Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 72

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 72
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 longer periods. Each Fund may also invest in swaps if the market for a specific futures contract experiences emergencies ( e.g., natural disaster, terrorist attack or an act of God) or disruptions ( e.g., a trading halt or a flash crash) or in situations where the Sponsor deems it impractical or inadvisable to buy or sell futures contracts (such as during periods of market volatility or illiquidity). Each Fund also may hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short -termfixed -incomeor similar securities (such as shares of money market funds) as collateral for Financial Instruments and pending investment in Financial Instruments. Each Fund also may invest in long or short positions in pooled investment vehicles that have investment objectives similar to that of a Fund, including investment companies registered under the Investment Company Act of 1940 or exchange -tradedinvestment products whose shares are registered under the Securities Act of 1933. Neither Fund is actively managed by traditional methods ( e.g.,by effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market conditions with a view toward obtaining positive results under all market conditions). Each Fund seeks to remain fully invested at all times in Financial Instruments and money market instruments that, in combination, provide exposure to the Index consistent with its investment objective without regard to market conditions, trends or direction. Each Fund seeks to position its portfolio so that its exposure to its Benchmark is consistent with its investment objective. The time and manner in which the Fund rebalances its portfolio is defined by the Index methodology but may vary from day to day depending upon market conditions and other circumstances, deemed at the discretion of the Sponsor, beneficial at tracking the Benchmark, or beneficial to the Fund holders. The amount of exposure a Fund has to a specific combination of Financial Instruments may differ and may be changed without shareholder approval at any given time. Currently, SVIX seeks to be, under normal market conditions and absent any unforeseen circumstances, fully exposed to short positions in short -termVIX futures contracts, and UVIX seeks to be, under normal market conditions and absent any unforeseen circumstances, fully exposed to long positions in short -termVIX futures contracts. To the extent that any options or swap transaction entered into by a Fund are believed by the Fund to be “securities” under the Investment Company Act of 1940, the Fund will limit its investments in such transactions so that such investments, in combination, will not exceed 40 percent of the