Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 56

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 56
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 gross negligence or willful misconduct by the Sponsor
Related Parties. The Trust has agreed to indemnify the Sponsor Related Parties against claims, losses or liabilities based on their conduct
relating to the Trust, provided that the conduct resulting in the claims, losses or liabilities for which indemnity is sought
did not constitute gross negligence or willful misconduct and was done in good faith and in a manner reasonably believed to be in the
best interests of the Funds.

Under Delaware law, a beneficial owner of a statutory
trust (such as a shareholder of the Funds) may, under certain circumstances, institute legal action on behalf of himself and all other
similarly situated beneficial owners (a “class action”) to recover damages for violations of fiduciary duties, or on behalf
of a statutory trust (a “derivative action”) to recover damages from a third party where there has been a failure or refusal
to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject to certain legal requirements,
to bring class actions in federal court to enforce their rights under the federal securities laws and the rules and regulations promulgated
thereunder by the SEC. Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests
may be able to recover such losses from the Sponsor where the losses result from a violation by the Sponsor of the anti-fraud provisions
of the federal securities laws.

Under certain circumstances, shareholders also
have the right to institute a reparations proceeding before the CFTC against the Sponsor (a registered commodity pool operator), an FCM,
as well as those of their respective employees who are required to be registered under the CEA, and the rules and regulations promulgated
thereunder. Private rights of action are conferred by the CEA. Investors in futures and in commodity pools may, therefore, invoke the
protections provided thereunder.

The foregoing summary describing in general terms
the remedies available to shareholders under federal law is based on statutes, rules and decisions as of the date of this Prospectus.
As this is a rapidly developing and changing area of the law, shareholders who believe that they may have a legal cause of action against
any of the foregoing parties should consult their own counsel as to their evaluation of the status of the applicable law at such time.

Code of Ethics

The Trust has adopted a code of ethics (“Code
of Ethics”) that applies to its Principal Executive Officer and Principal Financial Officer. A copy of the Code of Ethics can be