I had to go research the Trust, I have no idea.
I have never once been to an HICV sales presentation. My one week in HICV is a vegas week, that through several ownership changes has morphed into an HI. All for a unit that a bought a decade ago for $100. Then paid $100 more to make it HICV points, when I was offered. But since I never intend to buy points from a developer ever again, I really don't care about status and levels of HICV ownership.
I see that the Trust is basically a pooling of available weeks: either new builds or acquitions, unsold existing inventory, or deed back units to HICV. Does HICV have ROFR?
The trust then is taking all those sources of points and putting into a pool and the MF and any SA are averaged over the points. It is the only way to make off season weeks sustainable, palatable for consumption and thus sell-able. So some owners do better by owned deeded weeks, other might do better with Trust points.
I own Wyndham and know Wyndham well. They have been doing this for many years now, it is a product that they call Club Wyndham Access (CWA). In Wyndham world resales of CWA retain points when resold.
I do not know what happens in the HICV world. Has any newly purchased Trust sales ended back up in resales yet?