Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 55

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 55
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 relevant exchanges for relief from certain position limits. If the Trust is unable to obtain such relief, a Fund’s ability to issue new Creation Units, or the Fund’s ability to reinvest income in additional futures contracts, may be limited to the extent these activities cause the Trust to exceed applicable position limits. Limiting the size of a Fund may affect the correlation between the price of the Shares, as traded on an exchange, and the net asset value of the Fund. Accordingly, the inability to create additional Creation Units or add to existing positions in the desired amount could result in Shares trading at a premium or discount to NAV. 29 DESCRIPTION OF THE FUNDS’ INDEXES The Short VIX Futures Index The Short Index is an excess return index designed to express the daily inverse performance of a theoretical portfolio of first and second month VIX futures contracts that are rolled daily. The theoretical portfolio consists of the two nearest term monthly VIX futures contracts that are rolled daily so that the nearest month VIX futures contract is rolled to the second nearest month VIX futures contracts in equal daily fractional amounts. This portfolio rolling seeks to maintain a constant weighted average time to maturity of approximately one month. The Short Index determines its daily settlement price from the Time Weighted Average Price (TWAP) of its theoretical portfolio of futures during the last 15 minutes of NYSE’s regular trading session, rather than solely from the VIX futures’ settlement price. The Short Index is calculated and maintained by Cboe Global Indexes (the “Index Provider”). The Index Provider is not a registered broker -dealer, but is affiliated with a broker -dealer. The Index Provider has implemented and will maintain a fire wall with respect to its relevant personnel regarding access to information concerning the composition and/or changes to the Index. In addition, the Index Provider has implemented and will maintain procedures around the relevant personnel that are designed to prevent the use and dissemination of material, non -publicinformation regarding the Index. These rules and the formula may be changed from time to time, and without notice by the Sponsor, S&P, and/or the CBOE. The Index is calculated according to the following methodology: Calculation of the Short Index On any Business Day ( t) when the Short Index is calculated, the Index value is determined as follows: Where: Business Day ( t) is defined as any day when the CFE market is open. index t= The Index Settlement value on any Business Day (t) the Index is calculated. index t – 1= The Index Settlement value on the preceding