Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 26

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 26
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 Authorized Participant must wire
to the Custodian the non-refundable transaction fee due for the redemption order or any proceeds due will be reduced by the amount of
the fee payable. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may apply for special
settlement.

Upon request of an Authorized Participant made
at the time of a redemption order, the Sponsor at its sole discretion may determine, in addition to delivering redemption proceeds, to
transfer futures contracts to the Authorized Participant pursuant to an EFCRP or to a block trade sale of futures contracts to the Authorized
Participant.

Determination of Redemption Proceeds

The redemption proceeds from a Fund consist of
the cash redemption amount and, if permitted by the Sponsor in its sole discretion with respect to the Fund, an EFCRP or block trade
with the Fund as described in “— Creation and Redemption of Shares” above. The cash redemption amount is equal
to the NAV of the number of Creation Unit(s) of a Fund requested in the Authorized Participant’s redemption order as of the time
of the calculation of the Fund’s NAV on the redemption order date, less transaction fees and any amounts attributable to any applicable
EFCRP or block trade.

Delivery of Redemption Proceeds

The redemption proceeds due from a Fund are delivered
to the Authorized Participant at noon (Eastern Time), on the second Business Day immediately following the redemption order date if,
by such time on such Business Day immediately following the redemption order date, the Fund’s DTC account has been credited with
the Creation Units to be redeemed. A Fund should be credited through: (1) the CNS clearing process of NSCC, as such processes have been
enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a DVP basis. If a Fund’s DTC account
has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent
whole Creation Units are received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent any
remaining whole Creation Units are received if:

(1)the
Sponsor receives the fee applicable to the extension of the redemption distribution date which the Sponsor may, from time to time, determine,
and

(2)the
remaining Creation Units to be redeemed are credited to a Fund’s DTC account by noon (Eastern Time), on such next Business Day.
Any further outstanding