Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 98

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 98
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 reflected as Interest Income in the Statements of Operations. Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively. Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half -turnbasis. The Sponsor is currently paying brokerage commissions in VIX futures contracts exceed variable create/redeem fees collected by more than 0.02% of the Fund’s average net assets annually. 54

CHARGES Breakeven Tables The projected twelve month breakeven analysis for the Funds is set forth in the Breakeven Tables below. For purposes of calculating the amounts in the Breakeven Tables for the Funds, the analysis assumes that the constant NAV is equal to the amount shown. This amount is the expected NAV of the Shares on the first day of the Funds’ operations. Dollar Amount and Percentage of Expenses

|                                                                                                                                           |     | -1x Short VIX Futures 
            ETF (SVIX) |   |     |       |    |
|:------------------------------------------------------------------------------------------------------------------------------------------|:----|----------------------:|:--|:----|------:|:---|
| Expenses(1)                                                                                                                               |     |                     $ |   |     |     % |    |
| Selling price per share                                                                                                                   |     |                 15.57 |   |     |       |    |
| Management fee                                                                                                                            |     |                  0.21 |   |     |  1.35 | %  |
| Brokerage commissions and fees(2)                                                                                                         |     |                  0.18 |   |     |  1.15 | %  |
| Variable create/redeem fees(3)                                                                                                            |     |                 (0.05 | ) |     | (0.30 | )% |
| Other expenses(4)                                                                                                                         |     |                  0.06 |   |     |  0.38 | %  |
| Total fees and expenses                                                                                                                   |     |                  0.40 |   |     |  2.57 | %  |
| Interest income(5)