# EDGAR Filing Document

**Accession Number:** 0001884021
**File Stem:** 0000894189-26-002990
**Filing Date:** 2026-1
**Character Count:** 13646
**Document Hash:** 48fdea1e0722a633dd42c9c875825424
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002990.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000894189-26-002990

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Volatility Shares Trust
- **CENTRAL INDEX KEY:** 0001884021

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23785
- **FILM NUMBER:** 26578400

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 PGA BLVD.
- **STREET 2:** SUITE 4400
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33408
- **BUSINESS PHONE:** 646-499-0917

**MAIL ADDRESS:**
- **STREET 1:** 2000 PGA BLVD.
- **STREET 2:** SUITE 4400
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33408

## Series and Classes Contracts Data

### XRP ETF (Series ID: S000092516)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000260547 | XRP ETF      |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **XRP ETF (Consolidated)** | **XRP ETF (Consolidated)** | **XRP ETF (Consolidated)** | **XRP ETF (Consolidated)** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **U.S. TREASURY BILLS - 166.4%** | **Par** | **Par** | **Value**  |
| United States Treasury Bills<sup>(a)(b)</sup> - 3.87%, 12/18/2025 | $| 280000000 | $279483870 |
| **TOTAL U.S. TREASURY BILLS** (Cost $279,488,960) | **TOTAL U.S. TREASURY BILLS** (Cost $279,488,960) | **TOTAL U.S. TREASURY BILLS** (Cost $279,488,960) | 279483870 |
| **TOTAL INVESTMENTS – 166.4% (**Cost $279,488,960**)** | **TOTAL INVESTMENTS – 166.4% (**Cost $279,488,960**)** | **TOTAL INVESTMENTS – 166.4% (**Cost $279,488,960**)** | 279483870 |
| Money Market Deposit Account<sup>(c)(d)</sup> – 51.9% | Money Market Deposit Account<sup>(c)(d)</sup> – 51.9% | Money Market Deposit Account<sup>(c)(d)</sup> – 51.9% | 87169714 |
| Liabilities in Excess of Other Assets<sup>(e)</sup> - (118.3)% | Liabilities in Excess of Other Assets<sup>(e)</sup> - (118.3)% | Liabilities in Excess of Other Assets<sup>(e)</sup> - (118.3)% | (198716208) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $167937376 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) The rate shown is the annualized yield as of November 30, 2025.

(b) All or a portion of the fund's treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000.

(c) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and
 is subject to change daily. The rate as of November 30, 2025 was 3.40%

(d) 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.

(e) Includes cash of $71,878,490 that is pledged as collateral for future contracts.

---

| |
|:---|
| **XRP ETF (Consolidated)**<br> **Schedule of Futures Contracts** |
| **November 30, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;CME XRP Futures Dec 25 | 1537 | 12/26/2025 | $167955675 | $6006829 |
| **Net Unrealized Appreciation (Depreciation)** |  | $– | $– | $6006829 |

---

---

| |
|:---|
| **XRP ETF (Consolidated)**<br> **Schedule of Reverse Repurchase Agreements** |
| **November 30, 2025 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Net Closing Amount** | **Face Value** |
| Fixed Income Clearing Corporation<sup>(a)</sup> | 4.47% | 11/24/2025 | 12/02/2025 | $(276747331) | $(276507000) |
|  |  |  |  | $(276747331) | $(276507000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the fund's treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the fund's treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the fund's treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the fund's treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the fund's treasury bills has been pledged as collateral in connection with reverse repurchase agreements. As of November 30, 2025, the value pledged was $279,482,000. |  |

---

------

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
XRP ETF (Consolidated) (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | $– | $279483870 | $– | $279483870 |
| Total Investments | $– | $279483870 | $– | $279483870 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $6006829 | $– | $– | $6006829 |
| Total Other Financial Instruments | $6006829 | $– | $– | $6006829 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreements | $– | $(276507000) | $– | $(276507000) |
| Total Other Financial Instruments | $– | $(276507000) | $– | $(276507000) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025. |
| Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Volatility Shares Trust

- **b. Investment Company Act file number:** 811-23785

- **c. CIK number of Registrant:** 0001884021

- **d. LEI of Registrant:** 54930004NGKHU04MBA84

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2000 PGA Boulevard

  - **City:** Palm Beach Gardens

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33408

  - **Telephone number:** 203-998-6005

**Item A.2. Information about the Series.**

- **a. Name of Series:** XRP ETF

- **b. EDGAR series identifier (if any):** S000092516

- **c. LEI of Series:** 529900WY4H0DLS53EU43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $444786991.10

**Total Liabilities:** $276849927.05

**Net Assets:** $167937064.05

**Amount of Assets Invested in Other Investment Companies:** $79016350.73

**Cash Not Reported:** $83428567.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260547 | 0.29%                | -12.57%              | -15.82%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10355.35               | $-3886.97                                  |
| Month 2  | $-6255.79                | $0.00                                      |
| Month 3  | $-5387.41                | $-5089.79                                  |

**Designated Index Information**

- **Index Name:** CME CF XRP-Dollar Reference Rate New York Variant

- **Index Identifier:** XRPUSDNY

### Schedule of Portfolio Investments

| Name                                 | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREASURY BILL                        | United States Treasury Bill          | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  280000000 | PA      | $279483870.40  | 166.42%           | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US Bank Money Market Deposit Account | US Bank Money Market Deposit Account | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   86045341 | NS      | $86045340.74   | 51.24%            |  |  |  | No            |                  1 | On Loan: No      |
| REREPOQZ3                            | REREPOQZ3                            | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -276507000 | PA      | $-276507000.00 | -164.65%          |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                  | CME XRP Futures   Dec25              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       1537 | NC      | $6006829.15    | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** Volatility Shares Trust

**Signature:** /s/ Chang Kim

**Name of Signer:** Chang Kim

**Title:** COO & CCO