Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1505

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 1505
---
 $         -  
    $         -  
    $(3,655,035)
  
    2x Long VIX Futures ETF 
     4,152,478  
     -  
     -  
     4,152,478 

    Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2023
  
    Fund 
    Amounts of  Recognized  Assets / (Liabilities)  presented in the  Statements of  Financial  Condition  
    Financial Instruments for
    the Benefit  of (the Funds) /
 the Counterparties  
    Cash  Collateral for  the Benefit of (the Funds) / the  Counterparties  
    Net Amount 
  
    -1x Short VIX Futures ETF 
    $(204,703) 
    $        -  
    $        -  
    $(204,703)
  
    2x Long VIX Futures ETF 
     148,593  
     -  
     -  
     148,593 

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