Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1458

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 1458
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er

Penserra Capital (the “Commodity Sub-Adviser”),
with its principal office at 4 Orinda Way, suite 100-a, Orinda, CA. 94563, serves as the Funds’ Commodity Sub-Adviser pursuant
to a commodity sub-advisory agreement (the “Commodity Sub-Advisory Agreement”). Prior to November 1, 2022, Milliman FRM served
as the Funds’ commodity sub-adviser.

The Commodity Sub-Adviser formed in July 2009.
It provides investment advisory services, specializing in ETF sub-advisory serves. The Commodity Sub-Adviser became an NFA member on
September 20, 2022 and a registered commodity trading adviser on September 20, 2022. Previously, it was an NFA member from March 29,
2017 through May 19, 2018, when its membership was withdrawn, and was a commodity trading advisor from April 13, 2017 through May 19,
2018, when its registration was withdrawn.

The Commodity Sub-Adviser also provides services
as an investment adviser or sub-adviser or CTA, to mutual funds, exchange-traded funds (“ETFs”), unit investment trusts (“UITs”),
funds offered through bank collective investment trusts (“CITs”), and other exchange-traded products (“ETPs”).
The strategy exercised for each product is designed to meet a particular investment goal. In the case of sub-advisory services, the primary
adviser to the fund is usually responsible for the selection of underlying investments for the fund, and the Commodity Sub-Adviser manages
strategies for the various funds’ assets based on the investment goals and objectives as outlined in each of the funds’ offering
documents.

As of December 31, 2024, the Commodity Sub-Adviser
no longer manages the Funds’ assets. The Commodity Sub-Adviser was paid by the Sponsor an annual sub-advisory fee of 0.20% 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 the Commodity Sub-Adviser.

As of September 16, 2024 (the “Effective
Date”), the Sponsor began providing day-to-day portfolio management services to the Funds. Consistent therewith,