Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 864

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 864
---
 an FCM,
as well as those of their respective employees who are required to be registered under the CEA, and the rules and regulations promulgated
thereunder. Private rights of action are conferred by the CEA. Investors in futures and in commodity pools may, therefore, invoke the
protections provided thereunder.

The foregoing summary describing in general terms
the remedies available to shareholders under federal law is based on statutes, rules and decisions as of the date of this Prospectus.
As this is a rapidly developing and changing area of the law, shareholders who believe that they may have a legal cause of action against
any of the foregoing parties should consult their own counsel as to their evaluation of the status of the applicable law at such time.

Code of Ethics

The Trust has adopted a code of ethics (“Code
of Ethics”) that applies to its Principal Executive Officer and Principal Financial Officer. A copy of the Code of Ethics can be
obtained, without charge, upon written request to the Sponsor at the following address: VolatilityShares LLC, Attn: Chief Compliance
Officer, 2000 PGA Boulevard, Suite 4440, Palm Beach Gardens, FL 33408.

32

The Commodity Sub-Adviser

Penserra Capital (the “Commodity Sub-Adviser”),
with its principal office at 4 Orinda Way, suite 100-a, Orinda, CA. 94563, serves as the Funds’ Commodity Sub-Adviser pursuant
to a commodity sub-advisory agreement (the “Commodity Sub-Advisory Agreement”). Prior to November 1, 2022, Milliman FRM served
as the Funds’ commodity sub-adviser.

The Commodity Sub-Adviser formed in July 2009.
It provides investment advisory services, specializing in ETF sub-advisory serves. The Commodity Sub-Adviser became an NFA member on
September 20, 2022 and a registered commodity trading adviser on September 20, 2022. Previously, it was an NFA member from March 29,
2017 through May 19, 2018, when its membership was withdrawn, and was a commodity trading advisor from April 13, 2017 through May 19,
2018, when its registration was withdrawn.

The Commodity Sub-Adviser also provides services
as an investment adviser or sub-adviser or CTA, to mutual funds, exchange-tr