Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1426

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9C
Chunk 1426
---
to time, but only in one or more Creation Units. A Creation Unit is a block of at least 10,000 Shares of a Fund. Creation Units may be
created or redeemed only by Authorized Participants.

Except when aggregated in Creation Units, the
Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from
or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus,
some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on
purchases and redemptions is not relevant to retail investors.

Transaction Fees on Creation and Redemption Transactions

The manner by which Creation Units are purchased
or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing
a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its
sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund
whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near
the closing settlement price for such contracts on the purchase order date.

Authorized Participants may pay a fee up to 0.03%
of the value of each order they place with each order to create or redeem a Creation Unit in order to compensate the Administrator, the
Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units
and to offset the costs of increasing or decreasing derivative positions, unless the transaction fee is waived or otherwise adjusted
by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the
transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors
in the secondary market.

Transaction Fees for the year ended December 31, 2024 and
the period ended December 31, 2023:

    Fund 
    Year Ended  December 31,  2024  
    Period Ended  December 31, 2023 
  
    -1x Short VIX Futures ETF 
    $446,439  
    $176,715 
  
    2x Long VIX Futures ETF 
     400,240  
     215