Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 44

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 44
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 contracts at the time of rolling such contracts would be expected to adversely affect the Funds with short positions and positively affect the Funds with long positions. For example, on January3, 2022, the shortest dated monthly VIX futures contract expiring on January19, 2022, settled at 18.86 and the next shortest dated monthly contract expiring on February16, 2022, settled at 21.41. This is an example of futures in contango. Conversely on January25, 2022, the shortest dated monthly VIX futures contract expiring on February16, 2022, settled at 28.16, while the next shortest dated monthly contract expiring on March15, 2022, settled at 27.73. This is an example of futures in backwardation. In a large majority of trading sessions between Jan1, 2015 and the date of this Prospectus, VIX futures contracts traded in contango. Additionally, because of the frequency with which the Funds may roll futures contracts, the impact of such contango or backwardation on Fund performance may be greater than it would have been if the Funds rolled futures contracts less frequently. In April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. It is possible that the futures contracts held by the Funds also may experience periods of extraordinary contango in the future. The value of Shares relates directly to the value of, and realized gain or loss from, the Financial Instruments and other assets held by a Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in the Shares. Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a Fund, including, but not limited to: •Prevailing market prices and forward volatility levels of the U.S. and global stock markets, the S&P 500, the equity securities included in the S&P 500 and prevailing market prices of options on the S&P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&P 500 and the VIX or VIX futures contracts; •Interest rates; •Inflation rates and investors’ expectations concerning inflation rates; •Economic, financial, political, regulatory, geographical, judicial and other events that affect the level