Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 24

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 24
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 a Delivery Versus Payment (“DVP”)
basis, which is the procedure in which the buyer’s payment for securities is due at the time of delivery. Security delivery and
payment are simultaneous. If the Custodian does not receive the cash by the market close on the first Business Day following the purchase
order date (“T+1”), such order may be charged interest for delayed settlement or cancelled. The Sponsor reserves the right
to extend the deadline for the Custodian to receive the cash required for settlement up to the second Business Day following the purchase
order date (“T+2”). In the event a purchase order is 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. At its sole discretion, the
Sponsor may agree to a delivery date other than T+2. Additional fees may apply for special settlement. The Creation Unit will be delivered
to the Authorized Participant upon the Custodian’s receipt of the purchase amount.

Delivery of Exchange of Futures Contract for Related Position (“EFCRP”)
Futures Contracts or Block Trades

In the event that the Sponsor shall have determined
to permit the Authorized Participant to transfer futures contracts pursuant to an EFCRP or to engage in a block trade purchase of futures
contracts from the Authorized Participant with respect to a Fund, as well as to deliver cash, in the creation process, futures contracts
required for settlement must be transferred directly to the Fund’s account at its FCM. If the cash is not received by the market
close on the second Business Day following the purchase order date (T+2); such order may be charged interest for delayed settlements
or cancelled. In the event a purchase order is 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. At its sole discretion, the Sponsor may agree
to a delivery date other than T+2. The Creation Unit will be delivered to the Authorized Participant upon the Custodian’s receipt
of the cash purchase amount and the futures contracts.

Suspension or Rejection of Purchase Orders

The Sponsor may, in its discretion, suspend the
right to purchase, or postpone the purchase 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