Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 333

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 333
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 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.

F-27

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 10,000 Shares of a Fund. Creation Units may be created
or redeemed only by Authorized Participants.

Except when aggregated in Creation Units, the Shares
are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with
a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some
of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases
and redemptions is not relevant to retail investors.

Transaction Fees on Creation and Redemption Transactions

The manner by which Creation Units are purchased
or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing
a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its
sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant