Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 56

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 56
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 Business Day (t -1). PDR t= Portfolio Daily Returnon any Business Day (t) is determined as follows: Where: CW m 1, t –1= Contract Weight and represents the weighting of the shortest dated monthly VIX Futures Contract ( m1) calculated on any Business Day ( t -1) as follows: Where: RD rem= Roll Days Remainingand is determined each Business Day as the number of remaining Business Days within a Roll Periodbeginning with, and including, the following Business Day, and ending with, but excluding, the following CBOE VIX monthly Futures Settlement Date (usually a Wednesday). The number of business days does not consider, and therefore continues to include as Business Days, any new holidays introduced intra -month, or unscheduled market closures. 30 RD tot= Roll Days Totaland is determined at the beginning of a new Roll Periodas the total number of Business Days within a Roll Periodbeginning with, and including, the monthly CBOE VIX Futures Settlement Date (usually a Wednesday), and ending with, but excluding, the following CBOE VIX monthly Futures Settlement Date. The number of Business Days stays constant if a new holiday is introduced intra -monthafter the CBOE VIX Futures Settlement Date, or in the case of an unscheduled market closure. Note — On each Business Day a fraction of the theoretical portfolio’s m1 VIX futures holdings are sold and the longer dated m2 futures are bought. The fraction rolled each Business Day is therefore proportional to the number of m1 futures contracts held on Business Day t1 and inversely proportional to the number of days in the Roll Period RD tot . CP m1, t= Contract Reference Price of the shortest dated monthly VIX Futures Contract (m1) on any business day (t) determined as the average of the 180 last prices for m1 during regular trading and the 180 last Trade At Settlement (TAS) prices for m1 both taken every 5 seconds beginning 14 minutes and 55 seconds before the closing time of the regular trading session on the NYSE and ending at the closing time of the NYSE — usually the average of every 5 seconds between 3.45.05 PM ET and 4.00.00 pm ET each business day. CRP m1, t –1= Contract Reference Price of the shortest dated monthly VIX Futures Contract (m1) on the previous business day (t -1) determined as the average of the 180