Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 859

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 859
---
 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.

29

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 any liability for the acts or omissions
of the Sponsor.

As of December 31, 2024, the Sponsor serves as
the Trust’s commodity pool operator. Specifically, with respect to the Trust, the Sponsor:

    ●
    Manages and directs the Funds’ portfolio of Financial
    Instruments and other assets, including cash and cash equivalents;

    ●
    selects the Funds’ service providers;

    ●
    negotiates various agreements and fees;

    ●
    performs such other services as the Sponsor believes
    that the Trust may require from time to time;

    ●
    selects the FCM and Financial Instrument counterparties,
    if any; and

    ●
    Oversees the Commodity
    Sub-Adviser’s management of the Funds’ portfolio of Financial Instruments and other assets, including cash equivalents.

The Shares are not deposits or other obligations
of the