Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 22

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 22
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 Fund to obtain a futures position without going through
the market auction system and can generally be viewed as a transaction beneficial to the Fund.

Authorized Participants pay a fixed transaction
fee of up to $500 in connection with each order to create or redeem a Creation Unit in order to compensate the Administrator, Sub-Administrator,
the Custodian and the Transfer Agent of a Fund and its Shares, for services in processing the creation and redemption of Creation Units
and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction
fee to the Fund of up to 0.20% of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or
otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver
or adjustment of the transaction fee. The Sponsor may waive a fixed or variable transaction fee for any number of reasons, including
to maintain similar costs structures as competitive investment vehicles. Authorized Participants may sell the Shares included in the
Creation Units they purchase from a Fund to other investors.

11

The form of Authorized Participant Agreement
and the related Authorized Participant Procedures Handbook set forth the procedures for the creation and redemption of Creation Units
and for the payment of cash or Financial Instruments required for such creations and redemptions. The Sponsor may delegate its duties
and obligations under the form of Authorized Participant Agreement to the Administrator, Sub-Administrator, the Custodian and the Transfer
Agent without consent from any shareholder or Authorized Participant. The form of Authorized Participant Agreement, the related procedures
attached thereto and the Authorized Participant Procedures Handbook may be amended by the Sponsor without the consent of any shareholder
or Authorized Participant. Authorized Participants who purchase Creation Units from a Fund receive no fees, commissions or other form
of compensation or inducement of any kind from either the Sponsor or the Fund, and no such person has any obligation or responsibility
to the Sponsor or the Fund to effect any sale or resale of Shares.

Each Authorized Participant must be registered
as a broker-dealer under the 1934 Act and regulated by the Financial Industry Regulatory Authority, Inc. (“FINRA”), or exempt
from being, or otherwise not required to be, so regulated or registered, and must be qualified to act as a broker or dealer in the states
or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may be regulated under federal and
state banking laws and regulations. Each Authorized Participant must have its own set of rules and procedures,