Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 37

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 37
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 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 (a “Pooled Vehicle”). Investing in a Pooled Vehicle may involve duplication of advisory fees and certain other expenses. By investing in another Pooled Vehicle, the Fund becomes a shareholder of that Pooled Vehicle. As a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the
Pooled Vehicle, in addition to the fees and expenses Fund shareholders bear in connection with the Fund’s own operations. As a shareholder, the Fund must rely on the Pooled Vehicle to achieve its investment objective. The Fund’s performance may be magnified positively or negatively by virtue of its investment in another Pooled Vehicle. If the Pooled Vehicle fails to achieve its investment objective, the value of the Fund’s investment could decline, thus affecting the Fund’s performance. In addition, because certain Pooled Vehicle shares are listed on national stock exchanges and are traded like stocks on an exchange, their shares potentially may trade at a discount or a premium. Investments in such shares may be subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Finally, because the value of certain Pooled Vehicle shares may depends on the demand in the market, the Sponsor may not be able to liquidate the Fund’s holdings in those shares at the most optimal time, adversely affecting the Fund’s performance. 19 Risks Applicable to Investing in VIX Futures Contracts and Other Financial Instruments VIX futures contracts can be highly volatile and a Fund may experience sudden and large losses when buying, selling or holding such instruments; you can lose all or a portion of your investment within a single day. Investments linked to equity market volatility, including VIX futures contracts, can be highly volatile and may experience sudden, large and unexpected losses. For example, in 2018, similar indexes which were comprised of VIX futures contracts, had their largest one -daymove ever of approximately 96%. In the future, an Index could have even larger single -dayor intraday moves, up or down, that could cause investors to lose all or a substantial portion of their investment in a short period of time. VIX futures contracts are unlike traditional futures contracts and are not based on a tradable reference asset. The VIX is not directly investable, and the settlement price of a VIX futures contract is based on