2025-07-31198132_2xBitcoinStrategyETF_TF


	2x Bitcoin Strategy ETF (Consolidated)
	BITX (Principal U.S. Listing Exchange: CBOE)
	Semi-Annual Shareholder Report \| August 31, 2025

This semi-annual shareholder report contains important information about the 2x Bitcoin Strategy ETF (Consolidated) for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at
https://www.volatilityshares.com/bitx. You can also request this information by contacting us at 1 (866) 261-0273.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
2x Bitcoin Strategy ETF	$175	2.91%

*	Annualized

KEY FUND STATISTICS (as of August 31, 2025)


Net Assets	$2,231,007,562
Number of Holdings	4
Portfolio Turnover	0%

Visit https://www.volatilityshares.com/bitx for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)


Top 10 Issuers	(%)
Cash & Other	100.0%
CME Bitcoin Futures Sep 25	178.7%
CME Bitcoin Futures Oct 25	21.2%
Reverse Repurchase Agreements	-265.3%


	One+One Nasdaq-100® and Bitcoin ETF (Consolidated)
	OOQB (Principal U.S. Listing Exchange: NasdaqNASDAQ)
	Semi-Annual Shareholder Report \| August 31, 2025

This semi-annual shareholder report contains important information about the One+One Nasdaq-100® and Bitcoin ETF (Consolidated) for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.volatilityshares.com/ooqb. You can also request this information by contacting us at 1 (866) 261-0273.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
One+One Nasdaq-100® and Bitcoin ETF	$54	0.94%

*	Annualized

KEY FUND STATISTICS (as of August 31, 2025)


Net Assets	$1,270,538
Number of Holdings	4
Portfolio Turnover	0%

Visit https://www.volatilityshares.com/ooqb for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)


Top 10 Issuers	(%)
Cash & Other	100.0%
Nasdaq-100 Micro E-Mini Futures Sep 25	103.4%
CME Micro Bitcoin Futures Sep 25	93.3%
Reverse Repurchase Agreements	-66.8%


	One+One S&P 500® and Bitcoin ETF (Consolidated)
	OOSB (Principal U.S. Listing Exchange: NasdaqNASDAQ)
	Semi-Annual Shareholder Report \| August 31, 2025

This semi-annual shareholder report contains important information about the One+One S&P 500® and Bitcoin ETF (Consolidated) for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.volatilityshares.com/oosb. You can also request this information by contacting us at 1 (866) 261-0273.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
One+One S&P 500® and Bitcoin ETF	$51	0.88%

*	Annualized

KEY FUND STATISTICS (as of August 31, 2025)


Net Assets	$817,054
Number of Holdings	4
Portfolio Turnover	0%

Visit https://www.volatilityshares.com/oosb for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)


Top 10 Issuers	(%)
Cash & Other	100.0%
S&P 500 Micro E-Mini Futures Sep 25	110.9%
CME Micro Bitcoin Futures Sep 25	95.9%
Reverse Repurchase Agreements	-54.3%


	Volatility Premium Plus ETF (Consolidated)
	ZVOL (Principal U.S. Listing Exchange: CBOE)
	Semi-Annual Shareholder Report \| August 31, 2025

This semi-annual shareholder report contains important information about the Volatility Premium Plus ETF (Consolidated) for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at
https://www.volatilityshares.com/zvol. You can also request this information by contacting us at 1 (866) 261-0273.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Volatility Premium Plus ETF	$64	1.35%

*	Annualized

KEY FUND STATISTICS (as of August 31, 2025)


Net Assets	$15,147,877
Number of Holdings	5
Portfolio Turnover	0%

Visit https://www.volatilityshares.com/zvol for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2025)


Top 10 Issuers	(%)
Cash & Other	100.0%
CBOE VIX Futures Feb 26	33.9%
CBOE VIX Futures Jan 26	33.3%
CBOE VIX Futures Dec 25	18.4%
CBOE VIX Futures Mar 26	14.4%

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

VOLATILITY SHARES TRUST

2x Bitcoin Strategy ETF (Consolidated)

2x Corn ETF (Consolidated)

2x Ether ETF (Consolidated)

2X SOLANA ETF (CONSOLIDATED)

2x Wheat ETF (Consolidated)

2X XRP ETF (CONSOLIDATED)

ONE+ONE^™ NASDAQ-100^® AND BITCOIN ETF (CONSOLIDATED)

ONE+ONE^™ S&P 500 AND BITCOIN ETF (CONSOLIDATED)

SOLANA ETF (CONSOLIDATED)

VOLATILITY PREMIUM PLUS ETF (CONSOLIDATED)

XRP ETF (CONSOLIDATED)

Core Financial Statements

August 31, 2025

TABLE OF CONTENTS


			Page
Schedule of Investments
2x Bitcoin Strategy ETF (Consolidated)			1
2x Corn ETF (Consolidated)			3
2x Ether ETF (Consolidated)			5
2x Solana (Consolidated)			7
2x Wheat ETF			9
2x XRP ETF			11
One+One^™ Nasdaq-100^® And Bitcoin ETF (Consolidated)			13
One+One^™ S&P 500 And Bitcoin ETF (Consolidated)			15
Solana ETF (Consolidated)			17
Volatility Premium Plus ETF (Consolidated)			19
XRP ETF (Consolidated)			21
Statements of Assets and Liabilities			23
Statements of Operations			26
Statements of Changes in Net Assets			29
Financial Highlights			34
Notes to the Financial Statements			45
Trustees and Officers			70

TABLE OF CONTENTS

2x Bitcoin Strategy ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 41.1%
First American Government Obligations Fund, 4.22%^(a)(b)	916,755,245	$916,755,245
TOTAL SHORT-TERM INVESTMENTS (Cost $916,755,245)		916,755,245
TOTAL INVESTMENTS - 41.1% (Cost $916,755,245)		$916,755,245
Other Assets in Excess of Liabilities - 58.9%^(c)		1,314,252,317
TOTAL NET ASSETS - 100.0%		$2,231,007,562

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $1,572,549,861 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

2x Bitcoin Strategy ETF (Consolidated)

Schedule of FUTURES CONTRACTS

August 31, 2025 (Unaudited)


Description	Contracts Purchased	Expiration Date	Notional Value	Value/Unrealized Appreciation (Depreciation)
CME Bitcoin Futures Sep 25	7,331	09/26/2025	$3,987,147,625	$(311,415,399)
CME Bitcoin Futures Oct 25	863	10/31/2025	473,031,875	(9,960,211)
Net Unrealized Appreciation (Depreciation)				$(321,375,610)

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.86%

8/26/2025

09/02/2025

$(5,924,004,560)

$(5,919,210,000)

$(5,924,004,560)

$(5,919,210,000)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $5,985,120,000.

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

TABLE OF CONTENTS

2x Corn ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 83.9%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	740,348	$740,348
TOTAL SHORT-TERM INVESTMENTS (Cost $740,348)		740,348
TOTAL INVESTMENTS - 83.9% (Cost $740,348)		$740,348
Other Assets in Excess of Liabilities - 16.1%^(c)		141,756
TOTAL NET ASSETS - 100.0%		$882,104

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $64,730 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

2x Corn ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)

Description

Contracts

Purchased

Expiration Date

Notional Value

Value/Unrealized

Appreciation

(Depreciation)

Corn Futures Dec 25

12/12/2025

$1,765,050

$75,858

Net Unrealized Appreciation (Depreciation)

$75,858

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

TABLE OF CONTENTS

2x Ether ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 22.1%
First American Government Obligations Fund - Class X, 4.22%^(a)	566,328,058	$566,328,058
TOTAL SHORT-TERM INVESTMENTS (Cost $566,328,058)		566,328,058
TOTAL INVESTMENTS - 22.1% (Cost $566,328,058)		$566,328,058
Other Assets in Excess of Liabilities - 77.9%^(b)		1,997,546,094
TOTAL NET ASSETS - 100.0%		$2,563,874,152

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Includes cash of $2,138,650,542 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

2x Ether ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)


Description	Contracts Purchased	Expiration Date	Notional Value	Value/Unrealized Appreciation (Depreciation)
CME Ether Futures Sep 25	7,629	09/26/2025	$1,664,075,625	$16,276,131
CME Ether Futures Oct 25	15,746	10/31/2025	3,462,151,750	(227,774,945)
Net Unrealized Appreciation (Depreciation)				$(211,498,814)

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.86%

8/26/2025

09/02/2025

$(9,280,940,477)

$(9,273,429,000)

$(9,280,940,477)

$(9,273,429,000)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $9,376,688,000.

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

TABLE OF CONTENTS

2X SOLANA ETF (CONSOLIDATED)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 6.6%
First American Government Obligations Fund - Class X, 4.22%^(a)	27,015,830	$27,015,830
TOTAL SHORT-TERM INVESTMENTS (Cost $27,015,830)		27,015,830
TOTAL INVESTMENTS - 6.6% (Cost $27,015,830)		$27,015,830
Other Assets in Excess of Liabilities - 93.4%^(b)		382,633,623
TOTAL NET ASSETS - 100.0%		$409,649,453

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Includes cash of $360,529,278 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

2X SOLANA ETF (CONSOLIDATED)

SCHEDULE OF FUTURES CONTRACTS

August 31, 2025 (Unaudited)

Description

Contracts

Purchased

Expiration Date

Notional Value

Value/Unrealized

Appreciation

(Depreciation)

Sol Futures Sep 25

7,999

09/26/2025

$819,297,575

$12,782,205

Net Unrealized Appreciation (Depreciation)

$12,782,205

SCHEDULE OF REVERSE REPURCHASE AGREEMENTS

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing Corporation^(a)

4.99%

8/26/2025

09/02/2025

$(1,381,950,867)

$(1,380,802,500)

$(1,381,950,867)

$(1,380,802,500)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $1,396,528,000.

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

TABLE OF CONTENTS

2x Wheat ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 83.8%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	448,887	$448,887
TOTAL SHORT-TERM INVESTMENTS (Cost $448,887)		448,887
TOTAL INVESTMENTS - 83.8% (Cost $448,887)		$448,887
Other Assets in Excess of Liabilities - 16.2%^(c)		87,037
TOTAL NET ASSETS - 100.0%		$535,924

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $82,976 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

2x Wheat ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)

Description

Contracts

Purchased

Expiration Date

Notional Value

Value/Unrealized

Appreciation

(Depreciation)

Wheat Futures Dec 25

12/12/2025

$1,068,500

$3,276

Net Unrealized Appreciation (Depreciation)

$3,276

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

TABLE OF CONTENTS

2x XRP ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 6.7%
First American Government Obligations Fund - Class X, 4.22%^(a)	7,666,939	$7,666,939
TOTAL SHORT-TERM INVESTMENTS (Cost $7,666,939)		7,666,939
TOTAL INVESTMENTS - 6.7% (Cost $7,666,939)		$7,666,939
Other Assets in Excess of Liabilities - 93.3%^(b)		106,084,615
TOTAL NET ASSETS - 100.0%		$113,751,554

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Includes cash of $116,357,094 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

2x XRP ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)

Description

Contracts

Purchased

Expiration Date

Notional Value

Value/Unrealized

Appreciation

(Depreciation)

CME XRP Futures Sep 25

1,598

09/26/2025

$227,515,250

$(17,533,622)

Net Unrealized Appreciation (Depreciation)

$(17,533,622)

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.99%

8/26/2025

09/02/2025

$(493,553,881)

$(493,143,750)

$(493,553,881)

$(493,143,750)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $498,760,000.

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

TABLE OF CONTENTS

One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)

SCHEDULE OF INVESTMENTS

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 68.5%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	870,236	$870,236
TOTAL SHORT-TERM INVESTMENTS (Cost $870,236)		870,236
TOTAL INVESTMENTS - 68.5% (Cost $870,236)		$870,236
Other Assets in Excess of Liabilities - 31.5%^(c)		400,302
TOTAL NET ASSETS - 100.0%		$1,270,538

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $392,243 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)

SCHEDULE OF FUTURES CONTRACTS

August 31, 2025 (Unaudited)


Description	Contracts Purchased	Expiration Date	Notional Value	Value/Unrealized Appreciation (Depreciation)
CME Micro Bitcoin Futures Sep 25	109	09/26/2025	$1,185,648	$(50,794)
Nasdaq-100 Micro E-Mini Futures Sep 25	28	09/19/2025	1,313,858	48,081
Net Unrealized Appreciation (Depreciation)				$(2,713)

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.99%

8/26/2025

09/02/2025

$(848,913)

$(848,207)

$(848,913)

$(848,207)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $857,867.20.

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

TABLE OF CONTENTS

One+One^™ S&P 500 and Bitcoin ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 67.9%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	554,653	$554,653
TOTAL SHORT-TERM INVESTMENTS (Cost $554,653)		554,653
TOTAL INVESTMENTS - 67.9% (Cost $554,653)		$554,653
Other Assets in Excess of Liabilities - 32.1%^(c)		262,401
TOTAL NET ASSETS - 100.0%		$817,054

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $242,837 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

One+One^™ S&P 500 and Bitcoin ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)


Description	Contracts Purchased	Expiration Date	Notional Value	Value/Unrealized Appreciation (Depreciation)
CME Micro Bitcoin Futures Sep 25	72	09/26/2025	$783,180	$(33,653)
S&P 500 Micro E-Mini Futures Sep 25	28	09/19/2025	906,185	47,403
Net Unrealized Appreciation (Depreciation)				$13,750

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.99%

8/26/2025

09/02/2025

$(444,199)

$(443,829)

$(444,199)

$(443,829)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $448,884.

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

TABLE OF CONTENTS

Solana ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 55.2%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	86,558,025	$86,558,025
TOTAL SHORT-TERM INVESTMENTS (Cost $86,558,025)		86,558,025
TOTAL INVESTMENTS - 55.2% (Cost $86,558,025)		$86,558,025
Other Assets in Excess of Liabilities - 44.8%^(c)		70,214,410
TOTAL NET ASSETS - 100.0%		$156,772,435

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $73,803,417 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

Solana ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)

Description

Contracts

Purchased

Expiration Date

Notional Value

Value/Unrealized

Appreciation

(Depreciation)

Sol Futures Sep 25

1,531

09/26/2025

$156,812,675

$2,917,674

Net Unrealized Appreciation (Depreciation)

$2,917,674

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.99%

8/26/2025

09/02/2025

$(217,163,708)

$(216,983,250)

$(217,163,708)

$(216,983,250)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $219,454,400.

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

TABLE OF CONTENTS

Volatility Premium Plus ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 81.3%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	12,319,423	$12,319,423
TOTAL SHORT-TERM INVESTMENTS (Cost $12,319,423)		12,319,423
TOTAL INVESTMENTS - 81.3% (Cost $12,319,423)		$12,319,423
Other Assets in Excess of Liabilities - 18.7%^(c)		2,828,454
TOTAL NET ASSETS - 100.0%		$15,147,877

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $2,424,793 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

Volatility Premium Plus ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)


Description	Contracts Sold	Expiration Date	Notional Value	Value/Unrealized Appreciation (Depreciation)
CBOE VIX Futures Dec 25	(136)	12/17/2025	$2,788,313	$111,975
CBOE VIX Futures Jan 26	(235)	01/21/2026	5,041,220	100,950
CBOE VIX Futures Feb 26	(235)	02/18/2026	5,129,815	52,262
CBOE VIX Futures Mar 26	(99)	03/18/2026	2,180,475	(9,433)
Net Unrealized Appreciation (Depreciation)				$255,754

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

TABLE OF CONTENTS

XRP ETF (Consolidated)

Schedule of Investments

August 31, 2025 (Unaudited)


	Shares	Value
SHORT-TERM INVESTMENTS
Money Market Funds - 53.2%
First American Government Obligations Fund - Class X, 4.22%^(a)(b)	88,789,322	$88,789,322
TOTAL SHORT-TERM INVESTMENTS (Cost $88,789,322)		88,789,322
TOTAL INVESTMENTS - 53.2% (Cost $88,789,322)		$88,789,322
Other Assets in Excess of Liabilities - 46.8%^(c)		78,252,511
TOTAL NET ASSETS - 100.0%		$167,041,833

Percentages are stated as a percent of net assets.

(a)	The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(b)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)	Includes cash of $83,342,684 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

XRP ETF (Consolidated)

Schedule of Futures Contracts

August 31, 2025 (Unaudited)

Description

Contracts

Purchased

Expiration Date

Notional Value

Value/Unrealized

Appreciation

(Depreciation)

CME XRP Futures Sep 25

1,173

09/26/2025

$167,005,875

$(11,618,585)

Net Unrealized Appreciation (Depreciation)

$(11,618,585)

Schedule of Reverse Repurchase Agreements

August 31, 2025 (Unaudited)

Counterparty

Interest Rate

Trade Date

Maturity Date

Net Closing Amount

Face Value

Fixed Income Clearing

Corporation^(a)

4.99%

8/26/2025

09/02/2025

$(245,228,779)

$(245,025,000)

$(245,228,779)

$(245,025,000)

(a)	All or a portion of the fund’s investment in treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of August 31, 2025, the value pledged was $247,775,000.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

Statements of Assets and Liabilities

August 31, 2025 (Unaudited)


	2x Bitcoin Strategy ETF (Consolidated)	2x Corn ETF (Consolidated)	2x Ether ETF (Consolidated)	2x Solana ETF (Consolidated)	2x Wheat ETF (Consolidated)
ASSETS:
Investments, at value	$916,755,245	$740,348	$566,328,058	$27,015,830	$448,887
Receivable for investments sold	5,985,090,000	—	9,626,915,363	1,396,512,838	—
Deposit at broker for other investments	1,680,606,293	98,600	1,676,877,365	383,831,859	75,752
Receivable for fund shares sold	6,623,006	—	4,404,204	(9,594,336)	—
Dividends receivable	412,376	2,300	441,359	86,895	1,621
Interest receivable	3,316,678	—	1,722,604	8,553	—
Receivable for transaction fee	3,364	—	3,377	695	—
Variation margin on futures contracts	—	41,987	—	—	10,500
Total assets	8,592,806,962	883,235	11,876,692,330	1,797,862,334	536,760
LIABILITIES:
Reverse repurchase agreements	5,919,210,000	—	9,273,429,000	1,380,802,500	—
Payable for investments purchased	238,884,804	—	—	—	—
Variation margin on futures contracts	168,619,507	—	—	—	—
Interest payable	3,995,467	—	6,259,565	956,973	—
Payable for capital shares redeemed	27,015,500	—	29,361,360	6,019,260	—
Payable to adviser	4,074,122	1,131	3,768,253	434,148	836
Total liabilities	6,361,799,400	1,131	9,312,818,178	1,388,212,881	836
NET ASSETS	$ 2,231,007,562	$882,104	$2,563,874,152	$409,649,453	$535,924
NET ASSETS CONSISTS OF:
Paid-in capital	$1,286,886,514	$984,038	$48,183,476	$359,980,272	$704,263
Total distributable earnings/(accumulated losses)	944,121,048	(101,934)	2,515,690,676	49,669,181	(168,339)
Total net assets	$ 2,231,007,562	$882,104	$2,563,874,152	$409,649,453	$535,924
Net assets	$2,231,007,562	$882,104	$2,563,874,152	$409,649,453	$535,924
Shares issued and outstanding^(a)	43,780,000	80,000	17,457,970	17,690,000	50,000
Net asset value per share	$50.96	$11.03	$146.86	$23.16	$10.72
COST:
Investments, at cost	$916,755,245	$740,348	$566,328,058	$27,015,830	$448,887

(a)	Unlimited shares authorized without par value.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

Statements of Assets and Liabilities

August 31, 2025 (Unaudited)(Continued)


	2x XRP ETF (Consolidated)	One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)	One+One^™ S&P 500 and Bitcoin ETF (Consolidated)	Solana ETF (Consolidated)	Volatility Premium Plus ETF (Consolidated)
ASSETS:
Investments, at value	$7,666,939	$870,236	$554,653	$86,558,025	$12,319,423
Receivable for investments sold	498,754,585	857,858	448,879	219,452,017	—
Deposit at broker for other investments	110,551,112	449,954	291,399	80,058,861	2,799,803
Receivable for fund shares sold	2,365,725	—	—	(3,337,770)	120,225
Dividends receivable	24,986	2,484	1,626	199,377	38,094
Interest receivable	6,886	—	—	7,960	7,189
Receivable for transaction fee	268	—	—	894	36
Prepaid expenses and other assets	(1,439)	—	—	(4,028)	—
Total assets	619,369,062	2,180,532	1,296,557	382,935,336	15,284,770
LIABILITIES:
Reverse repurchase agreements	493,143,750	848,207	443,829	216,983,250	—
Variation margin on futures contracts	11,727,652	60,425	34,813	—	119,256
Interest payable	341,776	588	308	150,381	—
Payable for capital shares redeemed	315,430	—	—	8,938,943	—
Payable to adviser	88,900	775	553	90,327	17,637
Total liabilities	505,617,508	909,994	479,503	226,162,901	136,893
NET ASSETS	$113,751,554	$1,270,538	$817,054	$156,772,435	$15,147,877
Net Assets Consists of:
Paid-in capital	$150,258,796	$948,870	$407,789	$145,397,831	$14,750,773
Total distributable earnings/(accumulated losses)	(36,507,242)	321,668	409,265	11,374,604	397,104
Total net assets	$113,751,554	$1,270,538	$817,054	$156,772,435	$15,147,877
Net assets	$113,751,554	$1,270,538	$817,054	$156,772,435	$15,147,877
Shares issued and outstanding^(a)	7,210,000	80,000	50,000	7,190,000	1,260,000
Net asset value per share	$15.78	$15.88	$16.34	$21.80	$12.02
Cost:
Investments, at cost	$7,666,939	$870,236	$554,653	$86,558,025	$12,319,423

(a)	Unlimited shares authorized without par value.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

Statements of Assets and Liabilities

August 31, 2025 (Unaudited)(Continued)


			XRP ETF (Consolidated)
ASSETS:
Investments, at value			$88,789,322
Receivable for investments sold			248,008,292
Deposit at broker for other investments			79,863,296
Receivable for fund shares sold			6,865,542
Dividends receivable			287,585
Interest receivable			7,641
Receivable for transaction fee			721
Prepaid expenses and other assets			(2,410)
Total assets			423,819,989
LIABILITIES:
Reverse repurchase agreements			245,025,000
Payable for investments purchased			2,975,196
Variation margin on futures contracts			8,139,220
Interest payable			169,816
Payable for capital shares redeemed			345,456
Payable to adviser			123,468
Total liabilities			256,778,156
NET ASSETS			$ 167,041,833
Net Assets Consists of:
Paid-in capital			$180,587,856
Total accumulated losses			(13,546,023)
Total net assets			$ 167,041,833
Net assets			$167,041,833
Shares issued and outstanding^(a)			9,670,000
Net asset value per share			$17.27
Cost:
Investments, at cost			$88,789,322

(a)	Unlimited shares authorized without par value.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

Statements of Operations

For the Period Ended August 31, 2025 (Unaudited)


	2x Bitcoin Strategy ETF (Consolidated)	2x Corn ETF (Consolidated)	2x Ether ETF (Consolidated)	2x Solana ETF (Consolidated)^(a)	2x Wheat ETF (Consolidated)
INVESTMENT INCOME:
Dividend income	$10,661,044	$16,674	$1,983,672	$121,983	$13,352
Interest income	20,490,372	595	13,834,547	1,374,948	756
Total investment income	31,151,416	17,269	15,818,219	1,496,931	14,108
EXPENSES:
Investment advisory fee	23,836,599	8,545	10,211,170	759,017	7,327
Interest expense	13,651,730	—	9,922,261	1,107,551	—
Total expenses	37,488,329	8,545	20,133,431	1,866,568	7,327
Expense reimbursement by Adviser	—	—	(1,951,986)	—	—
Net expenses	37,488,329	8,545	18,181,445	1,866,568	7,327
NET INVESTMENT INCOME/(LOSS)	(6,336,913)	8,724	(2,363,226)	(369,637)	6,781
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments	(1,431)	—	(3,550)	(16,329)	—
Futures contracts	554,729,040	(535,135)	1,597,483,272	37,663,457	(424,673)
Other investments	11,740	196	49,696	(60,484)	131
Net realized gain (loss)	554,739,349	(534,939)	1,597,529,418	37,586,644	(424,542)
Net change in unrealized appreciation (depreciation) on:
Future contracts	315,053,893	317,388	24,436,874	12,782,205	196,821
Net change in unrealized appreciation (depreciation)	315,053,893	317,388	24,436,874	12,782,205	196,821
Net realized and unrealized gain (loss)	869,793,242	(217,551)	1,621,966,292	50,368,849	(227,721)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 863,456,329	$(208,827)	$1,619,603,066	$49,999,212	$(220,940)

(a)	Inception date of the Fund was March 19, 2025.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

Statements of Operations

For the Period Ended August 31, 2025 (Unaudited)(Continued)


	2x XRP ETF (Consolidated)^(a)	One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)	One+One^™ S&P 500 and Bitcoin ETF (Consolidated)	Solana ETF (Consolidated)^(b)	Volatility Premium Plus ETF (Consolidated)
INVESTMENT INCOME:
Dividend income	$30,554	$11,430	$11,011	$357,318	$262,254
Interest income	430,053	1,357	1,233	225,762	23,178
Total investment income	460,607	12,787	12,244	583,080	285,432
EXPENSES:
Investment advisory fee	253,118	4,062	3,819	196,410	115,431
Interest expense	350,890	1,024	664	178,119	—
Total expenses	604,008	5,086	4,483	374,529	115,431
Expense reimbursement by Adviser	(124,507)	—	—	(34,158)	—
Net expenses	479,501	5,086	4,483	340,371	115,431
NET INVESTMENT INCOME/(LOSS)	(18,894)	7,701	7,761	242,709	170,001
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments	(5,832)	(10)	(5)	(2,566)	—
Futures contracts	(18,843,863)	96,925	163,533	8,542,556	(3,604,422)
Other investments	(11,475)	692	354	(11,926)	—
Net realized gain (loss)	(18,861,170)	97,607	163,882	8,528,064	(3,604,422)
Net change in unrealized appreciation (depreciation) on:
Future contracts	(17,533,622)	148,457	125,794	2,917,674	885,006
Net change in unrealized appreciation (depreciation)	(17,533,622)	148,457	125,794	2,917,674	885,006
Net realized and unrealized gain (loss)	(36,394,792)	246,064	289,676	11,445,738	(2,719,416)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ (36,413,686)	$253,765	$297,437	$11,688,447	$(2,549,415)

(a)	Inception date of the Fund was May 21, 2025.

(b)	Inception date of the Fund was March 19, 2025.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

Statements of Operations

For the Period Ended August 31, 2025 (Unaudited)(Continued)


			XRP ETF (Consolidated)^(a)
INVESTMENT INCOME:
Dividend income			$456,396
Interest income			241,291
Total investment income			697,687
EXPENSES:
Investment advisory fee			237,343
Interest expense			182,496
Total expenses			419,839
Expense reimbursement by Adviser			(43,341)
Net expenses			376,498
NET INVESTMENT INCOME			321,189
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments			(5,486)
Futures contracts			(1,822,207)
Other investments			(6,400)
Net realized gain (loss)			(1,834,093)
Net change in unrealized appreciation (depreciation) on:
Future contracts			(11,618,585)
Net change in unrealized appreciation (depreciation)			(11,618,585)
Net realized and unrealized gain (loss)			(13,452,678)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$(13,131,489)

(a)	Inception date of the Fund was May 21, 2025.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

STATEMENTS OF CHANGES IN NET ASSETS


	2x Bitcoin Strategy ETF (Consolidated)		2x Corn ETF (Consolidated)
	Period Ended August 31, 2025 (Unaudited)	Year Ended February 28, 2025	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
OPERATIONS:
Net investment income (loss)	$(6,336,913)	$(8,625,913)	$8,724	$8,159
Net realized gain (loss)	554,739,349	969,315,577	(534,939)	421,125
Net change in unrealized appreciation (depreciation)	315,053,893	(701,170,478)	317,388	(241,530)
Net increase (decrease) in net assets from operations	863,456,329	259,519,186	(208,827)	187,754
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(170,166,773)	(286,698,488)	(64,729)	(16,130)
Total distributions to shareholders	(170,166,773)	(286,698,488)	(64,729)	(16,130)
CAPITAL TRANSACTIONS:
Shares sold	697,787,438	3,095,459,024	310,591	1,505,000
Shares redeemed	(1,409,207,398)	(1,372,030,635)	(831,820)	—
ETF transaction fees (See Note #)	210,700	446,749	114	151
Net increase (decrease) in net assets from capital transactions	(711,209,260)	1,723,875,138	(521,115)	1,505,151
NET INCREASE (DECREASE) IN NET ASSETS	(17,919,704)	1,696,695,836	(794,671)	1,676,775
NET ASSETS:
Beginning of the period	2,248,927,266	552,231,430	1,676,775	—
End of the period	$2,231,007,562	$2,248,927,266	$882,104	$1,676,775
SHARES TRANSACTIONS
Shares sold	13,490,000	75,660,000	30,000	100,000
Shares redeemed	(26,970,000)	(30,980,000)	(50,000)	—
Total increase (decrease) in shares outstanding	(13,480,000)	44,680,000	(20,000)	100,000

(a)	Inception date of the Fund was December 4, 2024.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

STATEMENTS OF CHANGES IN NET ASSETS(Continued)


	2x Ether ETF (Consolidated)		2x Solana ETF (Consolidated)
	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)	Period Ended August 31, 2025^(b) (Unaudited)
OPERATIONS:
Net investment income (loss)	$(2,363,226)	$2,381,075	$(369,637)
Net realized gain (loss)	1,597,529,418	(662,078,830)	37,586,644
Net change in unrealized appreciation (depreciation)	24,436,874	(235,935,688)	12,782,205
Net increase (decrease) in net assets from operations	1,619,603,066	(895,633,443)	49,999,212
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(3,061,552)	—	(330,031)
From return of capital	(3,696,659)	(3,696,659)	—
Total distributions to shareholders	(6,758,211)	(3,696,659)	(330,031)
CAPITAL TRANSACTIONS:
Shares sold	1,219,915,429	1,575,365,303	395,977,422
Shares redeemed	(878,508,738)	(66,786,653)	(36,040,352)
ETF transaction fees (See Note #)	209,843	164,215	43,202
Net increase (decrease) in net assets from capital transactions	341,616,534	1,508,742,865	359,980,272
NET INCREASE (DECREASE) IN NET ASSETS	1,954,461,389	609,412,763	409,649,453
NET ASSETS:
Beginning of the period	609,412,763	—	—
End of the period	$ 2,563,874,152	$609,412,763	$409,649,453
SHARES TRANSACTIONS
Shares sold	63,310,000	10,970,500	19,570,000
Shares redeemed	(254,792,030)	(523,500)	(1,880,000)
Total increase (decrease) in shares outstanding	(191,482,030)	10,447,000	17,690,000

(a)	Inception date of the Fund was June 3, 2024.

(b)	Inception date of the Fund was March 19, 2025.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

STATEMENTS OF CHANGES IN NET ASSETS(Continued)


	2x Wheat ETF (Consolidated)		2x XRP ETF (Consolidated)
	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)	Period Ended August 31, 2025^(b) (Unaudited)
OPERATIONS:
Net investment income (loss)	$6,781	$6,505	$(18,894)
Net realized gain (loss)	(424,542)	145,755	(18,861,170)
Net change in unrealized appreciation (depreciation)	196,821	(193,545)	(17,533,622)
Net increase (decrease) in net assets from operations	(220,940)	(41,285)	(36,413,686)
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(3,964)	(5,844)	(93,556)
From return of capital	(9,436)	(9,436)	—
Total distributions to shareholders	(13,400)	(15,280)	(93,556)
CAPITAL TRANSACTIONS:
Shares sold	—	1,508,000	152,979,192
Shares redeemed	(681,390)	—	(2,735,968)
ETF transaction fees (See Note #)	68	151	15,572
Net increase (decrease) in net assets from capital transactions	(681,322)	1,508,151	150,258,796
NET INCREASE (DECREASE) IN NET ASSETS	(915,662)	1,451,586	113,751,554
NET ASSETS:
Beginning of the period	1,451,586	—	—
End of the period	$535,924	$1,451,586	$113,751,554
SHARES TRANSACTIONS
Shares sold	—	100,000	7,380,000
Shares redeemed	(50,000)	—	(170,000)
Total increase (decrease) in shares outstanding	(50,000)	100,000	7,210,000

(a)	Inception date of the Fund was December 4, 2024.

(b)	Inception date of the Fund was May 21, 2025.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

STATEMENTS OF CHANGES IN NET ASSETS(Continued)


	One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)		One+One^™ S&P 500 and Bitcoin ETF (Consolidated)
	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
OPERATIONS:
Net investment income (loss)	$7,701	$756	$7,761	$818
Net realized gain (loss)	97,607	(104,784)	163,882	(98,933)
Net change in unrealized appreciation (depreciation)	148,457	(151,170)	125,794	(112,044)
Net increase (decrease) in net assets from operations	253,765	(255,198)	297,437	(210,159)
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(10,633)	—	(10,525)	—
Total distributions to shareholders	(10,633)	—	(10,525)	—
CAPITAL TRANSACTIONS:
Shares sold	508,740	1,504,000	—	1,501,000
Shares redeemed	(730,410)	—	(760,925)	—
ETF transaction fees (See Note #)	124	150	76	150
Net increase (decrease) in net assets from capital transactions	(221,546)	1,504,150	(760,849)	1,501,150
NET INCREASE (DECREASE) IN NET ASSETS	21,586	1,248,952	(473,937)	1,290,991
NET ASSETS:
Beginning of the period	1,248,952	—	1,290,991	—
End of the period	$ 1,270,538	$1,248,952	$817,054	$1,290,991
SHARES TRANSACTIONS
Shares sold	30,000	100,000	—	100,000
Shares redeemed	(50,000)	—	(50,000)	—
Total increase (decrease) in shares outstanding	(20,000)	100,000	(50,000)	100,000

(a)	Inception date of the Fund was February 18, 2025.

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

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

STATEMENTS OF CHANGES IN NET ASSETS(Continued)


	Solana ETF (Consolidated)	Volatility Premium Plus ETF (Consolidated)		XRP ETF (Consolidated)
	Period Ended August 31, 2025^(a) (Unaudited)	Period Ended August 31, 2025 (Unaudited)	Year Ended February 28, 2025	Period Ended August 31, 2025^(b) (Unaudited)
OPERATIONS:
Net investment income (loss)	$242,709	$170,001	$243,544	$321,189
Net realized gain (loss)	8,528,064	(3,604,422)	(618,838)	(1,834,093)
Net change in unrealized appreciation (depreciation)	2,917,674	885,006	(752,145)	(11,618,585)
Net increase (decrease) in net assets from operations	11,688,447	(2,549,415)	(1,127,439)	(13,131,489)
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(313,843)	(1,028,106)	(1,071,756)	(414,534)
From return of capital	—	(2,653,044)	(2,653,044)	—
Total distributions to shareholders	(313,843)	(3,681,150)	(3,724,800)	(414,534)
CAPITAL TRANSACTIONS:
Shares sold	166,545,105	3,086,087	22,196,965	180,915,186
Shares redeemed	(21,166,045)	(1,491,530)	(2,475,137)	(345,456)
ETF transaction fees (See Note #)	18,771	1,374	7,401	18,126
Net increase (decrease) in net assets from capital transactions	145,397,831	1,595,931	19,729,229	180,587,856
NET INCREASE (DECREASE) IN NET ASSETS	156,772,435	(4,634,634)	14,876,990	167,041,833
NET ASSETS:
Beginning of the period	—	19,782,511	4,905,521	—
End of the period	$ 156,772,435	$15,147,877	$19,782,511	$167,041,833
SHARES TRANSACTIONS
Shares sold	8,280,000	230,000	1,070,000	9,690,000
Shares redeemed	(1,090,000)	(120,000)	(130,000)	(20,000)
Total increase (decrease) in shares outstanding	7,190,000	110,000	940,000	9,670,000

(a)	Inception date of the Fund was March 19, 2025.

(b)	Inception date of the Fund was May 21, 2025.

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

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2x Bitcoin Strategy ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Year Ended February 28, 2025	Period Ended February 29, 2024^(a)
PER SHARE DATA:
Net asset value, beginning of period	$39.28	$43.90	$15.00
INVESTMENT OPERATIONS:
Net investment income (loss)^(b)	(0.12)	(0.18)	0.01
Net realized and unrealized gain (loss) on investments^(c)	15.17	1.24	28.89
Total from investment operations	15.05	1.06	28.90
LESS DISTRIBUTIONS FROM:
Net investment income	(3.37)	(5.69)	—
Total distributions	(3.37)	(5.69)	—
ETF transaction fees per share	0.00^(d)	0.01	—
Net asset value, end of period	$50.96	$39.28	$43.90
Total return^(e)	38.55%	3.74%	192.66%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$2,231,008	$2,248,927	$552,231
Ratio of expenses to average net assets^(f)	2.91%	2.35%	1.85%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(f)	1.06%	0.50%	—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(f)	1.85%	1.85%	1.85%
Ratio of net investment income (loss) to average net assets^(f)	(0.49)%	(0.42)%	0.09%
Portfolio turnover rate^(e)(g)	—%	—%	—%

(a)	Inception date of the Fund was June 26, 2023.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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2x Corn ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
PER SHARE DATA:
Net asset value, beginning of period	$16.77	$15.05
INVESTMENT OPERATIONS:
Net investment income^(b)	0.14	0.08
Net realized and unrealized gain (loss) on investments^(c)	(4.82)	1.80
Total from investment operations	(4.68)	1.88
LESS DISTRIBUTIONS FROM:
Net investment income	(1.06)	(0.16)
Total distributions	(1.06)	(0.16)
ETF transaction fees per share	0.00^(d)	0.00^(d)
Net asset value, end of period	$11.03	$16.77
Total return^(e)	−27.91%	12.38%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$882	$1,677
Ratio of expenses to average net assets^(f)	1.85%	1.85%
Ratio of net investment income (loss) to average net assets^(f)	1.89%	1.96%
Portfolio turnover rate^(e)(g)	—%	—%

(a)	Inception date of the Fund was December 4, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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2x Ether ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
PER SHARE DATA:
Net asset value, beginning of period	$58.33	$303.80
INVESTMENT OPERATIONS:
Net investment income (loss)^(b)	(0.04)	0.84
Net realized and unrealized gain (loss) on investments^(c)	88.85	(245.36)
Total from investment operations	88.81	(244.52)
LESS DISTRIBUTIONS FROM:
Return of capital	(0.28)	(1.01)
Total distributions	(0.28)	(1.01)
ETF transaction fees per share	0.00^(d)	0.06
Net asset value, end of period	$146.86	$58.33
Total return^(e)	153.65%	−80.65%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$2,563,874	$609,413
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment^(f)	3.65%	2.65%
After expense reimbursement/recoupment^(f)	3.29%	1.74%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(f)	1.80%	0.80%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(f)	1.50%	0.94%
Ratio of net investment income (loss) to average net assets^(f)	(0.43)%	0.84%
Portfolio turnover rate^(e)(g)	—%	—%

(a)	Inception date of the Fund was June 3, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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2x Solana ETF

Financial Highlights


			Period Ended August 31, 2025^(a) (Unaudited)
PER SHARE DATA:
Net asset value, beginning of period			$14.95
INVESTMENT OPERATIONS:
Net investment loss^(b)			(0.08)
Net realized and unrealized gain (loss) on investments^(c)			8.31
Total from investment operations			8.23
LESS DISTRIBUTIONS FROM:
Net investment income			(0.03)
Total distributions			(0.03)
ETF transaction fees per share			0.01
Net asset value, end of period			$23.16
Total return^(d)			55.13%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)			$409,649
Ratio of expenses to average net assets^(e)			4.55%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(e)			2.70%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(e)			1.85%
Ratio of net investment income (loss) to average net assets^(e)			(0.90)%
Portfolio turnover rate^(d)(f)			—%

(a)	Inception date of the Fund was March 19, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

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

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2x Wheat ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
PER SHARE DATA:
Net asset value, beginning of period	$14.52	$15.08
INVESTMENT OPERATIONS:
Net investment income^(b)	0.11	0.07
Net realized and unrealized gain (loss) on investments^(c)	(3.68)	(0.48)
Total from investment operations	(3.57)	(0.41)
LESS DISTRIBUTIONS FROM:
Net investment income	(0.09)	(0.06)
Return of capital	(0.14)	(0.09)
Total distributions	(0.23)	(0.15)
ETF transaction fees per share	0.00^(d)	0.00^(d)
Net asset value, end of period	$10.72	$14.52
Total return^(e)	−24.74%	−3.74%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$536	$1,452
Ratio of expenses to average net assets^(f)	1.85%	1.85%
Ratio of net investment income (loss) to average net assets^(f)	1.71%	1.81%
Portfolio turnover rate^(e)(g)	—%	—%

(a)	Inception date of the Fund was December 4, 2024.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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2x XRP ETF

Financial Highlights


			Period Ended August 31, 2025^(a) (Unaudited)
PER SHARE DATA:
Net asset value, beginning of period			$15.00
INVESTMENT OPERATIONS:
Net investment loss^(b)			(0.01)
Net realized and unrealized gain (loss) on investments^(c)			0.79
Total from investment operations			0.78
LESS DISTRIBUTIONS FROM:
Net investment income			(0.01)
Total distributions			(0.01)
ETF transaction fees per share			0.01
Net asset value, end of period			$15.78
Total return^(d)			5.27%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)			$113,752
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment^(e)			4.41%
After expense reimbursement/recoupment^(e)			3.50%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(e)			2.56%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(e)			0.94%
Ratio of net investment income (loss) to average net assets^(e)			(0.14)%
Portfolio turnover rate^(d)(f)			—%

(a)	Inception date of the Fund was May 21, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

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

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One+One^™ Nasdaq-100^® and Bitcoin ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
PER SHARE DATA:
Net asset value, beginning of period	$12.49	$15.04
INVESTMENT OPERATIONS:
Net investment income^(b)	0.10	0.01
Net realized and unrealized gain (loss) on investments^(c)	3.44	(2.56)
Total from investment operations	3.54	(2.55)
LESS DISTRIBUTIONS FROM:
Net investment income	(0.15)	—
Total distributions	(0.15)	—
ETF transaction fees per share	0.00^(d)	0.00^(d)
Net asset value, end of period	$15.88	$12.49
Total return^(e)	28.47%	−16.95%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$1,271	$1,249
Ratio of expenses to average net assets^(f)	0.94%	0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(f)	0.19%	—%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(f)	0.75%	0.75%
Ratio of net investment income (loss) to average net assets^(f)	1.42%	2.12%
Portfolio turnover rate^(e)(g)	—%	—%

(a)	Inception date of the Fund was February 18, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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One+One^™ S&P 500 and Bitcoin ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Period Ended February 28, 2025^(a)
PER SHARE DATA:
Net asset value, beginning of period	$12.91	$15.01
INVESTMENT OPERATIONS:
Net investment income^(b)	0.11	0.01
Net realized and unrealized gain (loss) on investments^(c)	3.49	(2.11)
Total from investment operations	3.60	(2.10)
LESS DISTRIBUTIONS FROM:
Net investment income	(0.17)	—
Total distributions	(0.17)	—
ETF transaction fees per share	0.00^(d)	0.00^(d)
Net asset value, end of period	$16.34	$12.91
Total return^(e)	28.02%	−13.99%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$817	$1,291
Ratio of expenses to average net assets^(f)	0.88%	0.75%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(f)	0.13%	—%
Ratio of operational expenses to average net assets exclwuding dividends, interest, and borrowing expense on securities sold short^(f)	0.75%	0.75%
Ratio of net investment income (loss) to average net assets^(f)	1.52%	2.28%
Portfolio turnover rate^(e)(g)	—%	—%

(a)	Inception date of the Fund was February 18, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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Solana ETF

Financial Highlights


			Period Ended August 31, 2025^(a) (Unaudited)
PER SHARE DATA:
Net asset value, beginning of period			$15.28
INVESTMENT OPERATIONS:
Net investment income^(b)			0.12
Net realized and unrealized gain (loss) on investments^(c)			6.49
Total from investment operations			6.61
LESS DISTRIBUTIONS FROM:
Net investment income			(0.10)
Total distributions			(0.10)
ETF transaction fees per share			0.01
Net asset value, end of period			$21.80
Total return^(d)			43.47%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)			$156,772
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment^(e)			2.19%
After expense reimbursement/recoupment^(e)			1.99%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(e)			1.04%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(e)			0.95%
Ratio of net investment income (loss) to average net assets^(e)			1.42%
Portfolio turnover rate^(d)(f)			—%

(a)	Inception date of the Fund was March 19, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover rate excludes in-kind transactions.

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

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Volatility Premium Plus ETF

Financial Highlights


	Period Ended August 31, 2025 (Unaudited)	Year Ended February 28, 2025	Period Ended February 29, 2024^(a)
PER SHARE DATA:
Net asset value, beginning of period	$17.20	$23.36	$15.00
INVESTMENT OPERATIONS:
Net investment income^(b)	0.14	0.39	0.23
Net realized and unrealized gain (loss) on investments^(c)	(2.41)	(0.74)	9.22
Total from investment operations	(2.27)	(0.35)	9.45
LESS DISTRIBUTIONS FROM:
Net investment income	(0.84)	(1.67)	—
Return of capital	(2.07)	(4.15)	—
Total distributions	(2.91)	(5.82)	(1.09)
ETF transaction fees per share	0.00^(d)	0.01	—
Net asset value, end of period	$12.02	$17.20	$23.36
Total return^(e)	−13.09%	−2.90%	63.14%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$15,148	$19,783	$4,905
Ratio of expenses to average net assets^(f)	1.35%	1.35%	1.35%
Ratio of net investment income (loss) to average net assets^(f)	1.99%	1.95%	1.29%
Portfolio turnover rate^(e)(g)	—%	—%	—%

(a)	Inception date of the Fund was April 17, 2023.

(b)	Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

TABLE OF CONTENTS

XRP ETF

Financial Highlights


			Period Ended August 31, 2025^(a) (Unaudited)
PER SHARE DATA:
Net asset value, beginning of period			$15.59
INVESTMENT OPERATIONS:
Net investment income^(b)			0.08
Net realized and unrealized gain (loss) on investments^(c)			1.66
Total from investment operations			1.74
LESS DISTRIBUTIONS FROM:
Net investment income			(0.06)
Total distributions			(0.06)
ETF transaction fees per share			0.00^(d)
Net asset value, end of period			$17.27
Total return^(e)			11.18%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)			$167,042
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment^(f)			2.03%
After expense reimbursement/recoupment^(f)			1.82%
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets^(f)			0.88%
Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short^(f)			0.94%
Ratio of net investment income (loss) to average net assets^(f)			1.56%
Portfolio turnover rate^(e)(g)			—%

(a)	Inception date of the Fund was May 21, 2025.

(b)	Net investment income per share has been calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Portfolio turnover rate excludes in-kind transactions.

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

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VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)

1. ORGANIZATION

The Volatility Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on August 20, 2021 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is a registered investment company that has two separate series (each, a “Fund” and together the “Funds:

2x Bitcoin Strategy ETF (Consolidated)

2x Corn ETF (Consolidated)

2x Ether ETF (Consolidated)

2x Solana ETF (Consolidated)

2x Wheat ETF (Consolidated)

2x XRP ETF (Consolidated)

One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)

One+One^™ S&P 500 and Bitcoin ETF (Consolidated)

Solana ETF (Consolidated)

Volatility Premium Plus (Consolidated)

XRP ETF (Consolidated)

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications (“ASC”) 946, Financial Services-Investment Companies.

Volatility Shares LLC, (“Volatility”) a Delaware limited liability company, serves as the Trust’s adviser pursuant to an investment management agreement (the “Investment Advisory Agreement”) and is registered with the U.S. Securities and Exchange Commission. The Adviser was formed for the purpose of sponsoring volatility-linked exchange-traded funds.

The 2x Bitcoin Strategy ETF (Consolidated) or (“BITX”) is an actively managed ETF that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of bitcoin for a single day, not for any other period. BITX seeks to achieve its investment objective by investing its assets principally in cash settled bitcoin futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”) (“Bitcoin Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in Bitcoin Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other Bitcoin-linked exchange traded investment products not registered under the 1940 Act (“Bitcoin-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, bitcoin, Bitcoin-Linked ETPs, Bitcoin Futures Contracts, or bitcoin-related indexes. The Fund does not invest directly in bitcoin. Instead, the Fund seeks to benefit from increases in the price of Bitcoin Futures Contracts for a single day.

The 2x Corn ETF (Consolidated) or (“CORX”) is an actively managed ETF that seeks to provide daily investment results, before fees and expenses, that correspond to two times (2x) the return of corn for a single day, not for any other period. CORX seeks to achieve its investment objective primarily through managed exposure to corn futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”)(“Corn Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in Corn Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other Corn-linked exchange traded investment products not registered under the 1940 Act (“Corn-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, corn, Corn-Linked ETPs, Corn

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

Futures Contracts, or corn-related indexes. The Fund does not intend to take physical delivery of corn associated with the Corn Futures Contracts. Instead, the Fund seeks to benefit from increases in the price of Corn Futures Contracts for a single day.

The 2x Ether ETF (Consolidated) or (“ETHU”) is an actively managed ETF that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of ether for a single day, not for any other period. ETHU seeks to achieve its investment objective by investing its assets principally in cash-settled ether futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME) (“Ether Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in Ether Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; and swap agreement transactions that reference Other Investment Companies, ether, Ether Futures Contracts, or ether-related indexes (together with Ether Futures Contracts, “Ether-Linked Investments”). The Fund does not invest directly in ether. Instead, the Fund seeks to benefit from increases in the price of Ether Futures Contracts, or ether-related indexes (together with Ether Futures Contracts, “Ether-Linked Investments”).

The 2x Solana ETF (Consolidated) or (“SOLT”) is an actively managed ETF that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of Solana for a single day, not for any other period. SOLT seeks to achieve its investment objective by investing its assets principally in cash settled Solana futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”) (“Solana Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in Solana Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other Solana-linked exchange traded investment products not registered under the 1940 Act (“Solana-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, Solana, Solana-Linked ETPs, Solana Futures Contracts, or Solana-related indexes. The Fund does not invest directly in Solana. Instead, the Fund seeks to benefit from increases in the price of Solana Futures Contracts for a single day.

The 2x Wheat ETF (Consolidated) or (“WHTX”) is an actively managed ETF that seeks to provide daily investment results, before fees and expenses, that correspond to two times (2x) the return of wheat for a single day, not for any other period. WHTX seeks to achieve its investment objective primarily through managed exposure to wheat futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”)(“Wheat Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in Wheat Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other Wheat-linked exchange traded investment products not registered under the 1940 Act (“Wheat-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, wheat, Wheat-Linked ETPs, Wheat Futures Contracts, or wheat-related indexes. The Fund does not intend to take physical delivery of wheat associated with the wheat Futures Contracts. Instead, the Fund seeks to benefit from increases in the price of Wheat Futures Contracts for a single day.

The 2x XRP ETF (Consolidated) or (“XRPT”) is an actively managed ETF that seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of XRP for a single day, not for any other period. XRPT seeks to achieve its investment objective by investing its assets principally in cash settled XRP futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”) (“XRP Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in XRP Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered

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under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other XRP-linked exchange traded investment products not registered under the 1940 Act (“XRP-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, XRP, XRP-Linked ETPs, XRP Futures Contracts, or XRP-related indexes. The Fund does not invest directly in XRP. Instead, the Fund seeks to benefit from increases in the price of XRP Futures Contracts for a single day.

The One+One™ Nasdaq-100^® and Bitcoin ETF (Consolidated) or (“OOQB”) is an actively managed ETF which seeks to offer investors long-term capital growth. OOQB seeks to achieve its investment objective by investing in U.S.-listed futures contracts, pooled investment vehicles (such as other ETFs and other exchange-traded investment products not registered under the Investment Company Act of 1940 (the “1940 Act”)) (“Underlying Funds”), equities, and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); shares of other Bitcoin-linked exchange traded investment products not registered under the 1940 Act (“Bitcoin-Linked ETPs”); and swap agreement transactions and option contracts that reference the Nasdaq-100 or Bitcoin, Underlying Funds, or indices that provide similar exposure to that of the Nasdaq-100 or Bitcoin. The Fund seeks to participate in 100% of the returns of the Nasdaq-100^® Index (the “Nasdaq-100”) plus 100% of the returns of bitcoin (“Bitcoin”) (“Target Exposures”).

The One+One™ S&P 500 and Bitcoin ETF (Consolidated) or (“OOSB”) is an actively managed ETF which seeks to offer investors long-term capital growth. OOSB seeks to achieve its investment objective by investing in U.S.-listed futures contracts, pooled investment vehicles (such as other ETFs and other exchange-traded investment products not registered under the Investment Company Act of 1940 (the “1940 Act”)) (“Underlying Funds”), equities, and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); shares of other Bitcoin-linked exchange traded investment products not registered under the 1940 Act (“Bitcoin-Linked ETPs”); and swap agreement transactions and option contracts that reference the S&P-500 or Bitcoin, Underlying Funds, or indices that provide similar exposure to that of the S&P-500 or Bitcoin. The Fund seeks to participate in 100% of the returns of the S&P-500^® Index (the “S&P-500”) plus 100% of the returns of bitcoin (“Bitcoin”) (“Target Exposures”).

The Solana ETF (Consolidated) or (“SOLZ”) is an actively managed ETF that seeks long-term capital appreciation. SOLZ seeks to achieve its investment objective by investing its assets principally in cash settled Solana futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”) (“Solana Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in Solana Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other Solana-linked exchange traded investment products not registered under the 1940 Act (“Solana-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, Solana, Solana-Linked ETPs, Solana Futures Contracts, or Solana-related indexes. The Fund does not invest directly in Solana. Instead, the Fund seeks to benefit from increases in the price of Solana Futures Contracts.

The Volatility Premium Plus ETF (Consolidated) or (“ZVOL”), formerly known as -lx Short VIX Mid-Term Futures Strategy ETF (Consolidated) or (“ZIVB”), is an actively managed exchange-traded fund (“ETF”) that seeks daily investment results, before fees and expenses, that correspond to lx the return of the S&P 500 VIX Mid-Term Futures Inverse Daily Index (the “ZIVB Index”) for a single day, not for any other period. ZIVB seeks to achieve its investment objective by investing its assets in futures contracts based on the Chicago Board Options Exchange, Incorporated (“CBOE”) Volatility Index (the “VIX”) (“VIX Futures Contracts”), that comprise the ZIVB Index and other “Financial Instruments” (as defined below). The Fund will invest in VIX Futures Contracts via a wholly owned

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subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). Under normal market conditions, the Subsidiary’s portfolio will comprise short positions on fourth-, fifth-, sixth- and seventh month VIX Futures Contracts that comprise the Index.

The XRP ETF (Consolidated) or (“XRPI”) is an actively managed ETF that seeks long-term capital appreciation. XRPI seeks to achieve its investment objective by investing its assets principally in cash settled XRP futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange (“CME”) (“XRP Futures Contracts”), and cash, cash-like instruments or high-quality securities that serve as collateral to the Fund’s investments in XRP Futures Contracts (“Collateral Investments”). The Fund also may invest in: reverse repurchase agreement transactions; shares of other investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) that invest in similar securities and assets to those in which the Fund may invest. (“Other Investment Companies”); exchange traded options on Other Investment Companies; shares of other XRP-linked exchange traded investment products not registered under the 1940 Act (“XRP-Linked ETPs”); and swap agreement transactions that reference Other Investment Companies, XRP, XRP-Linked ETPs, XRP Futures Contracts, or XRP-related indexes. The Fund does not invest directly in XRP. Instead, the Fund seeks to benefit from increases in the price of XRP Futures Contracts.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a)

Investment Valuation – The Net Asset Value (“NAV”) per share of each Fund is determined daily, as of the close of regular trading on the NYSE Arca (normally at 4:00 p.m. Eastern time (“Valuation Time”)), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQR Global Market (“NASDAQ”) for which market quotations are readily available are valued using the NASDAQR Official Closing Price (“NOCP”) provided by NASDAQ each business day. Over the counter (“OTC”) securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities and swap contracts are fair valued as determined by the Volatility under the supervision of the Board of Trustees (the “Board”) in the following scenarios: a) reliable market quotations are not readily available; b) the Funds’ pricing service does not provide a valuation for such securities; c) the Funds’ pricing service provides a valuation that in the judgment of the Volatility does not represent fair value; or d) the Fund or Volatility believes the market price is stale.

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

The Funds’ investments will be valued daily at market value or, in the absence of market value with respect to any investment, at fair value in accordance with valuation procedures adopted by the Board and in accordance with the 1940 Act. Market value prices represent last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services.

Futures contracts shall be valued by using readily available market quotations provided by a Pricing Service. Futures contracts are generally valued at the last reported settlement price on the exchange or OTC market on which they principally trade. If the settlement price is not available, then futures contracts shall be valued at

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the last traded price. Options traded on an exchange are generally valued at the last reported settlement price on the exchange or OTC market on which they principally trade. If the settlement price is not available, then options shall be valued at the mean price. Derivatives valued in Foreign currencies shall be translated to U.S. dollars using current exchange rates provided by a Pricing Service. Prices for other derivatives for which no exchange price is available will be provided by a Pricing Service, a Valuation Vendor or a broker quote.

In certain circumstances (e.g., if the Adviser 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 Adviser 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 VIX futures contract and would be based on principles that the Adviser deems fair and equitable.

The Funds may use a variety of money market instruments. Money market instruments generally will be valued using market prices or at amortized cost.

Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Adviser or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold, and the differences could be material to the financial statements.

(b)

Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Funds were invested in futures contracts as of the period ended August 31, 2025.

(c)

Risks of Futures Contracts, Options on Futures Contracts and Short Positions - The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions.

(d)

Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic, or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than

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investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy’s dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

(e)

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the Funds after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The Funds do not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

(f)

Basis for Consolidation – 2x Bitcoin Strategy ETF Cayman Ltd., 2x Corn ETF Cayman Ltd., 2x Ether ETF Cayman Ltd., 2x Solana ETF Cayman Ltd., 2x Wheat ETF Cayman Ltd., 2x XRP ETF Cayman Ltd., NDX and Bitcoin ETF Cayman Ltd., SPX and Bitcoin ETF Cayman Ltd., Solana ETF Cayman Ltd., -lx Short VIX Mid-Term Futures ETF Cayman Ltd., and the XRP ETF Cayman Ltd., (together, the “Cayman Subsidiaries”), which are organized under the laws of the Cayman Islands, are wholly owned, and controlled by the Funds. The Cayman Subsidiaries act as an investment vehicle to facilitate entering into certain investments for the Funds, consistent with the Fund’s investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of August 31, 2025, the net assets of the Funds, by order of their appearance in Note 1 of the Notes to the Financial Statements, were $2,231,007,562, $882,104, $2,563,874,152, $409,649,453, $535,924, $113,751,554, and $1,270,538, $817,054, $156,772,435, $15,147,877, $167,041,833, of which $1,254,572,113, $140,625, $1,928,928,345, $373,342,380, $86,252, $98,835,898, and $281,231, $185,768, $76,734,894, $2,688,234, $71,734,338 or approximately 56%, 16%, 75%, 91%, 16%, 87%, 22%, 23%, 49%, 18%, and 43%, represented the Funds ownership of all issued shares and voting rights of the Fund Subsidiaries. All intercompany balances, revenues and expenses have been eliminated in consolidation.

(g)

Risks of Investing Commodity – Linked Derivatives-The 2x Bitcoin Strategy ETF (Consolidated), the 2x Corn ETF (Consolidated), the 2x Ether ETF (Consolidated), the 2x Solana ETF (Consolidated), the 2x Wheat ETF (Consolidated), the 2x XRP ETF (Consolidated), the One+One™ Nasdaq-100^® and Bitcoin ETF (Consolidated), the One+One™ S&P 500 and Bitcoin ETF (Consolidated), the Solana ETF (Consolidated), the Volatility Premium Plus ETF (Consolidated), and the XRP ETF (Consolidated) through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject

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to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Funds held commodity-linked derivatives during the period ended August 31, 2025.

(h)	Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts is reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations.

(i)

Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds. The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended August 31, 2025.

(j)

Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date. The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees. Expenses that are not directly attributable to a series are generally allocated among the Trust’s series in proportion to their respective average daily net assets. Expenses are charged to the Funds daily. Expenses are computed based on each Fund’s respective average daily net assets. For additional discussion on expenses, refer to Note 6.

(k)

Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

(l)

Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds’ maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

(m)

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

(n)	Recently adopted accounting pronouncements – In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07

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requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We adopted this standard in our Annual Report on Form N-CSR for the year ending February 28, 2025.

3. INCOME TAX AND DISTRIBUTION INFORMATION

At February 28, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:


	2x Bitcoin Strategy ETF	2x Corn ETF	2x Ether ETF	2x Wheat ETF	One+One™ Nasdaq-100^® and Bitcoin ETF	One+One™ S&P 500 and Bitcoin ETF	Volatility Premium Plus ETF
Tax Cost	$973,747,003	$1,597,266	$159,226,384	$1,292,718	$885,288	$922,776	$15,958,806
Gross unrealized appreciation	—	—	—	—	—	—	—
Gross unrealized depreciation	—	—	—	—	—	—	—
Net unrealized appreciation	—	—	—	—	—	—	—
Undistributed ordinary income	289,763,464	171,623	—	—	756	818	—
Undistributed long-term capital gain	—	—	—	—	—	—	—
Distributable earnings	289,763,464	171,623	—	—	756	818	—
Other accumulated losses	(38,931,972)	—	(90,470)	—	(89,087)	(44,721)	(3)
Total distributable earnings	$250,831,492	$171,623	$(90,470)	$—	$(88,331)	$(43,903)	$(3)

(a)	Inception date of the Fund was June 3, 2024.

To the extent the Funds realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryforwards as permitted by the Internal Revenue Code. At February 28, 2025, the following Funds had available for federal tax purposes an unused capital loss carryforward balance of:


	Capital Loss Carryforward
	Short Term	Long Term	Utilized
2x Bitcoin Strategy ETF (Consolidated)	$(38,931,972)	$—	$—
2x Corn ETF (Consolidated)	—	—	—
2x Ether ETF (Consolidated)	—	—	—
2x Wheat ETF (Consolidated)	—	—	—
One+One™ Nasdaq-100^® and Bitcoin ETF (Consolidated)	(35,640)	(53,447)	—
One+One™ S&P 500 and Bitcoin ETF (Consolidated)	(17,895)	(26,826)	—
Volatility Premium Plus (Consolidated)	(3)	—	—

Certain capital losses incurred after October 31 and within the current taxable year, are deemed to arise on the first business day of the Fund’s following taxable year. For the tax year ended February 28, 2025, the 2x Ether ETF deferred $90,470 in post-October losses.

The Fund’s distributions are generally taxable. Ordinary income distributions are generally taxed at your ordinary tax rate; however, certain ordinary income distributions received from the Fund may be taxed at the capital gains tax rates. In addition, the Fund may make distributions that represent a return of capital for tax purposes and will generally not be taxable to the shareholder.

The Funds also expect to gain exposure to select indexes by investing a portion of their respective assets in wholly owned subsidiaries of the Funds. In order to qualify as a regulated investment company for purposes of federal income tax treatment under the Internal Revenue Code of 1986, each Fund will have to reduce its exposure to its Subsidiary on or around the end of each Funds’ fiscal quarter ends.

Distributions made by the Funds will generally be taxable as ordinary income, returns of capital, or capital gains. A sale of Shares may result in capital gain or loss.

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Furthermore, both Funds seek to achieve their intended exposure to selected indexes by investing a portion of their net assets in their own respective subsidiary of the Fund, organized under the laws of the Cayman Islands.

The tax character of distributions paid during the period ended August 31, 2025, are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.


	Period Ended August 31, 2025
	Distributions Paid From:
	Ordinary Income	Long Term Capital Gains	Return of Capital
2x Bitcoin Strategy ETF	$170,166,773	$—	$—
2x Corn ETF	64,729	—	—
2x Ether ETF	3,061,552	—	3,696,659
2x Solana ETF⁽¹⁾	330,031	—	—
2x Wheat ETF	3,964	—	9,436
2x XRP ETF⁽²⁾	93,556	—	—
One+One^™ Nasdaq-100^® and Bitcoin ETF	10,633	—	—
One+One^™ S&P 500 and Bitcoin ETF	10,525	—	—
Solana ETF⁽¹⁾	313,843	—	—
Volatility Premium Plus ETF	1,028,106	—	2,653,044
XRP ETF⁽²⁾	414,534	—	—

(1)	Inception date of the Fund was March 19, 2025.

(2)	Inception date of the Fund was May 21, 2025.


	Period Ended February 28, 2025
	Distributions Paid From:
	Ordinary Income	Long Term Capital Gains	Return of Capital
2x Bitcoin Strategy ETF	$286,698,488	$—	$—
2x Corn ETF⁽¹⁾	16,130	—	—
2x Ether ETF⁽²⁾	—	—	3,696,659
2x Wheat ETF⁽¹⁾	5,844	—	9,436
One+One^™ Nasdaq-100^® and Bitcoin ETF⁽³⁾	—	—	—
One+One^™ S&P 500 and Bitcoin ETF⁽³⁾	—	—	—
Volatility Premium Plus ETF	1,071,756	—	2,653,044

(1)	Inception date of the Fund was December 4, 2024.

(2)	Inception date of the Fund was June 3, 2024.

(3)	Inception date of the Fund was February 18, 2025.

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds’ financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of August 31, 2025, open U.S. Federal and state income tax years include the tax year ended August 31, 2025. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

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NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” The number of shares in a Creation Unit for each respective Fund is as follows:


			Number of shares per creation Unit
2x Bitcoin Strategy ETF			10,000 shares
2x Corn ETF			10,000 shares
2x Ether ETF			10,000 shares
2x Solana ETF			10,000 shares
2x Wheat ETF			10,000 shares
2x XRP ETF			10,000 shares
One+One™ Nasdaq-100^® and Bitcoin ETF			10,000 shares
One+One™ S&P 500 and Bitcoin ETF			10,000 shares
Solana ETF			10,000 shares
Volatility Premium Plus ETF			10,000 shares
XRP ETF			10,000 shares

Creation Units of the Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund’s investment transactions during the period ended August 31, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps, and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps, and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Purchase

Sales

Purchase

In-Kind

Sales

In-Kind

2x Bitcoin Strategy ETF

$—

2x Corn ETF

—

2x Ether ETF

—

2x Solana ETF

—

2x Wheat ETF

—

2x XRP ETF

—

One+One^™ Nasdaq-100^® and Bitcoin ETF

—

One+One^™ S&P 500 and Bitcoin ETF

—

Solana ETF

—

Volatility Premium Plus ETF

—

XRP ETF

—

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VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended August 31, 2025.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Management Fee

2x Bitcoin Strategy ETF (Consolidated) pays the Adviser a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets. 2x Com ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets. 2x Ether ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets. Pursuant to a separate contractual arrangement, the Adviser has contracted, through June 4, 2025, to waive its fees and/or pay 2x Ether ETF’s expenses so that the Fund’s annual net operating expenses (excluding any interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) do not exceed 0.94%. 2x Solana ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets. 2x Wheat ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets. 2x XRP ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.85% per annum of its average daily net assets. Pursuant to a separate contractual arrangement, the Adviser has contracted, through May 22, 2026, to waive its fees and/or pay 2x XRP ETF’s expenses so that the Fund’s annual net operating expenses (excluding any interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) do not exceed 0.94%. One+One™ Nasdaq-100^® and Bitcoin ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of its average daily net assets. One+One™ S&P 500 and Bitcoin ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 0. 75% per annum of its average daily net assets. Solana ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.15% per annum of its average daily net assets. Pursuant to a separate contractual arrangement, the Adviser has contracted, through March 20, 2026, to waive its fees and/or pay Solana ETF’s expenses so that the Fund’s annual net operating expenses (excluding any interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) do not exceed 0.95%. Volatility Premium Plus ETF (Consolidated) pays the Adviser a management fee (the “Management Fee”), monthly in arrears, in an amount equal to 1.35% per annum of its average daily net assets. XRP ETF (Consolidated) pays the Adviser a Management Fee, monthly in arrears, in an amount equal to 1.15% per annum of its average daily net assets. Pursuant to a separate contractual arrangement, the Adviser has contracted, through May 22, 2026, to waive its fees and/or pay XRP ETF’s expenses so that the Fund’s annual net operating expenses (excluding any interest, taxes, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary expenses) do not exceed 0.94%.

“Average daily net assets” is calculated by dividing the month-end net assets of each Fund by the number of calendar days in such month.

No other Management Fee is paid by the Funds. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly.

Non-Recurring Fees and Expenses

Each Fund pays all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non- recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.

The Administrator, Transfer Agent, and Custodian

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), an indirect subsidiary of U.S. Bancorp, serves as the Fund’s fund accountant, administrator, and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements.

U.S. Bank National Association, a subsidiary of U.S. Bancorp and parent company of Fund Services, intends to serve as the Fund’s custodian pursuant to a custody agreement.

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VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

The Marketing Agent

Foreside Fund Services, LLC (the “Marketing Agent”) serves as the Marketing Agent of the Funds. Its principal duties are: (i) to work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent; (ii) maintain copies of confirmations of Creation Unit creation and redemption order acceptances; (iii) maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; and (iv) review and approve, prior to use, all Trust marketing materials for compliance with applicable SEC and FINRA advertising rules.

The Marketing Agent retains all marketing materials separately for the Funds, at their offices located at Three Canal Plaza, Suite 100 Portland, Maine 04101.

7. FAIR VALUE MEASUREMENTS

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

Level I –

Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II –

Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III –

Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

The following tables summarize the valuation of investments on August 31, 2025 using the fair value hierarchy:

2x Bitcoin Strategy ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$916,755,245	$—	$—	$916,755,245
Total Investments	$916,755,245	$—	$—	$916,755,245
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(5,919,210,000)	$—	$(5,919,210,000)
Futures Contracts*	(321,375,610)	—	—	(321,375,610)
Total Other Financial Instruments	$(321,375,610)	$(5,919,210,000)	$—	$(6,240,585,610)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

2x Corn ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$740,348	$—	$—	$740,348
Total Investments	$740,348	$—	$—	$740,348
Other Financial Instruments:
Futures Contracts*	$75,858	$—	$—	$75,858
Total Other Financial Instruments	$75,858	$—	$—	$75,858

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

2x Ether ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$566,328,058	$—	$—	$566,328,058
Total Investments	$566,328,058	$—	$—	$566,328,058
Other Financial Instruments:
Futures Contracts*	$16,276,131	$—	$—	$16,276,131
Total Other Financial Instruments	$16,276,131	$—	$—	$16,276,131
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(9,273,429,000)	$—	$(9,273,429,000)
Futures Contracts*	(227,774,946)	—	—	(227,774,946)
Total Other Financial Instruments	$(227,774,946)	$(9,273,429,000)	$—	$(9,501,203,946)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

2x Solana ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$27,015,830	$—	$—	$27,015,830
Total Investments	$27,015,830	$—	$—	$27,015,830
Other Financial Instruments:
Futures Contracts*	$12,782,205	$—	$—	$12,782,205
Total Other Financial Instruments	$12,782,205	$—	$—	$12,782,205
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(1,380,802,500)	$—	$(1,380,802,500)
Total Other Financial Instruments	$—	$(1,380,802,500)	$—	$(1,380,802,500)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

2x Wheat ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$448,887	$—	$—	$448,887
Total Investments	$448,887	$—	$—	$448,887
Other Financial Instruments:
Futures Contracts*	$3,276	$—	$—	$3,276
Total Other Financial Instruments	$3,276	$—	$—	$3,276

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

2x XRP ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$7,666,939	$—	$—	$7,666,939
Total Investments	$7,666,939	$—	$—	$7,666,939
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(493,143,750)	$—	$(493,143,750)
Futures Contracts*	(17,533,622)	—	—	(17,533,622)
Total Other Financial Instruments	$(17,533,622)	$(493,143,750)	$—	$(510,677,372)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

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VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

One+One^™ Nasdaq-100^® and Bitcoin ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$870,236	$—	$—	$870,236
Total Investments	$870,236	$—	$—	$870,236
Other Financial Instruments:
Futures Contracts*	$48,081	$—	$—	$48,081
Total Other Financial Instruments	$48,081	$—	$—	$48,081
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(848,207)	$—	$(848,207)
Futures Contracts*	(50,794)	—	—	(50,794)
Total Other Financial Instruments	$(50,794)	$(848,207)	$—	$(899,001)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

One+One^™ S&P 500 and Bitcoin ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$554,653	$—	$—	$554,653
Total Investments	$554,653	$—	$—	$554,653
Other Financial Instruments:
Futures Contracts*	$47,403	$—	$—	$47,403
Total Other Financial Instruments	$47,403	$—	$—	$47,403
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(443,829)	$—	$(443,829)
Futures Contracts*	(33,653)	—	—	(33,653)
Total Other Financial Instruments	$(33,653)	$(443,829)	$—	$(477,482)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

Solana ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$86,558,025	$—	$—	$86,558,025
Total Investments	$86,558,025	$—	$—	$86,558,025
Other Financial Instruments:
Futures Contracts*	$2,917,674	$—	$—	$2,917,674
Total Other Financial Instruments	$2,917,674	$—	$—	$2,917,674

TABLE OF CONTENTS

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NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)


	Level 1	Level 2	Level 3	Total
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(216,983,250)	$—	$(216,983,250)
Total Other Financial Instruments	$—	$(216,983,250)	$—	$(216,983,250)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

Volatility Premium Plus ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$12,319,423	$—	$—	$12,319,423
Total Investments	$12,319,423	$—	$—	$12,319,423
Other Financial Instruments:
Futures Contracts*	$255,754	$—	$—	$255,754
Total Other Financial Instruments	$255,754	$—	$—	$255,754

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

XRP ETF (Consolidated)


	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Money Market Funds	$88,789,322	$—	$—	$88,789,322
Total Investments	$88,789,322	$—	$—	$88,789,322
Liabilities:
Other Financial Instruments:
Reverse Repurchase Agreements	$—	$(245,025,000)	$—	$(245,025,000)
Futures Contracts*	(11,618,585)	—	—	(11,618,585)
Total Other Financial Instruments	$(11,618,585)	$(245,025,000)	$—	$(256,643,585)

*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 roll forward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of August 31, 2025, certain Funds were invested in futures contracts. On August 31, 2025, the fair values of derivative instruments, by primary risk, were as follows:

Fair Values of Derivative Instruments as of August 31, 2025

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for as Hedging Instruments

Fund

Statements of Financial

Condition

Location

Unrealized

Appreciation

Statements of Financial

Condition

Location

Unrealized

Depreciation

Bitcoin Futures Contracts

2x Bitcoin Strategy ETF (Consolidated)

Variation margin on Futures Contracts

—

Variation margin on Futures Contracts

(321,375,610)

Corn Futures Contracts

2x Corn ETF (Consolidated)

Variation margin on Futures Contracts

75,858

Variation margin on Futures Contracts

—

Ether Futures Contracts

2x Ether ETF (Consolidated)

Variation margin on Futures Contracts

16,276,131

Variation margin on Futures Contracts

(227,774,946)

Solana Future Contracts

2x Solana ETF (Consolidated)

Variation margin on Futures Contracts

12,782,205

Variation margin on Futures Contracts

—

Wheat Futures Contracts

2x Wheat ETF (Consolidated)

Variation margin on Futures Contracts

3,276

Variation margin on Futures Contracts

—

TABLE OF CONTENTS

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NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for as Hedging Instruments

Fund

Statements of Financial

Condition

Location

Unrealized

Appreciation

Statements of Financial

Condition

Location

Unrealized

Depreciation

XRP Future Contracts

2x XRP ETF (Consolidated)

Variation margin on Futures Contracts

—

Variation margin on Futures Contracts

(17,533,622)

Nasdaq-100 Futures Contracts and Bitcoin Futures Contracts

One+One™ Nasdaq-100^® and Bitcoin ETF (Consolidated)

Variation margin on Futures Contracts

48,081

Variation margin on Futures Contracts

(50,794)

S&P 500 Futures Contracts and Bitcoin Futures Contracts

One+One™ S&P 500 and Bitcoin ETF (Consolidated)

Variation margin on Futures Contracts

47,403

Variation margin on Futures Contracts

(33,654)

Solana Future Contracts

Solana ETF (Consolidated)

Variation margin on Futures Contracts

2,917,674

Variation margin on Futures Contracts

—

VIX Futures Contracts

Volatility Premium Plus ETF (Consolidated)

Variation margin on Futures Contracts

265,188

Variation margin on Futures Contracts

(9,433)

XRP Future Contracts

XRP ETF (Consolidated)

Variation margin on Futures Contracts

—

Variation margin on Futures Contracts

(11,618,585)

Total Trust

$32,415,816

$(578,396,643)

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

Transactions in derivative instruments during the period ended August 31, 2025, by primary risk, were as follows:

The Effect of Derivative Instruments on the Statement of Operations

For the Period Ended August 31, 2025

Derivatives Not Accounted for as Hedging Instruments

Location of Gain (Loss) on Statement of Operations

Fund

Realized Gain

(Loss) on

Derivatives

Recognized

in Income

August 31,

2025

Change in

Unrealized

Appreciation

(Depreciation)

on Derivatives

Recognized

in Income

August 31,

2025

Bitcoin Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

2x Bitcoin Strategy ETF (Consolidated)

$554,729,040

$315,053,893

Corn Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

2x Corn ETF (Consolidated)

(535,135)

317,388

Ether Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

2x Ether ETF (Consolidated)

1,597,483,272

24,436,874

Solana Future Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

2x Solana ETF (Consolidated)

37,663,457

12,782,205

Wheat Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

2x Wheat ETF (Consolidated)

(424,673)

196,821

XRP Future Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

2x XRP ETF (Consolidated)

(18,843,863)

(17,533,622)

Nasdaq-100 Futures Contracts and Bitcoin Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

One+One™ Nasdaq-100^® and Bitcoin ETF (Consolidated)

96,925

148,457

S&P 500 Futures Contracts and Bitcoin Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

One+One™ S&P 500 and Bitcoin ETF (Consolidated)

163,533

125,794

Solana Future Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

Solana ETF (Consolidated)

8,542,556

2,917,674

VIX Futures Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

Volatility Premium Plus ETF (Consolidated)

(3,604,422)

885,006

XRP Future Contracts

Net realized gain (loss)/changes in unrealized appreciation (depreciation)

XRP ETF (Consolidated)

(1,822,207)

(11,618,585)

Total Trust

$2,173,448,483

$327,711,906

The Funds utilize this volume of derivatives in order to meet the investment objectives of each respective Fund.

TABLE OF CONTENTS

VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

9. PRINCIPAL RISKS

Correlation and Compounding Risk

The Funds do not seek to achieve their stated investment objective over a period of time greater than a single day ( as measured from NAV calculation time to NAV calculation time). The return of a Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount and possibly even direction from the inverse (-lx) or two times (2x) the return of the Fund’s benchmark for the period. A Fund will lose money if its benchmark performance is flat over time, and it is possible for a Fund to lose money over time even if the performance of its benchmark increases in the case of ZVOL (or decreases in the case of BITX, ETHU, CORX, SOLT, WHTX, XRPT, OOQB, and OOSB), as a result of daily rebalancing, the benchmark’s volatility, compounding, and other factors. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Fund to differ from the Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Fund is held and the volatility of the benchmark during the holding period of an investment in the Fund. Longer holding periods, higher benchmark volatility, inverse exposure, and greater leverage each affect the impact of compounding on a Fund’s returns. Daily compounding of a Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Volatility may be at least as important to a Fund’s return for a period as the return of the Fund’s underlying benchmark.

BITX, CORX, ETHU, SOLT, WHTX, XRPT, OOQB, and OOSB use leverage and should produce daily returns that are more volatile than that of its benchmark. The Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The daily return of ZVOL is designed to return the inverse (-1x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Funds use leverage or an inverse strategy and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Fund if he or she understands the consequences of seeking daily leveraged or daily inverse investment results. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.

While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark.

A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. Other things being equal, more significant movement in the value of its

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VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

benchmark up or down will require more significant adjustments to a Fund’s portfolio. Because of this, it is unlikely that the Funds will be perfectly exposed (i.e., -1x, 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

Each Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. Unlike other funds that do not rebalance their portfolios as frequently, each Fund may be subject to increased trading costs associated with daily portfolio rebalancing to maintain appropriate exposure to the underlying benchmarks.

Counterparty Risk

Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to herein as “derivatives”) in the manner described herein to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.

Regulatory Treatment

Derivatives are generally traded in OTC markets and have only recently become subject to comprehensive regulation in the United States. Cash- settled forwards are generally regulated as “swaps,” whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” The SEC requirements have largely yet to be made effective, but the CFTC requirements are largely in place. The CFTC requirements have included rules for some of the types of transactions in which the Funds will engage, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security- based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions.

As noted, the CFTC rules may not apply to all the swap agreements and forward contracts entered by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

Counterparty Credit Risk

The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction — typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to OTC derivatives entered as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral,

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NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts because of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants, and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day.

In addition, cleared derivatives benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a FCM in cleared swaps customer accounts, which are required by CFTC regulations to be separate from its proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of customer segregated funds, under which the clearing house may access all of the commingled customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness, and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.volatilityshares.com.

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.

The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund.

Leverage Risk

The Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day.

For example, because BITX includes a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s

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NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of a Fund or upward single-day or intraday movements in the benchmark of a Fund, even if the underlying benchmark maintains a level greater than zero at all times.

Liquidity Risk

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position, find a swap, or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated because the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

“Contango” and “Backwardation” Risk

The Funds typically hold futures contracts. As the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2019 may specify a January 2020 expiration. As that contract nears expiration, it may be replaced by selling the January 2020 contract and purchasing the contract expiring in March 2020. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2020 contract would take place at a price that is higher than the price at which the March 2020 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not always exist in these markets.

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable Fund benchmark. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process could adversely affect the value of a Fund and, accordingly, decrease the return of a Fund.

Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local, and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Funds to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time.

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NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, resulting in losses to your investment.

Risk that Current Assumptions and Expectations Could Become Outdated as a Result of Global Economic Shocks

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

10. SUBSEQUENT EVENTS

The Volatility Shares Trust paid out the following distributions:

For 2x Bitcoin Strategy ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.6149 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.5695 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For 2x Corn ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.3074 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.3024 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For 2x Ether ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.1628 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.1230 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For 2x Solana ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0155 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0121 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For 2x Wheat ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0283 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0269 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For 2x XRP ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0165 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0135 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For One+One™ Nasdaq-100^® And Bitcoin ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0319 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0313 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For One+One™ S&P 500 And Bitcoin ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0335 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0380 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For Solana ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0322 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0426 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

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VOLATILITY SHARES TRUST

NOTES TO THE FINANCIAL STATEMENTS

August 31, 2025 (Unaudited)(Continued)

For Volatility Premium Plus ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.4850 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.4850 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

For XRP ETF the following distributions were paid: on September 25, 2025, an income dividend of 0.0335 was declared payable on September 29, 2025 to shareholders of record on September 26, 2025. On October 28, 2025, an income dividend of 0.0315 was declared payable on October 30, 2025 to shareholders of record on October 29, 2025.

Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date, except as noted above.

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VOLATILITY SHARES TRUST

TRUSTEES AND OFFICERS

August 31, 2025 (Unaudited)

The business affairs of the Funds are managed by or under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Funds is set below. The report includes additional information about the Funds’ Trustees and Officers and is available without charge, upon request by calling (866) 261-0273.

Name,

Address

and Year

of Birth

Position

and

Offices

with Trust

Term of

Office and

Year First

Elected

Appointed

Principal

Occupations

during Past

5 Years

Number of

Portfolios

in the

Volatility

Fund

Complex

Overseen

by Trustee

Other

Trusteeships

Directorships

Held by

Trustee

during

the Past

5 Years

Independent Trustees

Stephen Yu

2000 PGA Blvd,

Suite 4440, Palm Beach Gardens,

FL 33408

Year of Birth: 1985

Trustee; Chairman

of the Board

•

Indefinite Term

•

Since Inception

Vice President, Discover Financial Services

(2024 – Present); Director/Senior Director, Discover Financial Services (2018 – 2024)

None

Anthony Ward 2000 PGA Blvd, Suite 4440, Palm Beach Gardens,

FL 33408

Year of Birth: 1975

Trustee

•

Indefinite Term

•

Since Inception

Managing Director — Head of Counterparty Credit Risk IB, Credit Suisse

(2021 – Present); Managing Director — Dublin Branch Chief Risk Officer, Credit Suisse (2019 – 2021); Director — Global Markets Equities CRO/US Equities CRO, Credit Suisse

(2015 – 2019).

None

Anthony Homsey 2000 PGA Blvd, Suite 4440, Palm Beach Gardens,

FL 33408

Year of Birth: 1986

Trustee

•

Indefinite Term

•

Since Inception

Vice President — Insurance Partnerships, QuinStreet (2022 – Present); Senior Director — Strategic Partnerships, QuinStreet (2021 – 2022); Assistant Vice President — Digital Media, MAPFRE Insurance (2018 – 2021; Digital Media Director, Travelers Insurance

(2016 – 2018).

None

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VOLATILITY SHARES TRUST

TRUSTEES AND OFFICERS

August 31, 2025 (Unaudited)(Continued)

Name,

Address

and Year

of Birth

Position

and

Offices

with Trust

Term of

Office and

Year First

Elected

Appointed

Principal

Occupations

during Past

5 Years

Number of

Portfolios

in the

Volatility

Fund

Complex

Overseen

by Trustee

Other

Trusteeships

Directorships

Held by

Trustee

during

the Past

5 Years

Interested Trustee¹ and Officers of the Trust

Justin Young

2000 PGA Blvd,

Suite 4440 Palm Beach Gardens,

FL 33408

Year of Birth: 1986

Interested Trustee, President, and Chief Executive Officer (Principal Executive Officer)

•

Indefinite Term
• Since Inception

President of Volatility Shares LLC (2018 – Present); Managing Partner of Invest in Vol LLC (2017 – 2023)

None

Chang Kim

2000 PGA Blvd,

Suite 4440 Palm Beach Gardens,

FL 33408

Year of Birth: 1984

Chief Compliance Officer, Treasurer (Principal Financial Officer and Principal Accounting Officer) and AML Compliance Officer

•

Indefinite Term
• Since Inception

Chief Operating Officer of Volatility Shares LLC

(2022 – Present); Chief Operating Officer of Invest in Vol LLC (2022 – 2023); CEO of The Library Shop, Inc. (2021 – 2021); Portfolio Manager and COO at Global X Management Company LLC (2009 – 2020)

N/A

None

Stuart Barton

2000 PGA Blvd,

Suite 4440 Palm Beach Gardens,

FL 33408

Year of Birth: 1973

Vice President and Secretary

•

Indefinite Term

•

Since Inception

Chief Investment Officer of Volatility Shares LLC

(2018 – Present); Managing Partner of Invest in Vol LLC (2017 – 2023)

N/A

None

TABLE OF CONTENTS

VOLATILITY SHARES TRUST ETF

2000 PGA Blvd, Suite 4440 Palm Beach Gardens, FL 33408

www.volatilityshares.com

INVESTMENT ADVISERS

Volatility Shares LLC

2000 PGA Blvd, Suite 4440,

Palm Beach Gardens,

Florida 33408.

ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

P.O. Box 1993

Milwaukee, WI 53201-1993

CUSTODIAN

U.S. Bank, N.A.

Custody Operations

1555 River Center Drive, Suite 302

Milwaukee, WI 53212

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP

50 South 16^th Street, Suite 2900

Philadelphia, PA 19102

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100,

Portland, ME 04101

www.foreside.com

The Trust’s Proxy Voting Policies are available

without charge by calling 1-(866) 261-0273, or by

accessing the SEC’s website, at www.sec.gov.

The actual voting records relating to portfolio

securities during the most recent period ended

June 30 is available without charge by calling

1-(866) 261-0273 or by accessing the SEC’s website

at www.sec.gov.

The Trust files complete schedule of portfolio

holdings with the SEC for its first and third fiscal

quarters on Part F of Form N-PORT. The Funds’ Part F

of Form N-PORT is available on the SEC’s website at

www.sec.gov.

This report has been prepared for shareholders and

may be distributed to others only if preceded or

accompanied by a current prospectus.


	2x Corn ETF (Consolidated)
	CORX (Principal U.S. Listing Exchange: CBOE)
	Semi-Annual Shareholder Report \| August 31, 2025


	2x Ether ETF (Consolidated)
	ETHU (Principal U.S. Listing Exchange: CBOE)
	Semi-Annual Shareholder Report \| August 31, 2025


	2x Solana ETF (Consolidated)
	SOLT (Principal U.S. Listing Exchange: NasdaqNASDAQ)
	Semi-Annual Shareholder Report \| August 31, 2025


	2x Wheat ETF (Consolidated)
	WHTX (Principal U.S. Listing Exchange: CBOE)
	Semi-Annual Shareholder Report \| August 31, 2025


	2x XRP ETF (Consolidated)
	XRPT (Principal U.S. Listing Exchange: NasdaqNASDAQ)
	Semi-Annual Shareholder Report \| August 31, 2025


	Solana ETF (Consolidated)
	SOLZ (Principal U.S. Listing Exchange: NasdaqNASDAQ)
	Semi-Annual Shareholder Report \| August 31, 2025


	XRP ETF (Consolidated)
	XRPI (Principal U.S. Listing Exchange: NasdaqNASDAQ)
	Semi-Annual Shareholder Report \| August 31, 2025