Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 64

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 64
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  |     | (12.66 | )% |     |  28.42 | %  |
| January 2025   |     |   1.00 | %  |     |  (5.30 | )% |
| February 2025  |     |   (4.8 | )% |     |  19.48 | %  |
| March 2025     |     | (15.96 | )% |     |  13.50 | %  |
| April 2025     |     | (39.93 | )% |     |  10.86 | %  |
| May 2025       |     |  15.33 | %  |     | (24.82 | )% |
| June 2025      |     |   9.99 | %  |     |  (9.91 | )% |

If SVIX is successful in meeting its objective, its value on a given day, before fees and expenses, should gain approximately as much on a percentage basis as the level of the Short Index. Conversely, its value on a given day, before fees and expenses, should lose approximately as much on a percentage basis as the level of the Short Index. Although the Fund seeks to track the performance of the Short Index each day, the Fund may not perfectly track the Short Index’s performance over the same period, which is known as tracking error. For more information, see Correlation Riskand A number of factors may affect the Fund’s ability to produce returns that correlate to the returns of the Short Index. By way of example of the performance of the Short Index relative to the VIX Index, on December 31, 2019, the VIX fell from 14.82 to 13.78 ( -7.02%), while the Index that the Fund tracks rose from 1768.43 to 1845.24 (+4.34%) UVIX UVIX seeks daily investment results, before fees and expenses, that correspond to twice (2x) the performance of the Long Index for a single day. The Fund does not seek to achieve its stated objective over a period greater than a single day.A “single day” is measured from the time the Fund calculates its NAV to the time of the Fund’s next NAV calculation.

35

The Long Index measures the daily performance of a portfolio of long positions in first and second month VIX futures contracts. This theoretical portfolio is