Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 13

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 13
---
 whole or in part, and to cancel any or all pending transactions with the Fund. Futures Account Agreements typically provide
that the Fund will remain liable for paying to the relevant FCM, on demand, the amount of any deficiency in a Fund’s account with
that FCM.

The Futures Account Agreement between the Fund
and an FCM generally requires the Fund to indemnify and hold harmless the FCM, its directors, officers, employees, agents and affiliates
(collectively, “indemnified persons”) from and against all claims, damages, losses and costs (including reasonable attorneys’
fees) incurred by the indemnified persons, in connection with: (1) any failure by the Fund to perform its obligations under the Futures
Account Agreement and the FCM’s exercise of its rights and remedies thereunder; (2) any failure by the Fund to comply with applicable
law; (3) any action reasonably taken by the indemnified persons pursuant to the Futures Account Agreement to comply with applicable law;
and (4) any actions taken by the FCM in reliance on instructions, notices and other communications that the FCM and its relevant personnel,
as applicable, reasonably believes to originate from a person authorized to act on behalf of the Fund.

To the extent that the Fund
trades in futures contracts on U.S. exchanges, the assets deposited by the Fund with the FCMs (or another eligible financial institution,
as applicable) as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may be invested only in a
limited range of instruments — principally U.S. government obligations to margin futures and forward contract positions.

Each Fund currently uses each of the following
firms as an FCM: ADM Investor Services, Inc. (“ADMIS”), Advantage Futures LLC (“Advantage”), Marex North America
LLC (“Marex”), StoneX Financial Inc. — FCM, Straits Financial LLC, E D& F Man Capital Markets Inc. and RBC Capital
Markets, LLC (“RBC Capital”). The FCMs used by a Fund may change from time to time. The above discussion relating to an FCM
also would apply to other firms that serve as an FCM to a Fund in the future. Each FCM in its capacity as a registered FCM, serves as
a clearing broker to the Trust and a Fund and certain other funds of the Trust and as such arranges for the execution and clearing of
a Fund’s futures transactions.