Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 27

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 27
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 amount of the redemption order may be cancelled. The Authorized Participant will be responsible for reimbursing
a Fund for all costs associated with cancelling the order including costs for repositioning the portfolio.

The Sponsor is also authorized to deliver the
redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to a Fund’s DTC account by noon
(Eastern Time), on the second Business Day immediately following the redemption order date if the Authorized Participant has collateralized
its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Sponsor may determine from time
to time.

In the event that the Authorized Participant
shall have requested, and the Sponsor shall have determined to permit the Authorized Participant to receive futures contracts pursuant
to an EFCRP, as well as the cash redemption proceeds, in the redemption process, futures contracts required for settlement shall be transferred
directly from a Fund’s account at its FCM to the account of the Authorized Participant at its FCM.

Suspension or Rejection of Redemption Orders

The Sponsor may, in its discretion, suspend the
right of redemption, or postpone the redemption settlement date, (1) for any period during which any of the Exchange, CBOE, CFE, CME
(including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of a Fund is closed or when trading is suspended
or restricted on such exchanges in any of the underlying VIX futures contracts; (2) for any period during which an emergency exists as
a result of which the redemption distribution is not reasonably practicable; or (3) for such other period as the Sponsor determines to
be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages
that may result from any such suspension or postponement.

14

The Sponsor will reject a redemption order if
the order is not in proper form as described in the form of Authorized Participant Agreement or if the fulfilment of the order might
be unlawful.

Creation and Redemption Transaction Fee

To compensate Foreside Fund Services, LLC for
services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs, an Authorized
Participant may be required to pay a fixed transaction fee to Foreside Fund Services, LLC of up to $500 per order to create or redeem
Creation Units and may pay a variable transaction fee to a Fund of up to 0.