Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1506

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 1506
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 non-recurring and unusual
fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected
or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are
not currently anticipated obligations of the Funds.

The Administrator, Transfer Agent and Custodian

U.S. Bancorp Fund Services, LLC, doing business
as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, serves as the Fund’s fund
accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer
agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp and parent company of Fund Services, intends
to serve as the Fund’s custodian pursuant to a custody agreement.

F-34

The Marketing Agent

Foreside Fund Services, LLC (the “Marketing
Agent”) serves as the Marketing Agent of the Funds. Its principal duties are: (i) to work with the Transfer Agent to review and
approve orders placed by Authorized Participants and transmitted to the Transfer Agent; (ii) maintain copies of confirmations of Creation
Unit creation and redemption order acceptances; (iii) maintain telephonic, facsimile and/or access to direct computer communications
links with the Transfer Agent; and (iv) review and approve, prior to use, all Trust marketing materials for compliance with applicable
SEC and FINRA advertising rules.

The Marketing Agent retains all marketing materials
separately for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

As compensation for the services it provides,
the Marketing Agent receives a fee from the Funds.

NOTE 5 – OFFERING COSTS

Offering costs will be amortized by the Funds
over a twelve month period on a straight-line basis beginning once the fund commences operations. The Sponsor will not charge its Management
Fee in the first year of operations of a Fund in an amount equal to the offering costs. Normal and expected expenses incurred in connection
with the continuous offering of Shares of a Fund after the commencement of its trading operations will be paid by the Sponsor.

NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS

Each Fund issues and redeems shares from time
to time, but only in one or more Creation Units. A Creation Unit is a block of at least 10