Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 1049

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 1049
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 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2017 through May 19, 2018, when its membership was withdrawn, and was a commodity trading advisor from April 13, 2017 through May 19,
2018, when its registration was withdrawn.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, the Sponsor
has terminated Penserra Capital Management LLC as commodity sub-adviser to the Funds and the Commodity Sub-Advisory Agreement by and
between the Sponsor and Penserra Capital Management LLC, also as of the Effective Date. 

The following is a biographical summary of the
business experience of the principals of the Commodity Sub-Adviser. Each of the principals listed below participate in making trading
or operational decisions for the Funds or supervise persons engaged in making trading or operational decisions for the Funds.

Anthony Castelli joined
the Commodity Sub-Adviser in August 2011 and has served as Chief Compliance Officer since August 2011. In that role, he oversees compliance
and risk operations for Commodity Sub-Adviser. Mr. Kelkar was