Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 259

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 259
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traded derivatives at an investment bank); from September 2004
to June 2007 he was Senior Equity Derivatives Trader at Barclays Capital PLC in New York (traded derivatives at a broker-dealer);
and from August 2001 to September 2004 he was Equity Derivatives Trader at Barclays Capital PLC in London.

Chang Kim holds a BA in Film Studies from
Yale University. From January 2021 to December 2021, he served as the CEO of The Library Shop, Inc. (overseeing operations at an e-commerce business);
from September 2009 to December 2020, he served as a Portfolio Manager and the COO at Global X Management Company LLC (overseeing operations
at an ETF sponsor).

Charles Lowery holds a BS in Business Administration
from Georgetown University. From March 2017 to April 2023, he was Director of ETF Portfolio Management at Milliman Financial Risk Management
LLC (overseeing portfolio management and operations at an ETF sponsor); and from October 2006 to July 2016, he was a portfolio manager
at ProShare Advisors LLC (managing trading and portfolio management for ETFs).

Manzone LLC became a Principal of the Sponsor
on February 11, 2021. Manzone LLC has a passive ownership interest in the Sponsor and exercises no management authority over the Funds.

31

Duties of the Sponsor and Indemnification

The general fiduciary duties which would otherwise
be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to the strict prohibition
imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), are replaced
by the terms of the Trust Agreement (to which terms all shareholders, by subscribing to the Shares, are deemed to consent).

The Trust Agreement provides that the Sponsor
and its affiliates shall have no liability to the Trust or to any shareholder for any loss suffered by the Trust arising out of any action
or inaction of the Sponsor or its affiliates or their respective directors, officers, shareholders, partners, members, managers or employees
(the “Sponsor Related Parties”), if the Sponsor Related Parties, in good faith, determined that such course of conduct was
in the best interests of the Funds and such course of conduct did not constitute gross negligence or willful misconduct by the Sponsor
Related Parties. The Trust has agreed to indemnify the Sponsor Related Parties