Amendment to Form S-1

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ea0291255-s1_vstrust.htm

REGISTRATION STATEMENT

ea0307918-s1a1_vstrust.htm

AMENDMENT NO.1 TO FORM S-1

As filed with the Securities and Exchange Commission

Commission on October 7, 2026

Registration No. 333- 333-298396

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If an emerging growth company, indicate by check mark

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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Subject to Completion

information in this Preliminary Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

to Completion Preliminary Prospectus dated October 7, 2026

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Participant purchased two creation units of Fund Shares with a price per Share of $15.00.

[ ] Marex Capital Markets Inc. is each Fund's initial Authorized

initial Authorized Participant and is a statutory underwriter of Fund Shares. Prior to a Fund's Shares being listed on the Exchange, the initial Authorized Participant purchased two creation units of Fund Shares with a price per Share of $15.00.

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FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL

SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO

CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION

A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGES 66-69 69-71 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS,

TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGES 66-69. 69-71.

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YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY

POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS

FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND

ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY

AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.

OF THIS INVESTMENT, AT PAGES 10-51. 11-54.

EACH POOL HAS NOT COMMENCED TRADING AND

DOES NOT HAVE ANY PERFORMANCE HISTORY.

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AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER

DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. SEE "PLAN OF DISTRIBUTION" IN PART TWO OF THIS PROSPECTUS.

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Limited Shareholder Voting Rights

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Risks Related to Investing in Ether-Linked Instruments (3x Ether ETF )

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DESCRIPTION OF THE FUNDS' REFERENCE REFERNCE ASSETS

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INCEPTION OF TRADING AND USE OF PROCEEDS

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Important Information About the Funds 6 changes

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results, before fees and expenses, that correspond to three times (3x) the daily performance of a "Benchmark," which is the value of the Fund's underlying reference asset, such as gold, silver, bitcoin, ether, crude oil, or natural gas (a "Reference Asset"), as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on the applicable Reference Asset (a "Benchmark") (together, a Fund's "Investment Objective"). The Fund seeks its Investment Objective for a single day, not for any other period. A "single day" is measured from the time the Fund calculates its net asset value ("NAV") to the time of the Fund's next NAV calculation.

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● Factors that contribute to returns that are worse than the

● Factors that contribute to returns that are better than the

● Your return may be higher or lower than the Investment Objective, and this difference may be significant.

● Factors that contribute to returns that are worse than the Investment Objective include smaller Reference Asset gains and higher Reference Asset volatility, as well as longer holding periods when these factors apply.

● Factors that contribute to returns that are better than the Investment Objective include larger Reference Asset gains and lower Reference Asset volatility, as well as longer holding periods when these factors apply.

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The Funds 33 changes

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fees and expenses, that correspond to three times (3x) the "Gold Futures Benchmark," which is the daily performance of gold, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on gold. (the "Gold Futures Benchmark").

The Gold Futures Benchmark will comprise a daily

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The Fund will not invest in physical gold, but

but rather seeks to achieve its investment objective primarily through investment in gold futures contracts that trade on the Commodity Exchange, Inc. ("COMEX"), a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Gold Futures Contracts"), cash, and Cash Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Gold Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, futures commission merchant ("FCM")-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the Securities Act of 1933 (the "1933 Act"), but are not registered as investment companies under the Investment Company Act of 1940 (the "1940 Act"), and that invest in assets similar to those in which the Fund may invest ("Gold-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Gold-Linked ETFs"); (iii) exchange traded options on Gold Futures Contracts, shares of Gold-Linked ETPs, or shares of Gold-Linked ETFs; and (iv) cash and Cash Equivalents (defined below).

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fees and expenses, that correspond to three times (3x) the "Silver Futures Benchmark," which is the daily performance of silver, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on silver. (the "Silver Futures Benchmark").

The Silver Futures Benchmark will comprise a

daily a portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Silver Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent.

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The Fund will not invest in physical silver, but

but rather seeks to achieve its investment objective primarily through investment in silver futures contracts that trade on the COMEX or another exchange registered with the CFTC ("Silver Futures Contracts"), cash, and Cash Equivalents (as defined below).

rather seeks to achieve its investment objective primarily through investment The Sponsor, in silver constructing the Benchmark and purchasing futures contracts that trade on the COMEX or another exchange registered with for a Fund, will, under normal market conditions, select the CFTC ("Silver most liquid futures contracts cash, based on open interest and Cash Equivalents (as defined below). volume that are traded and settle during U.S. market hours. To the extent that Silver Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Silver-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Silver-Linked ETFs"); (iii) exchange traded options on Silver Futures Contracts, shares of Silver-Linked ETPs, or shares of Silver-Linked ETFs; and (iv) cash and Cash Equivalents (defined below).

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fees and expenses, that correspond to three times (3x) the "Bitcoin Futures Benchmark," which is the daily performance of bitcoin, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on bitcoin. (the "Bitcoin Futures Benchmark").

The Bitcoin Futures Benchmark will comprise a

daily a portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Bitcoin Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent.

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but rather seeks to achieve its investment objective primarily through investment in bitcoin futures contracts that trade on the Chicago Mercantile Exchange Inc. ("CME"), a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Bitcoin Futures Contracts"), cash, and Cash Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Bitcoin Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Bitcoin-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Bitcoin-Linked ETFs"); (iii) exchange traded options on Bitcoin Futures Contracts, shares of Bitcoin-Linked ETPs, or shares of Bitcoin-Linked ETFs; and (iv) cash and Cash Equivalents (defined below).

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fees and expenses, that correspond to three times (3x) the "Ether Futures Benchmark," which is the daily performance of ether, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on ether. (the "Ether Futures Benchmark").

The Ether Futures Benchmark will comprise a daily

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The Fund will not invest in physical ether, but

but rather seeks to achieve its investment objective primarily through investment in ether futures contracts that trade on the CME, a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Ether Futures Contracts"), cash, and Cash Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Ether Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Ether-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Ether-Linked ETFs"); (iii) exchange traded options on Ether Futures Contracts, shares of Ether-Linked ETPs or shares of Ether-Linked ETFs; and (iv) cash and Cash Equivalents (defined below).

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fees and expenses, that correspond to three times (3x) the "Crude Oil Futures Benchmark," which is the daily performance of light, sweet crude oil, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on light, sweet crude oil. (the "Crude Oil Futures Benchmark").

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a daily portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Crude Oil Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent.

Each month, the futures contracts will roll from beginning on the near first business day of each month contract to expire to and ending on the next month contract to expire over a five-day period, beginning five 5 th business days prior to the expiry day of the near each month. contract. Each day during the roll period, approximately 20% of the expiring futures positions will be rolled into a new contract with a longer dated expiry.

The Fund will not invest in physical light, sweet

sweet crude oil, but rather seeks to achieve its investment objective primarily through investment in light, sweet crude oil futures contracts that trade on the New York Mercantile Exchange, Inc. ("NYMEX"), a subsidiary of the CME Group Inc., or another exchange registered with the CFTC ("Crude Oil Futures Contracts"), cash, and Cash Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Crude Oil Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Crude Oil-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Crude Oil-Linked ETFs"); (iii) exchange traded options on Crude Oil Futures Contracts, shares of Crude Oil-Linked ETPs, or Crude shares of Crude Oil-Linked ETFs; and (iv) cash and Cash Equivalents (defined below).

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fees and expenses, that correspond to three times (3x) the "Natural Gas Futures Benchmark," which is the daily performance of natural gas, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on natural gas. (the "Natural Gas Futures Benchmark").

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a daily portfolio of rolling futures positions. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Natural Gas Futures Benchmark will comprise a portfolio that rolls futures contracts positions to avoid physical delivery of the underlying commodity or its cash equivalent.

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gas, but rather seeks to achieve its investment objective primarily through investment in natural gas futures contracts that trade on the NYMEX or another exchange registered with the CFTC ("Natural Gas Futures Contracts"), cash, and Cash Equivalents (as defined below). The Sponsor, in constructing the Benchmark and purchasing futures contracts for a Fund, will, under normal market conditions, select the most liquid futures contracts based on open interest and volume that are traded and settle during U.S. market hours. To the extent that Natural Gas Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, exchange position limits, margin requirements, FCM-imposed position limits, or FCM risk mitigation requirements, each of which is described below), the Fund may invest in: (i) shares of other exchange-traded investment products whose shares are registered under the 1933 Act, but are not registered as investment companies under the Investment Company Act, and that invest in assets similar to those in which the Fund may invest ("Natural Gas-Linked ETPs"); (ii) shares of investment companies registered under the Investment Company Act that invest in assets similar to those in which the Fund may invest ("Natural Gas-Linked ETFs"); (iii) exchange traded options on Natural Gas Futures Contracts, shares of Natural Gas-Linked ETPs, or shares of Natural Gas-Linked ETFs; and (iv) cash and Cash Equivalents (defined below).

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a deposit that is a percent of a contract's total value made by an investor that is required in order to control a futures position.

a deposit that is a percent of a contract's total value made by an investor that is required in order to control a futures position. Margin levels are set by the futures exchange and can vary depending on the level of futures contract price volatility. When a reference asset's price volatility increases, exchanges regularly raise margin requirements to protect the financial integrity of the market against outsized daily price moves. In addition, futures commission merchants may add an additional level of required margin.

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force a customer to lower the size of current trades.

● close a customer's open positions without asking the

customer if the customer fails to pay a margin call on time; or

● Prevent a customer from opening new trades. FCMs also can force a customer to lower the size of current trades.

● close a customer's open positions without asking the customer if the customer fails to pay a margin call on time; or ● block withdrawals or trading access. FCMs use this tool to secure remaining funds during risky market events.

Fund Rebalancing 7 changes

Each Fund will, under normal circumstances, engage

engage in daily rebalancing to position its portfolio so that its investments are consistent with its Investment Objective. The impact of changes to the value of the Fund's investments each day, and the number of Shares purchased or redeemed, will affect whether and to what extent the Fund's portfolio needs to be rebalanced. The time and manner in which each Fund will rebalance its portfolio may vary depending upon market conditions and other circumstances including the potential impact of the rebalance on the price of the Fund's investments, if any.

In general, the Funds will conduct their daily

rebalances with the daily settlement time of the underlying futures contract in mind. Every day the Fund will look to execute a significant portion of its daily rebalancing trades using the respective futures' trade at settlement ("TAS") markets. Under normal market conditions, a majority of the required trades can be expected to be executed using TAS markets and be completed prior to settlement time . For any residual required trades, the Fund would continue to access on-screen TAS liquidity and/or non-TAS markets using volume-weighted average price ("VWAP") algorithms that simulate the exchanges' daily settlement price calculation methodologies . VWAP is the ratio of the total value traded in a futures contract to the total volume of transactions over a defined period, typically a single trading session.

After the daily settlement time, a Fund will usually execute a final true-up trade to meet the 3x exposure target of its Investment Objective. These true-up trades will be executed as limit orders or VWAPs.

Exchange position limits, futures market liquidity,

FCM risk limits, and FCM clearing capacity might limit a Funds' participation in futures contracts during the daily rebalancing.

The Sponsor 1 change

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be found beginning on page 88 90 under Service Providers - The Sponsor .

Risks Related to the Use of Leverage by the Fund 3 changes

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The table below shows a performance example of

of how compounding impacts a 3x daily rebalanced investment referencing a benchmark over periods longer than one day. Areas shaded lighter represent those scenarios where a hypothetical fund that seeks daily 3x returns of a benchmark reference asset will return the same or outperform ( i.e. , return more than) 3x of the benchmark performance over one year; conversely, areas shaded darker represent those scenarios where the hypothetical fund will underperform ( i.e. , return less than) 3x of the benchmark performance over one year.

ESTIMATED FUND RETURNS

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Risks Related to Investing in Gold-Linked Instruments (3x Gold ETF) 4 changes

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Although 3x Gold ETF does not invest directly in

in gold mining companies, the price of gold may be affected by developments in the gold mining industry. Gold mining operations are subject to numerous risks, including geological uncertainty, operational hazards, labor disputes, political and regulatory risks, environmental liabilities, and fluctuations in production costs. Disruptions to gold mining operations or reductions in gold production may affect the global supply of gold and impact gold prices. Changes in the cost of extracting gold, including energy costs, labor costs, and the costs of regulatory compliance, may also affect gold prices over time.

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Disruptions to COMEX futures trading or price

price discovery mechanisms could adversely affect 3x Gold ETF's ability to achieve its investment objective.

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Risks Related to Investing in Ether-Linked Instruments (3x Ether ETF ) 2 changes

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The ether market may experience periods of

of illiquidity that could impair the Fund's ability to execute transactions at favorable prices or rebalance its portfolio.

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Risks Related to Investing in Crude Oil-Linked Instruments (3x Crude Oil ETF) 5 changes

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Additionally, regulatory changes to position limits or the imposition of new restrictions could further constrain the Fund's investment strategy.

The CFTC and U.S. designated contract markets have

have established accountability levels and position limits on the maximum net long or net short futures contracts in crude oil that any person or group of persons under common trading control may hold, own, or control. The Fund may approach or reach these limits, which could restrict the Fund's ability to create additional Creation Units, or de-lever a Fund. If the Fund is unable to achieve its desired exposure to crude oil due to position limits or accountability levels, the Fund's performance may not correspond to its investment objective. Additionally, regulatory changes to position limits or the imposition of new restrictions could further constrain the Fund's investment strategy.

Reduced liquidity in crude oil futures markets

markets during periods of market stress may increase trading costs, widen bid-ask spreads, and result in tracking error.

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Risks Related to Investing in Natural Gas-Linked Instruments (3x Natural Gas ETF) 211 changes

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Each Fund is subject to the fees and expenses described

described herein which are payable irrespective of the Fund's returns, as well as the effects of commissions, trading spreads, and embedded financing, borrowing costs and fees associated with futures contracts, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality, short-term fixed-income or similar securities. These fees and expenses have a negative impact on Fund returns.

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Investors could be adversely affected if

if the current treatment of short-term long-term capital gains under current U.S. federal income tax law is changed or repealed in the future.

Under current law, short-term long-term capital gains are

are taxed to non-corporate investors at reduced U.S. federal income tax rates. This tax treatment may be adversely affected, changed or repealed by future changes in, or the expiration of, tax laws at any time.

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DESCRIPTION OF THE FUNDS' REFERENCE ASSETS

Each Fund seeks daily investment results, before

fees and expenses, that correspond to three times (3x) the daily performance of its Reference Asset, as measured by the daily changes in the price of a specified portfolio of short-term futures contracts on the Reference Asset (a "Futures Benchmark"). The Funds do not seek to track three times (3x) of any index.

Overview of the Gold Market

Gold is a precious metal that has been used as

a store of value and medium of exchange for thousands of years. The global gold market is one of the largest and most liquid commodity markets in the world. Gold is traded on regulated futures exchanges, including COMEX (a division of CME Group), as well as in over-the-counter spot markets, and through exchange-traded products. The price of gold is quoted in U.S. dollars per troy ounce and is influenced by a variety of factors, including macroeconomic conditions, inflation expectations, interest rates, currency movements (particularly the U.S. dollar), central bank monetary policies, geopolitical events, and supply and demand dynamics. Gold supply comes primarily from mining production and recycled gold, while demand is driven by jewelry fabrication, investment demand (including bars, coins, and ETPs), central bank purchases, and industrial applications. Gold has historically been viewed as a "safe haven" asset during periods of economic uncertainty and market volatility.

Overview of the Silver Market

Silver is a precious metal with both investment

and industrial applications. The global silver market is smaller and typically more volatile than the gold market. Silver is traded on regulated futures exchanges, including COMEX, as well as in over-the-counter spot markets and through exchange-traded products. The price of silver is quoted in U.S. dollars per troy ounce. Unlike gold, which is primarily used for investment and jewelry, silver has significant industrial applications, including electronics, solar photovoltaic cells, electric vehicle components, medical devices, and various manufacturing processes. Silver supply comes primarily from mining production (including as a byproduct of lead, zinc, copper, and gold mining) and recycled silver. Demand is driven by industrial fabrication, jewelry and silverware, investment demand, and photography. Silver prices are influenced by industrial demand cycles, investment sentiment, currency movements, inflation expectations, and supply disruptions, and may be more volatile than gold prices due to the smaller market size and the dual nature of silver as both a precious metal and an industrial commodity.

Overview of Bitcoin Market

Bitcoin is a digital asset that operates on the

Bitcoin blockchain, a decentralized, peer-to-peer network that allows for the transfer and storage of value without the need for a central intermediary such as a bank or payment processor. The Bitcoin network was created in 2009 by an individual or group using the pseudonym "Satoshi Nakamoto," who published the Bitcoin whitepaper in October 2008. The Bitcoin network has operated continuously since its launch in January 2009, making it the oldest and most established blockchain network.

The Bitcoin network operates using a proof-of-work

consensus mechanism, in which participants known as "miners" compete to validate transactions and add new blocks to the blockchain by solving complex cryptographic puzzles. Miners who successfully add a block to the blockchain are rewarded with newly created bitcoin (the "block reward") and transaction fees paid by users. This mining process secures the network and processes transactions without relying on a central authority.

Governance of the Bitcoin network is decentralized

and operates through voluntary consensus among network participants, including miners, node operators, developers, and users. There is no central authority or formal governance body that controls the Bitcoin network. Changes to the Bitcoin protocol require broad consensus among network participants, and significant changes have historically been rare. The decentralized nature of Bitcoin governance means that decisions about protocol changes can be slow and contentious, and there is no guarantee that the network will be able to adapt to future challenges or implement desired improvements.

Bitcoin's primary use case is as a store

of value and medium of exchange. Bitcoin is used by individuals and institutions as an investment asset, a hedge against inflation and currency debasement, and for peer-to-peer transfers of value. The Bitcoin ecosystem includes spot trading platforms, futures exchanges, custodians, wallet providers, payment processors, and a growing number of institutional participants. Bitcoin is the largest digital asset by market capitalization.

Bitcoin has a fixed maximum supply of 21 million

bitcoin, which is hardcoded into the Bitcoin protocol. As of the date of this prospectus, approximately 19.7 million bitcoin have been mined and are in circulation. New bitcoin are issued through the mining process as block rewards paid to miners who successfully add blocks to the blockchain. The block reward is subject to a programmatic "halving" event approximately every four years (or every 210,000 blocks), which reduces the rate at which new bitcoin are issued by 50%. The most recent halving occurred in April 2024, reducing the block reward from 6.25 bitcoin to 3.125 bitcoin per block. Future halvings are expected to continue until approximately the year 2140, when the maximum supply of 21 million bitcoin is expected to be reached. The fixed supply and predictable issuance schedule are designed to create scarcity and are often cited as reasons for bitcoin's potential as a store of value. However, there can be no assurance that the fixed supply will support bitcoin's long-term value, and the decreasing block reward may affect miner incentives and network security over time.

Bitcoin Network Usage.

Bitcoin network usage is measured by metrics including

transaction volume, active addresses, hash rate (the total computational power securing the network), and the number of nodes operating on the network. The Bitcoin network processes hundreds of thousands of transactions daily and is supported by a global network of nodes that validate and relay transactions. Bitcoin is traded on numerous spot trading platforms worldwide, as well as through regulated futures contracts on the CME. The approval and launch of spot bitcoin exchange-traded products in January 2024 resulted in increased institutional participation in the bitcoin market. Bitcoin is also held by a growing number of corporations, asset managers, and sovereign entities as part of treasury or reserve management strategies.

Overview of the Ether Market

Ether is the native digital asset of the Ethereum

network, a decentralized, open-source blockchain platform that enables the creation and execution of smart contracts and decentralized applications ("dApps"). The Ethereum network was proposed in late 2013 by Vitalik Buterin and launched in July 2015 following a public crowdsale in 2014 that raised approximately 31,500 bitcoin to fund development. Ethereum was designed to extend the functionality of blockchain technology beyond simple value transfer by enabling programmable transactions through smart contracts-self-executing code that runs on the Ethereum blockchain.

The Ethereum network originally operated using

a proof-of-work consensus mechanism similar to Bitcoin. In September 2022, Ethereum completed a significant upgrade known as "The Merge," which transitioned the network from proof-of-work to a proof-of-stake consensus mechanism. Under proof-of-stake, network participants known as "validators" stake (lock up) ether as collateral to participate in validating transactions and proposing new blocks. Validators are selected to propose and attest to blocks based on the amount of ether they have staked and other factors. Validators who successfully perform their duties receive rewards in the form of newly issued ether and transaction fees, while validators who act maliciously or fail to perform their duties may have a portion of their staked ether "slashed" (forfeited) as a penalty. The 3x Ether ETF does not participate in staking or receive staking rewards.

Governance of the Ethereum network involves a combination

of core developers, the Ethereum Foundation (a non-profit organization that supports Ethereum development), validators, node operators, and the broader community. While there is no formal on-chain governance mechanism, significant protocol changes are proposed through Ethereum Improvement Proposals ("EIPs") and are implemented through network upgrades ("hard forks") that require broad consensus among network participants. The Ethereum Foundation plays a significant role in coordinating development and funding research, but does not have unilateral control over the network. The governance process has successfully implemented significant upgrades, including The Merge, but the informal nature of governance means that future upgrades may be delayed or contentious.

Ether serves multiple functions within the Ethereum

ecosystem. It is used to pay transaction fees (known as "gas") for executing transactions and smart contracts on the network.

It is also used as collateral for validators participating in the proof-of-stake consensus mechanism. Beyond its utility within the network, ether is used as an investment asset and store of value, similar to bitcoin. The Ethereum network hosts a large and diverse ecosystem of decentralized applications, including decentralized finance ("DeFi") protocols, non-fungible token ("NFT") marketplaces, decentralized exchanges, lending and borrowing platforms, and various other applications. Ether is the second largest digital asset by market capitalization.

Unlike bitcoin, ether does not have a fixed

maximum supply. However, the transition to proof-of-stake and the implementation of EIP-1559 in August 2021 introduced mechanisms that affect ether's supply dynamics. EIP-1559 introduced a "base fee" for each transaction that is burned (permanently removed from circulation) rather than paid to validators. This burn mechanism can result in deflationary pressure on ether's supply when network activity is high and more ether is burned than is issued as validator rewards. Conversely, when network activity is low, issuance may exceed burning, resulting in net inflation. Since The Merge, the issuance rate of new ether has decreased significantly compared to the prior proof-of-work system, and there have been extended periods during which ether's supply has been net deflationary.

New ether is issued as rewards to validators for participating in the consensus process. The issuance rate depends on the total amount of ether staked on the network. The combination of reduced issuance under proof-of-stake and the EIP-1559 burn mechanism has resulted in ether's supply dynamics being significantly different from bitcoin's fixed supply model. There can be no assurance that these mechanisms will continue or that they will have a positive effect on ether's long-term value.

Ethereum Network Usage.

The Ethereum network is one of the most actively

used blockchain networks, processing millions of transactions and hosting thousands of decentralized applications. Network usage is measured by metrics including transaction volume, active addresses, total value locked ("TVL") in DeFi protocols, gas consumption, and the number of validators and nodes. The Ethereum ecosystem includes a wide range of applications across DeFi, NFTs, gaming, identity, and enterprise use cases. Ether is traded on numerous spot trading platforms worldwide, as well as through regulated futures contracts on the CME. The approval and launch of spot ether exchange-traded products in 2024 resulted in increased institutional participation in the ether market. "Layer 2" scaling solutions, which process transactions off the main Ethereum blockchain before settling on it, have become increasingly popular and have affected both network usage patterns and ether demand. The continued growth and adoption of the Ethereum ecosystem is uncertain and depends on a variety of factors, including competition from other blockchain platforms, regulatory developments, and the successful implementation of future network upgrades.

Overview of the Crude Oil Market

Crude oil is one of the world's most actively

traded commodities and is essential to the global economy as a primary source of energy and a feedstock for petrochemicals. Light, sweet crude oil, the Reference Asset for the 3x Crude Oil ETF, refers to crude oil with relatively low density ("light") and low sulfur content ("sweet"), which is easier and less expensive to refine into gasoline, diesel, and other petroleum products.

The benchmark for light, sweet crude oil in the United States is West Texas Intermediate ("WTI"), which is deliverable at Cushing, Oklahoma, a major crude oil storage and pipeline hub.

Crude oil is traded on regulated futures exchanges,

including the New York Mercantile Exchange ("NYMEX"), a subsidiary of CME Group, as well as in over-the-counter spot and forward markets. The crude oil futures market is one of the most liquid commodity futures markets in the world. Crude oil prices are influenced by a variety of factors, including global supply and demand dynamics, production decisions by the Organization of the Petroleum Exporting Countries and its allies ("OPEC+"), geopolitical events and conflicts in major oil-producing regions, economic growth rates, currency movements (particularly the U.S. dollar), inventory levels and storage capacity, refinery utilization and seasonal demand patterns, competition from alternative energy sources, and government policies related to energy and the environment. Crude oil prices have historically been highly volatile and have experienced significant price movements, including to negative levels, during periods of extreme supply and demand imbalances.

Overview of the Natural Gas Market

Natural gas is a fossil fuel used for heating,

electricity generation, industrial processes, and as a feedstock for petrochemicals. The benchmark for natural gas in the United States is based on delivery at the Henry Hub in Louisiana, a major natural gas pipeline interconnection point that serves as the pricing point for natural gas futures contracts traded on NYMEX. Natural gas is traded on regulated futures exchanges, including NYMEX, as well as in over-the-counter spot and forward markets.

Natural gas prices are influenced by a variety

of factors, including weather patterns and seasonal demand for heating and cooling, natural gas production levels and drilling activity, storage inventory levels, pipeline capacity and infrastructure constraints, the development of liquefied natural gas ("LNG") export capacity and global LNG trade flows, competition from alternative energy sources (including renewable energy, coal, and fuel oil), environmental regulations and climate change policies, and regional and global economic conditions. Natural gas prices have historically been among the most volatile of all commodity prices, experiencing rapid and significant price movements over short periods. The natural gas futures market has historically exhibited significant contango, which has resulted in material negative roll yield for natural gas-focused investment products over extended periods.

FUND INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT

The Fund seeks daily investment results, before

fees and expenses, that correspond to three times (3x) the daily performance of gold, as measured by the daily changes in the price of the Gold Futures Benchmark.

The Fund will not invest in physical gold, but

rather seeks to achieve its investment objective primarily through investment in Gold Futures Contracts, cash, and Cash Equivalents. To the extent that Gold Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Gold-Linked ETPs; (ii) Gold-Linked ETFs; (iii) exchange traded options on gold, shares of Gold-Linked ETPs or of Gold-Linked ETFs; and (iv) cash and Cash Equivalents.

The Fund seeks daily investment results, before

fees and expenses, that correspond to three times (3x) the daily performance of silver, as measured by the daily changes in the price of the Silver Futures Benchmark.

The Fund will not invest in physical silver,

but rather seeks to achieve its investment objective primarily through investment in Silver Futures Contracts, cash, and Cash Equivalents.

To the extent that Silver Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Silver-Linked ETPs; (ii) Silver-Linked ETFs;

(iii) exchange traded options on silver shares of Silver-Linked ETPs or of Silver-Linked ETFs; and (iv) cash and Cash Equivalents.

The Fund seeks daily investment results, before

fees and expenses, that correspond to three times (3x) the daily performance of bitcoin, as measured by the daily changes in the price of the Bitcoin Futures Benchmark.

The Fund will not invest in physical bitcoin,

but rather seeks to achieve its investment objective primarily through investment in Bitcoin Futures Contracts, cash, and Cash Equivalents.

To the extent that Bitcoin Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Bitcoin-Linked ETPs; (ii) Bitcoin-Linked ETFs;

(iii) exchange traded options on bitcoin, shares of Bitcoin-Linked ETPs or of Bitcoin-Linked ETFs; and (iv) cash and Cash Equivalents.

The Fund seeks daily investment results, before

fees and expenses, that correspond to three times (3x) the daily performance of ether, as measured by the daily changes in the price of the Ether Futures Benchmark.

The Fund will not invest in physical ether, but

rather seeks to achieve its investment objective primarily through investment in Ether Futures Contracts, cash, and Cash Equivalents.

To the extent that Ether Futures Contracts become unavailable for investment (for example, due to price limits, accountability levels, or increased margin rates, each of which is described below), the Fund may invest in: (i) Ether-Linked ETPs; (ii) Ether-Linked ETFs; (iii) exchange traded options on ether, shares of Ether-Linked ETPs or of Ether-Linked ETFs; and (iv) cash and Cash Equivalents.

The Fund seeks daily investment results, before

fees and expenses, that correspond to three times (3x) the daily performance of light, sweet crude oil, as measured by the daily changes in the price of the Crude Oil Futures Benchmark.

and 131 more changes in the filing

Dollar Amount and Percentage of Expenses 17 changes

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(4) Other Fund Fees and Expenses including: Professional fees (primarily legal, auditing and tax-preparation related costs); Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Marketing Agent, costs related to regulatory compliance activities and other costs related to the trading activities of the Fund); Business Permits and Licenses; General and Administrative expenses (primarily insurance and printing), and Other Expenses.

(5) Based on applying applying the estimated interest rate earned by the operating series in VS Trust at July 6, 2026.

Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.05 0.33 % 3x Silver ETF (3x Silver ETF) Expenses (1) $ % Selling price per share 15.00 Management fee 0.28 1.85 % Brokerage commissions and fees (2) 0.04 0.25 % Variable create/redeem fees (3) -0.03 -0.23 % Other expenses (4) 0.07 0.45 % Total fees and expenses 0.35 2.33 % Interest income (5) -0.30 -2.00 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.05 0.33 % - 65 - 3x Bitcoin ETF (3x Bitcoin ETF) Expenses (1) $ % Selling price per share 15.00 Management fee 0.28 1.85 % Brokerage commissions and fees (2) 0.06 0.40 % Variable create/redeem fees (3) -0.03 -0.23 % Other expenses (4) 0.07 0.45 % Total fees and expenses 0.37 2.48 % Interest income (5) -0.08 -0.50 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.30 1.98 % - 63 - 3x Ether ETF (3x Ether ETF) Expenses (1) $ % Selling price per share 15.00 Management fee 0.28 1.85 % Brokerage commissions and fees (2) 0.18 1.20 % Variable create/redeem fees (3) -0.03 -0.23 % Other expenses (4) 0.07 0.45 % Total fees and expenses 0.49 3.28 % Interest income (5) -0.08 -0.50 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.42 2.78 % 3x Crude Oil ETF (3x Crude Oil ETF) Expenses (1) $ % Selling price per share 15.00 Management fee 0.28 1.85 % Brokerage commissions and fees (2) 0.13 0.86 % Variable create/redeem fees (3) -0.03 -0.23 % Other expenses (4) 0.07 0.45 % Total fees and expenses 0.44 2.93 % Interest income (5) -0.30 -2.00 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) 0.14 0.93 % - 66 - 3x Natural Gas ETF (3x Natural Gas ETF) Expenses (1) $ % Selling price per share 15.00 Management fee (2) 0.28 1.85 % Brokerage commissions and fees (2) (3) 0.26 1.72 % Variable create/redeem fees (3) (4) -0.03 -0.23 % Other expenses (4) (5) 0.07 0.45 % Total fees and expenses 0.57 3.80 % Interest income (5) (6) -0.30 -2.00 % Amount of trading income required for the NAV at the end of one year to equal the initial selling price per share (12-Month breakeven) (6) (7) 0.27 1.80 % (1) The breakeven analysis set forth in this table assumes that the Shares have a constant NAV equal to the amount shown. The actual NAV of the Fund differs and is likely to change on a daily basis.

The actual NAV of the Fund differs and is likely to change on a daily basis. The numbers provided in this chart have been rounded to the nearest 0.01. The breakeven analysis reflects all fees and expenses, including estimated rebalancing expenses that are anticipated to be incurred by the Fund during a year of an investor's investment.

(2) Each Fund pays the Sponsor

a management fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets.

(3) The expenses detailed

(2) The expenses detailed in the table above include the cost of rolling futures positions and daily rebalancing.

(4) Authorized Participants

(3) Authorized Participants are generally required to pay variable create and redeem fees of up to 0.20% as a percentage of the value of each order they place. These variable transaction fees offset brokerage commissions incurred by the Fund and are reflected in "Brokerage commissions and fees." Please see "Creation and Redemption of Shares - Creation and Redemption Transaction Fee." (5) Other Fund Fees and Expenses including: Professional fees (primarily legal, auditing and tax-preparation related costs);

Custodian and Administrator fees and expenses, Distribution and Marketing fees (primarily fees paid to the Marketing Agent, costs related to regulatory compliance activities and other costs related to the trading activities of the Fund); Business Permits and Licenses; General and Administrative expenses (primarily insurance and printing), and Other Expenses. The expenses presented are based on actual expenses experienced by each Fund for the current fiscal year, and do not represent the maximum amounts payable under the contracts with third-party service providers. The per-share cost of these fixed or estimated fees has been calculated assuming the $100,000,000 in assets for each Fund.

(6) This is an estimate

based on applying the interest rate earned by the operating series in VS Trust at July 6, (7) The breakeven amount reflected in the Breakeven Table does not reflect brokerage commissions or transaction fees paid by individual investors who purchased Fund shares in the secondary market or Authorized Participants when creating or redeeming a Creation Unit.

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Each Fund pays fees for futures data from CME Group

(which includes COMEX and NYMEX) and other applicable data providers. These fees cover data relating to the futures contracts used to calculate each Fund's Reference Asset. Specifically, 3x Gold ETF and 3x Silver ETF pay fees for COMEX gold and silver futures data, respectively; 3x Bitcoin ETF and 3x Ether ETF pay fees for CME bitcoin and ether futures data, respectively; and 3x Crude Oil ETF and 3x Natural Gas ETF pay fees for NYMEX crude oil and natural gas futures data, respectively.

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The Funds may also pay fees for the use of third-party licensor trademarks and other intellectual property rights associated with the futures contracts and related data used in connection with the Funds' investment strategies.

index. Each Fund's Reference Asset price Benchmark is calculated internally by the Sponsor based on the daily settlement price of the applicable front-month futures contract contracts for the Fund's underlying Reference Asset (i.e., gold and silver futures on COMEX, bitcoin and ether futures on CME, and crude oil and natural gas futures on NYMEX), as described in this Prospectus. The Sponsor uses the settlement prices provided by the applicable exchange to calculate each Fund's Reference Asset price Benchamrk at the time of the Fund's NAV calculation. The Funds may also pay fees for the use of third-party licensor trademarks and other intellectual property rights associated with the futures contracts and related data used in connection with the Funds' investment strategies.

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Material u.s. federal income tax considerations 2 changes

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● persons holding Shares as a part of a hedging, integrated or conversion transaction or a straddle;

or conversion transaction or a straddle;

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Status of the Funds 2 changes

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Chapman and Cutler LLP has acted as counsel to

to the Trust in connection with this registration statement. Under current law and assuming full compliance with the terms of the Trust Agreement (and other relevant documents) and based on factual representations made by the Funds, in the opinion of Chapman and Cutler LLP, each Fund is should be classified as a partnership for U.S. federal income tax purposes. The factual representations upon which Chapman and Cutler LLP has relied are: (1) each Fund has not elected and will not elect to be treated as a corporation for U.S. federal income tax purposes; and (2) for each taxable year, 90% or more of the Fund's gross income has been and is expected to continue to be qualifying income. Shareholders should be aware that opinions of counsel are not binding on the IRS, and no assurance can be given that the IRS will not challenge the conclusions set forth in such opinion. The Sponsor will use its best efforts to operate a Fund in such manner as is necessary for the Fund to continue to meet the qualifying income exception.

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U.S. Shareholders 2 changes

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In general, a Fund's taxable income and losses

losses are determined monthly and are apportioned among the Fund's shareholders in proportion to the number of Shares owned by each of them as of the close of the last trading day of the preceding month; provided , however , such items for the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over-allotment option occurs shall be allocated to the shareholders as of the opening of the Exchange on the first Business Day of the next succeeding month. With respect to any Share that was not treated as outstanding as of the close of the last trading day of the preceding month, the first person that is treated as holding such Share (other than an underwriter or other person holding in a similar capacity and except with respect to the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over-allotment option occurs) for U.S. federal income tax purposes will be treated as holding such Share for this purpose as of the close of the last trading day of the preceding month. As a result, a shareholder transferring its Shares may be allocated income, gain, loss and deduction realized after the date of transfer.

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Creation and redemption of shares 1 change

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fee of up to $500 in connection with each order to create or redeem a Creation Unit in order to compensate the Administrator, the Custodian and the Transfer Agent of a Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.20% as a percentage of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. The Sponsor may waive a fixed or variable transaction fee for any number of reasons, including to maintain similar costs structures as competitive investment vehicles. Authorized Participants may sell the Shares included in the Creation Units they purchase from a Fund to other investors.

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Creation Procedures 2 changes

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● Circumstances outside the control of the Sponsor make it,

● Circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Creation Units.

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Creation and Redemption Transaction Fee 3 changes

The transaction fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.

To compensate Foreside Fund Services, LLC for services

services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs, an Authorized Participant may be required to pay a fixed transaction fee to Foreside Fund Services, LLC of up to $500 per order to create or redeem Creation Units and may pay a variable transaction fee to a Fund of up to 0.20% as a percentage of the value of a Creation Unit. An order may include multiple Creation Units. The transaction fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.

Special Settlement 1 change

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and its respective principals may be involved in numerous legal actions, some of which individually and all of which in the aggregate, seek significant or indeterminate damages. However, except for the actions described in the section entitled "Futures Commission Merchants - Litigation and Regulatory Disclosure Relating to FCMs" beginning on page 106, 107, each FCM has advised the Sponsor that during the five years preceding the date of this Prospectus there has been no material administrative, civil, or criminal action against it or any of its respective principals.

Principal Office; Location of Records; Fiscal Year 2 changes

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The books and records of the Fund are maintained

maintained as follows: all marketing materials are maintained at the offices of U.S. Bancorp Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202. Creation Unit creation and redemption books and records, certain financial books and records and certain trading and related documents received from FCMs are maintained by U.S. Bank National Association, 1555 N. River Center Dr. Milwaukee, Wisconsin 53212.

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Reports to Shareholders 2 changes

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The Sponsor will notify shareholders of any substantial

notify shareholders of any substantial change in the fees paid by the Trust or of any material changes to the Fund by filing with the SEC a supplement to this Prospectus and a Form 8-K, as applicable, which will be publicly available at www.sec.gov and at the Sponsor's website at www.volatilityshares.com. .

Net Asset Value 2 changes

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In certain circumstances ( e.g. , if the Sponsor

Sponsor believes market quotations do not accurately reflect the fair value of a Fund's investment, or a trading halt closes an exchange or market early), the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such investment for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying futures contracts on the Fund's Reference Asset and would be based on principles that the Sponsor deems fair and equitable.

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The transfer agent and fund accountant 2 changes

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agency servicing agreement (the "Transfer Agency Servicing Agreement"). The Fund Accountant has entered into a fund accounting servicing agreement (the "Fund Accounting Servicing Agreement"). Pursuant to the terms of the Transfer Agency Servicing Agreement, the Transfer Agent is responsible for processing purchase and redemption orders from Authorized Participants and maintaining records of the ownership of the Funds. As compensation for the services it provides, the Transfer Agent receives a fee from the Funds. Pursuant to the terms of the Fund Accounting Servicing Agreement, the Fund Accountant is responsible for portfolio accounting services, expense accrual and payment services, fund valuation and financial reporting services, tax accounting services and compliance control services. As compensation for the services it provides, the Fund Accountant receives a fee from the Funds.

As compensation for the services it provides, the Fund Accountant receives a fee from the Funds.

Ineligible Purchasers 1 change

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PLAN OF DISTRIBUTION

Authorized Participants 2 changes

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[ ] Marex Capital Markets Inc. is each Fund's initial Authorized Participant

initial Authorized Participant and is a statutory underwriter of Fund Shares. Prior to a Fund's Shares being listed on the Exchange, the initial Authorized Participant purchased two creation units of Fund Shares with a price per Share of $15.00.

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Experts 2 changes

The combined financial statements of VS Trust and

and the individual financial statements of each of the funds comprising VS Trust that are not covered by this Prospectus (including -1x Short VIX Futures ETF (SVIX) and 2x Long VIX Futures ETF (UVIX)) management's assessment of the effectiveness of internal control over financial reporting of VS Trust, and management's assessment of the effectiveness of internal control over financial reporting of each of such individual funds (which are included in Management's Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2025 have been so incorporated in reliance on the report of Tait, Weller & Baker LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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Where investors can find more information 2 changes

The Trust has filed a Registration Statement on

a Registration Statement on Form S-1 with the SEC under the 1933 Act. This Prospectus constitutes part of the Registration Statement filed by the Trust for itself and on behalf of the Funds. Additionally, as further discussed under "Incorporation by Reference of Certain Documents," we have incorporated by reference certain historical information. This Prospectus does not contain all of the information set forth in such Registration Statement, certain portions of which have been omitted pursuant to the rules and regulations of the SEC, including, without limitation, certain exhibits thereto (for example, the form of the Authorized Participant Agreement). The descriptions contained herein of agreements included as exhibits to the Registration Statement are necessarily summaries and may not be complete; the exhibits themselves may be inspected without charge at the Public Reference Room maintained by the SEC at 100 F Street, NE, Washington, DC 20549, and copies of all or part thereof may be obtained from the SEC upon payment of the prescribed fees. Investors may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of such site is www.sec.gov. .

Recent financial information and annual reports 4 changes

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The Trust's Annual Report on Form 10-K covers only VS Trust and the funds comprising VS Trust that are not covered by this Prospectus.

comprising VS Trust that are not covered by this Prospectus (including -1x Short VIX Futures ETF (SVIX) and 2x Long VIX Futures ETF (UVIX)), you should read the financial statements and the notes to those financial statements in the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, along with any amendments thereto, which have been incorporated by reference into this Prospectus. The Trust's Annual Report on Form 10-K covers only VS Trust and the funds comprising VS Trust that are not covered by this Prospectus.

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The Sponsor will furnish an annual report of the

furnish an annual report of the Funds in the manner required by the rules and regulations of the SEC as well as with those reports required by the CFTC and the NFA, including, but not limited to, annual audited financial statements of the Funds examined and certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Funds. Monthly account statements conforming to CFTC and NFA requirements, as well as the current annual and quarterly reports and other filings made with the SEC, are posted on the Sponsor's website at www.volatilityshares.com . Shareholders of record will also be provided with appropriate information to permit them to file U.S. federal and state income tax returns with respect to Shares held. Additional reports may be posted on the Sponsor's website at the discretion of the Sponsor or as required by regulatory authorities. Investors should also read any updated Prospectus, supplements to this Prospectus, notices and press releases, and other important information about the Funds which are posted on the Sponsor's website at www.volatilityshares.com. .

Incorporation by reference of certain documents 2 changes

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● The Trust's Annual Report on Form 10-K for the year ended

ended December 31, 2025, filed on March 31, 2026;

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Litigation and Regulatory Disclosure Relating to FCMs 2 changes

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● the action was brought by the CFTC (unless the action was

● the action was brought by the CFTC (unless the action was concluded, did not result in civil monetary penalties exceeding $50,000, and did not involve allegations of fraud or other willful misconduct);

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Index to financial statements 8 changes

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Statements of Financial Condition

Commitments and Contingencies (Note 7)

liabilities and Shareholder's equity:

Shareholder's equity

Total liabilities and shareholder's equity

Shares issued and outstanding

Net asset value per share

The accompanying notes are an integral part of the financial statements.

Note 2: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) 5 changes

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Realized gains (losses)

Realized gains (losses) and changes in unrealized

gain (loss) on open positions will be determined on a specific identification basis and will be recognized in the Statement of Operations in the period in which the contract is closed or the changes occur, respectively.

Each Fund is registered as a series of a Delaware

statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, the Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund's Shares is required to take into account its allocable share of its Fund's income, gain, loss, deductions and other items for its Fund's taxable year ending with or within the beneficial owner's taxable year.

Note 4: MANAGEMENT FEE 2 changes

Each Fund pays the Sponsor a management fee (the

(the "Management Fee"), monthly in arrears, in an amount equal to 1.65% 1.85% per annum of the average daily NAV each Fund.

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Note 6: CREATION AND REDEMPTION OF CREATION UNITS 2 changes

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Authorized Participants are generally required to

to pay variable create and redeem fees of up to 0.20% as a percentage of the value of each order they place. These variable transaction fees offset brokerage commissions incurred by the Fund

Note 8: SUBSEQUENT EVENTS 8 changes

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REPORT OF INDEPENDENT

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To Management of the Trust's Sponsor of

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These financial statements are the responsibility

responsibility of the management of the Trust's sponsor. Our responsibility is to express an opinion on the Funds financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2022.

We conducted our audits in accordance with

with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

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/s/ Tait, Weller & Baker LLP

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Other Expenses of Issuance and Distribution 2 changes

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* to be provided by amendment

indeterminate number of the securities is being registered as may from time to time be sold at indeterminate prices. In accordance with Rules 456(d) and 457(u), the Trust is deferring payment of all of the additional registration fee and will pay the additional registration fee subsequently on an annual basis.

Exhibits 1 change

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*** To be filed by amendment

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Undertakings 6 changes

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Notwithstanding the foregoing, any increase or decrease in

or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 per cent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

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(c) Insofar as indemnification for liabilities arising under the

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Pursuant to the requirements of the Securities Act of 1933,

of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Palm Beach Gardens, State of Florida, on August 17, October 7, 2026.

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