Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 83

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 83
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 in recovering amounts as a result of bankruptcy proceedings. Money Market Instruments Money market instruments are short -termdebt instruments that have a remaining maturity of 397 days or less and exhibit high quality credit profiles. Money market instruments may include U.S. government securities, securities issued by governments of other developed countries and repurchase agreements. 44 Pooled Investment Vehicles Each Fund may invest in long or short positions in Pooled Investment Vehicles (defined above) that have investment objectives similar to that of a Fund. A Pooled Investment Vehicle includes investment companies registered under the Investment Company Act of 1940, such as mutual funds, exchange -tradedfunds, unit investment trusts, and closed -endfunds. It also includes exchange -tradedinvestment products whose shares are registered under the Securities Act of 1933 (a “Pooled Vehicle”) but are registered as investment companies under the Investment Company Act of 1940, such as exchange -tradedcommodity pools. U.S. Derivatives Exchanges Derivatives exchanges, including swap execution facilities that are required under the Dodd -FrankAct, provide centralized market facilities for trading derivatives in which multiple persons have the ability to execute or trade contracts by accepting bids and offers from multiple participants. Members of, and trades executed on, a particular exchange are subject to the rules of that exchange. Among the principal exchanges in the United States are the CBOE (which includes the CBOE Futures Exchange (the “CFE”)), the Chicago Mercantile Exchange (“CME”) (which includes, among others, the Chicago Board of Trade (“CBOT”), the New York Mercantile Exchange (the “NYMEX”), the Intercontinental Exchange (“ICE”) and the Minneapolis Grain Exchange, LLC (“MGEX”). Each derivatives exchange in the United States has an associated “clearing house.” Clearing houses provide services designed to transfer credit risk and ensure the integrity of trades. Once trades between members of an exchange have been confirmed and/or cleared, the clearing house becomes substituted for each buyer and each seller of contracts traded on the exchange and, in effect, becomes the other party to each trader’s open position in the market. Thereafter, each party to a trade looks only to the clearing house for performance. The clearing house generally establishes some sort of security or guarantee fund to which all clearing members of the exchange must contribute. This fund acts as an emergency buffer which is intended to enable the clearing house to meet its obligations with regard to the other side of an insolvent clearing member’s