Company: SVIX
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087932
Chunk: 58

Company: VS Trust
Filing Date: 2025-09-16
Form: 424B3
Chunk 58
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 shortest dated VIX monthly futures contract (m1) is rolled into a position in the second shortest dated VIX monthly futures contract (m2) according to the roll schedule resulting from the daily Contract Weightdescribed by 3. 31 Calculation of the Excess Return Index ( Index): On any business day( t) when the indexis calculated, the indexvalue is determined as follows: Where: Business Day( t) is defined as any day when the CFE market is open. = The Index Settlement value on any business day ( t) the index is calculated. = The Index Settlement value on the preceding business day ( t -1). = Portfolio Daily Returnon any business day ( t) is determined as follows: Where: = Contract Weight and represents the notional dollar weighting of the shortest dated monthly VIX Futures Contract ( m1) calculated at the settlement on any business day ( t -1) as follows: *For clarity, because Contract Weight represents the notional dollar weighting of m1 and m2, the actual number of contracts of m1 and m2 will vary depending on their notional value. Where: = Roll Days Remainingand is determined each business day as the number of remaining business days within a Roll Periodbeginning with, and including, the following business day, and ending with, but excluding, the following CBOE VIX monthly Futures Settlement Date (usually a Wednesday). The number of business days does not consider, and therefore continues to include as business days, any new holidays introduced intra -month, or unscheduled market closures. = Roll Days Totaland is determined at the beginning of a new Roll Periodas the total number of business days within a Roll Periodbeginning with, and including, the monthly CBOE VIX Futures Settlement Date (usually a Wednesday), and ending with, but excluding, the following CBOE VIX monthly Futures Settlement Date. The number of business days stays constant if a new holiday is introduced intra -monthafter the CBOE VIX Futures Settlement Date, or in the case of an unscheduled market closure. *For clarity, on each business day a fraction of the theoretical portfolio’s m1 VIX futures holding sold and an equal dollar notional amount of the longer dated m2 futures is bought. The fraction rolled each business day is therefore proportional to the number of m1 futures contracts held on business day t1 and inversely proportional to the number of days in the Roll Period RD tot . = Contract Reference Price of the shortest dated monthly V