Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1534

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 1534
---
Item 11. Executive Compensation.

The Funds have no employees or directors and are
managed by the Sponsor. None of the officers of the Trust, or the members or officers of the Sponsor receive compensation from the Funds.

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.

For the years ended December 31, 2024 and December
31, 2023, the following represents Management Fees earned by the Sponsor:

    Amount 

    Year Ended December 31, 
  
    Fund 
    2024  
    2023 
  
    -1x Short VIX Futures ETF 
    $3,149,545  
    $1,180,598 
  
    2x Long VIX Futures ETF 
     1,833,654  
     1,618,811 

Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.

Not applicable.

Item 13. Certain Relationships and Related Transactions, and Director
Independence.

Not applicable.

Item 14. Principal Accounting Fees and Services.

    (1)
    to (4). Fees for services
    performed by Tait, Weller & Baker, LLP (“Tait Weller”) and PricewaterhouseCoopers LLP (PwC) for the years ended December
    31, 2024 and December 31, 2023 were as follows:

    Year Ended December 31,  2024  
    Year Ended December 31,  2023 
  
    -1x Short VIX Futures ETF 

    Audit Fees 
    $18,037  
    $18,002 
  
    Tax Fees 
     197,759  
     111,420 

    $215,796  
    $129,422 
  
    2x