governance.

The Sponsor

Volatility Shares LLC, is the Sponsor of the Trust
and the Funds. As noted above, the Sponsor has exclusive management and control of all aspects of the business of the Funds. The Trustee
has no duty or liability to supervise the performance of the Sponsor, nor will the Trustee have