Company: SVIX
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004207
Chunk: 565

Company: VS Trust
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 565
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 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
obtained, without charge, upon written request to the Sponsor at the following address: VolatilityShares LLC, Attn: Chief Compliance
Officer, 2000 PGA Boulevard, Suite 4440, Palm Beach Gardens, FL 33408.

32

The Commodity Sub-Adviser

Penserra Capital (the “Commodity Sub-Adviser”),
with its principal office at 4 Orinda Way, suite 100-a, Orinda, CA. 94563, serves as the Funds’ Commodity Sub-Adviser pursuant
to a commodity sub-advisory agreement (the “Commodity Sub-Advisory Agreement”). Prior to November 1, 2022, Milliman FRM served
as the Funds’ commodity sub-adviser.

The Commodity Sub-Adviser formed in July 2009.
It provides investment advisory services, specializing in ETF sub-advisory serves. The Commodity Sub-Adviser became an NFA member on
September 20, 2022 and a registered commodity trading adviser on September 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2017 through May 19, 2018, when its membership was withdrawn, and was a commodity trading advisor from April 13, 2017 through May 19,
2018, when its registration was withdrawn.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