Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 175

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 175
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, beginning on March 12, 2012, and continuing through May 2018; and (2) ADMIS’s own responses to the Exchange’s investigative requests beginning in January 2018 and continuing through May 2018. In addition, ADMIS failed to properly supervise employees regarding escalation procedures when an ADMIS client was discovered to have violated Exchange rules. The Panel therefore found that ADMIS violated Exchange Rule 432.W. A fine was imposed on ADMIS in the amount of $650,000. Margin Levels Expected to be Held at the FCMs While the portfolio composition of both Funds may vary over time, it is not expected that, as of any daily rebalance, SVIX will have short futures exposure greater than one times (1x) the Fund’s assets (although this is possible in some circumstances. It is likewise not expected that, as of any daily rebalance, UVIX will have long futures exposure greater than two times (2x) the Fund’s assets (although this is possible in some circumstances). It is currently anticipated that both Funds could have as much as 100% of their assets held in segregated accounts as collateral for their transactions in futures contracts and other Financial Instruments. The Funds receive the income on any securities or other property of the Funds transferred to the FCMs to fulfil requirements for margin to be held by the FCMs in respect of commodity interests, and receive a negotiated portion of any income derived by the FCMs in respect of any cash transferred to the FCMs and held for this purpose. 106