Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 30

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 30
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 Expenses

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.

Licensing and Index Calculation Fee

Each Fund pays CBOE a fee to calculate and maintain
the Index. Each Fund pays S&P a fee for the futures data that is based on the VIX and the use of third-party licensor trademarks.

Recurring and Non-Recurring Fees and Expenses

Each Fund pays all of its fees and expenses,
including recurring, non-recurring, routine and unusual fees and expenses.

Selling Commission

Retail investors may purchase and sell Shares
through traditional brokerage accounts. Investors are expected to be charged a customary commission by their brokers in connection with
purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts
for applicable charges. The price at which an Authorized Participant sells a Share may be higher or lower than the price paid by such
Authorized Participant in connection with the creation of such Share in a Creation Unit.

Brokerage Commissions and Fees

Each Fund pays all of its respective brokerage
commissions, including applicable exchange fees, NFA fees and give-up fees, pit brokerage fees and other transaction related fees and
expenses charged in connection with trading activities for the Fund’s investments in CFTC regulated investments. On average, total
charges paid to FCMs are expected to be less than $7.00 per round-turn trade, although brokerage commissions and trading fees are determined
on a contract-by-contract basis. Each Fund bears other transaction costs including the effects of trading spreads and financing costs/fees,
if any, associated with the use of Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high
credit quality short-term fixed-income or similar securities (such as shares of money market funds).

Employees

The Trust has no employees.

Item 1A.