Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 99

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 99
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 including estimated rebalancing expenses that are anticipated to be incurred by the Fund during a year of an investor’s investment. (2)The expenses detailed in the table above include the cost of rolling futures positions and daily rebalancing. (3)Authorized Participants are generally required to pay variable create and redeem fees of up to 0.20% of the value of each order they place. These variable transaction fees offset brokerage commissions incurred by the Fund and are reflected in “Brokerage commissions and fees.” Please see “Creation and Redemption of Shares — Creation and Redemption Transaction Fee.” (4)Other Fund Fees and Expenses including: Professional fees (primarily legal, auditing and tax -preparationrelated costs); Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Marketing Agent, costs related to regulatory compliance activities and other costs related to the trading activities of the Fund); Business Permits and Licenses; General and Administrative expenses (primarily insurance and printing), and Other Expenses. The expenses presented are based on actual expenses experienced by each Fund for the current fiscal year, and do not represent the maximum amounts payable under the contracts with third -partyservice providers. The per -sharecost of these fixed or estimated fees has been calculated assuming the AUM levels of each Fund at June 30, 2025. (5)Based on applying the average three month Treasury Bill rate at June 30, 2025. (6)The breakeven amount reflected in the Breakeven Table does not reflect brokerage commissions or transaction fees paid by individual investors who purchased Fund shares in the secondary market or Authorized Participants when creating or redeeming a Creation Unit.

55 Management Fee SVIX pays the Sponsor a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 1.35% per annum of its average daily net assets. UVIX pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 1.65% per annum of its average daily net assets. “Average daily net assets” is calculated by dividing the month -endnet assets of each Fund by the number of calendar days in such month. No other Management Fee is paid by the Funds. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. Licensing and Index Calculation Fee Each Fund pays CBOE a fee to calculate and maintain the Index. Each Fund pays S&P a fee for