Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 14

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 14
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 Each FCM acts as clearing broker for many other funds and individuals. A variety of executing brokers
may execute futures transactions on behalf of the Funds. The executing brokers will give-up all such transactions to an FCM as applicable.
Each FCM is registered as an FCM with the CFTC, is a member of the NFA and a clearing member of the CBOT, CME, NYMEX, or another major
U.S. commodity exchange. No FCM is affiliated with or acts as a supervisor of the Trust, the Funds, the Sponsor, the Commodity Sub-Adviser,
the Trustee, the Administrator, Sub-Administrator, Transfer Agent, or the Custodian. No FCM acts as an underwriter or sponsor of the
offering of the Shares, or has passed upon the merits of participating in this offering or has passed upon the adequacy of this Prospectus
or on the accuracy of the information contained herein. No FCM provides any commodity trading advice regarding a Fund’s trading
activities. Investors should investors should also note that the Sponsor may select additional clearing brokers or replace any FCM as
a Fund’s clearing broker.

Options

An option is a contract that gives the purchaser
of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency,
index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument
to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the
buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of
the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates.
An American style put or call option may be exercised at any time during the option period while a European style put or call option
may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities
exchanges and in the OTC market. Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate
national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on
organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a