Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 75

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 75
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iring on January 22, 2020 equal to 59.1% of the total number of long VIX futures contracts held by the Fund, and a long position in the second -monthVIX futures contract expiring on February 19, 2020 equal to 40.9% of the total number of long VIX futures contracts held. To illustrate this example in VIX futures contracts, supposing the first -monthVIX futures contract was priced at 14.82 and the second -monthat 16.79, the Fund’s portfolio with a hypothetical AUM of $10m would consist of a total long position of 1,280 VIX futures contracts — calculated as 2 * (($10,000,000 / (0.591 * 14.82) + (0.409 * 16.79))/1000), with 59.1% of the long contracts held in the January futures (long 756 contracts) and 40.9% in the February futures (long 524 contracts). 40 Between 3:45pm ET and 4:00pm ET (the TWAP period) a fraction of the January expiring long VIX futures contracts would be rolled to the February expiring contracts, resulting in a portfolio the next day comprised of 54.5% first -monthVIX futures contracts expiring in January and 45.5% second -monthVIX futures contracts expiring in February. This daily rolling would continue each Business Day until the day before the January futures expiry — January 21, 2020 — when between 3:45pm ET and 4:00pm ET all remaining January VIX futures contracts would have been rolled to the February expiry. On the day of the January expiry — January 22, 2020 — the Roll Period would begin again, with the futures expiring in February 19, 2020 becoming the new first -monthcontract, and the next monthly VIX futures contract expiring on March 18, 2020 becoming the new second -monthcontract. By rolling the Fund’s portfolio from the first to the second nearest month VIX futures contracts in daily fractional amounts, the Fund seeks to maintain a constant weighted average time to maturity of approximately onemonth. Futures Contracts A futures contract is a standardized contract traded on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of a particular underlying asset at a specified time and place