Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 23

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 23
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 internal controls and
information barriers as it determines is appropriate in light of its own regulatory regime.

Authorized Participants may act for their own
accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Creation
Units.

Persons interested in purchasing Creation Units
should contact the Sponsor or the Administrator to obtain the contact information for the Authorized Participants. Shareholders who are
not Authorized Participants are only able to redeem their Shares through an Authorized Participant.

Pursuant to the Authorized Participant Agreement,
the Sponsor agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and
to contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.

The following description of the procedures for
the creation and redemption of Creation Units is only a summary and an investor should refer to the relevant provisions of the Trust
Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and the form of Authorized Participant
Agreement are filed as exhibits to the Registration Statement of which this Prospectus is a part.

Creation Procedures

On any Business Day, an Authorized Participant
may place an order with the Marketing Agent to create one or more Creation Units.

Purchase orders must be placed by 2:00 p.m. (Eastern
time). The cut-off time may be earlier if, for example, the Exchange or other exchange material to the valuation or operation of the
Fund closes before the cut-off time. If a purchase order is received prior to the applicable cut-off time, the day on which the Marketing
Agent receives a valid purchase order is the purchase order date. If the purchase order is received after the applicable cut-off time,
the purchase order date will be the next Business Day. Purchase orders are irrevocable. By placing a purchase order, and prior to delivery
of such Creation Units, an Authorized Participant’s DTC account will be charged the non-refundable transaction fee due for the
purchase order.

12

Determination of Required Payment

The total payment required to create each Creation
Unit is the value of the Creation Unit on the purchase order date plus the applicable transaction fees.

Delivery of Cash

Cash required for settlement will typically be
transferred to the Custodian through: (1) the Continuous Net Settlement (the “CNS”) clearing process of NSCC, as such processes
have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on