Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 160

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 160
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 (total assets of the Fund, minus the sum of its accrued liabilities). The Funds did not
directly pay the Commodity Sub-Adviser.

As of September 16, 2024 (the “Effective
Date”), the Sponsor began providing day-to-day portfolio management services to the Funds. Consistent therewith, the Sponsor
has terminated Penserra Capital Management LLC as commodity sub-adviser to the Funds and the Commodity Sub-Advisory Agreement by and
between the Sponsor and Penserra Capital Management LLC, also as of the Effective Date. 

The following is a biographical summary of the
business experience of the principals of the Commodity Sub-Adviser. Each of the principals listed below participate in making trading
or operational decisions for the Funds or supervise persons engaged in making trading or operational decisions for the Funds.

Anthony Castelli joined
the Commodity Sub-Adviser in August 2011 and has served as Chief Compliance Officer since August 2011. In that role, he oversees compliance
and risk operations for Commodity Sub-Adviser. Mr. Kelkar was approved as a principal on September 9, 2022.

Dustin Allen Lewellyn
joined the Commodity Sub-Adviser in September 2014 as a Managing Director. In that role he oversees equity and commodity interest
trading. Mr. Lewellyn was approved as a principal on September 9, 2022.

George Madrigal joined the Commodity Sub-Adviser
in August 2009 as President and Chief Operating Officer. In that role, he manages and oversees the operations of the Commodity Sub-Adviser.
He also has served as President of Penserra Securities LLC since December 2007. Mr. Madrigal was approved as a principal on September
9, 2022.

Lee Wilson Geiger joined the Commodity
Sub-Adviser in September 2014 as a Managing Director. In that role, he oversees equity and commodity interest trading. Mr. Lewellyn was
approved as a principal on August 29, 2022, became registered as an associated person on September 20, 2022, and was approved as an NFA
associate member on September 20, 2022.

33

Item 11. Executive Compensation.

The Funds have no employees or directors and are
managed by the Sponsor. None of the officers of the Trust, or the members or officers of the