Company: SVIX
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075845
Chunk: 332

Company: VS Trust
Filing Date: 2025-08-13
Form: 10-Q
Item: Part II, Item 8
Chunk 332
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F-26

NOTE 4 - AGREEMENTS

Management Fee

SVIX pays the Sponsor a management fee (the “Management
Fee”), monthly in arrears, in an amount equal to 1.35% per annum of its average daily net assets. UVIX pays the Sponsor a
Management Fee, monthly in arrears, in an amount equal to 1.65% per annum of its average daily net assets. “Average daily
net assets” is calculated by dividing the month-end net assets of each Fund by the number of calendar days in such month.

No other Management Fee is paid by the Funds. The
Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that
the Sponsor pays directly.

Prior to September 16, 2024, Penserra Capital Management
LLC (“Penserra”) served as the Funds’ commodity sub-adviser. During the period in which Penserra served as the commodity
sub-adviser, the Sponsor oversaw and paid Penserra an annual sub-advisory fee of 0.20% for its services as commodity sub-adviser, based
on each Fund’s average daily net assets (total assets of the Fund, minus the sum of its accrued liabilities) The Funds did not directly
pay Penserra. 

Non-Recurring Fees and Expenses

Each Fund pays all its non-recurring and unusual
fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected
or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not
currently anticipated obligations of the Funds.

The Administrator, Transfer Agent and Custodian

U.S. Bancorp Fund Services, LLC, doing business
as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, serves as the Fund’s fund
accountant, administrator and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer
agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp and parent company of Fund Services, intends
to serve as the Fund’s custodian pursuant to a custody agreement.

The Marketing Agent

Foreside Fund Services, LLC (the “Marketing
Agent”) serves as the Marketing Agent of the Funds.