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

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 25
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 Fund is closed or when trading is suspended or restricted
on such exchanges in any of the underlying VIX futures contracts; (2) for any period during which an emergency exists as a result of
which the fulfilment of a purchase order is not reasonably practicable; or (3) for such other period as the Sponsor determines to be
necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages
that may result from any such suspension or postponement.

The Sponsor also may reject a purchase order
if:

●It
determines that the purchase order is not in proper form;

●The
Sponsor believes that the purchase order would have adverse tax consequences to the Fund or its shareholders;

●The
order would be illegal; or

●Circumstances
outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Creation Units.

None of the Sponsor, the Administrator, Sub-Administrator
or the Custodian will be liable for the suspension or rejection of any purchase order.

Redemption Procedures

The procedures by which an Authorized Participant
can redeem one or more Creation Units mirror the procedures for the creation of Creation Units. On any Business Day, an Authorized Participant
may place an order with the Marketing Agent to redeem one or more Creation Units. Redemption orders must be received prior to 2:00 p.m.
(Eastern time), or earlier if, for example, the Exchange or other exchange material to the valuation or operation of a Fund closes before
the cut-off time. If a redemption order is received prior to the applicable cut-off time, the day on which the Marketing Agent receives
a valid redemption order is the redemption order date. If the redemption order is received after the applicable cut-off time, the redemption
order date will be the next day. Redemption orders are irrevocable. Individual shareholders may not redeem directly from the Fund.

13

By placing a redemption order, an Authorized
Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the applicable Fund not later
than noon (Eastern Time), on the first Business Day immediately following the redemption order date (T+1). The Sponsor reserves the right
to extend the deadline for a Fund to receive the Creation Units required for settlement up to the second Business Day following the redemption
order date (T+2). By placing a redemption order, and prior to receipt of the redemption proceeds, an