# EDGAR Filing Document

**Accession Number:** 0002068712
**File Stem:** 0000000000-26-000337
**Filing Date:** 2026-1
**Character Count:** 6775
**Document Hash:** a091b823106b5eb15d9abacd49103238
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-26-000337.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0000000000-26-000337

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260112

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VegaShares ETF Trust
- **CENTRAL INDEX KEY:** 0002068712

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-287738

**BUSINESS ADDRESS:**
- **STREET 1:** 41 S. HIGH ST.
- **STREET 2:** SUITE 1700
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-469-3200

**MAIL ADDRESS:**
- **STREET 1:** 41 S. HIGH ST.
- **STREET 2:** SUITE 1700
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

## Text-Extract

```

January 12, 2026

VIA E-MAIL

Parker Bridgeport
Thompson Hine LLP
41 South High Street, Suite 1700
Columbus, Ohio 43215
Parker.Bridgeport@ThompsonHine.com

       Re:      VegaShares ETF Trust
                Post-Effective Amendment on Form N-1A
                File Nos. 333-287738, 811-24094

Dear Mr. Bridgeport:

        We write to express concern regarding the registration of
exchange-traded funds that seek
to provide more than 200% (2x) leveraged exposure to underlying indices or
securities. On
December 31, 2025, VegaShares ETF Trust filed the post-effective amendment on
Form N-1A to
add the series referenced in Appendix A attached hereto.

        We will not perform a substantive review of this filing referenced in
Appendix A until
the issues raised in this letter are addressed. Further, we request that in
your response letter you
undertake to delay the effectiveness of the filing until these issues are
resolved.

Rule 18f-4 under the Investment Company Act of 1940

        Rule 18f-4 limits fund leverage risk by requiring that an open-end fund
  s Value-at-Risk
(VaR) does not exceed 200% of the VaR of a designated reference portfolio.1 The
fund   s
designated reference portfolio provides the unleveraged baseline against which
to compare the
fund   s leveraged portfolio for purposes of identifying the fund   s leverage
risk under the rule.
Accordingly, in defining the term    designated reference portfolio,    rule
18f-4 provides that, if
the fund   s investment objective and strategy is to track the performance
(including a leverage
multiple or inverse multiple) of an unleveraged index, the fund must use that
index as its

1
       Rule 18f-4(c)(2). In circumstances not relevant here, a fund can satisfy
a different test in the rule based on
       absolute VaR, rather than relative VaR.
 Parker Bridgeport
Page 2 of 3

designated reference portfolio.2 As the Commission observed in adopting this
requirement,
where a fund tracks an index, that index will provide the most appropriate
reference portfolio for
a relative VaR test.

          Each fund in the registrant   s fund complex identified in Appendix A
has an objective and
strategy to track the performance, including a leverage multiple or inverse
multiple, of an
unleveraged index because each fund seeks to provide a leverage or inverse
multiple of the
return of one or more specific securities. Each fund therefore must use the
security or securities
that it tracks (collectively, the fund   s    reference assets   ) as the fund
 s designated reference
portfolio for purposes of the VaR test required by rule 18f-4. Whether the fund
identifies the
securities (or security) it tracks by their individual names or as an index
does not change this
conclusion.

        Because each of these funds has an objective and strategy to provide a
leverage multiple
or inverse multiple of the return of the fund   s reference assets, each fund
s reference assets
provide the precise representation of the fund   s unleveraged portfolio and
therefore the
appropriate baseline to calculate the fund   s leverage risk under the rule.
Accordingly, we
question how the fund   s derivatives risk manager could reasonably determine
to use a baseline
other than the reference assets and how the funds    directors, as fiduciaries,
would be satisfied
with the manager   s choice.

                                                   *   *    *

        We request the registrant revise its objective and strategy to be
consistent with rule 18f-4,
as discussed above, or withdraw its filings. A response to this letter should
be in the form of a
supplemental correspondence filed on EDGAR. We remind you that the fund and its
management are responsible for the accuracy and adequacy of their disclosures,
notwithstanding
any review, comments, action, or absence of action by the staff.

       Should you have any questions regarding this letter, please feel free to
contact us at (202)
551- 6921.

                                                                     Sincerely,

                                                                     Division
of Investment Management

2
       Rule 18f-4(a) (defining the term    Designated reference portfolio   ).
                                        Appendix A

33 Act   Accession No     Registrant    Filing                  Series Names
                                        Date
 333-    0001213900-25-   VegaShares 12/31/2025 VegaShares 3x Long VT Daily
Target ETF
287738      126908        ETF Trust             VegaShares 3x Long VTI Daily
Target ETF
                                                VegaShares 4x Long QQQ Daily
Target ETF
                                                VegaShares 4x Long SOXX Daily
Target ETF
                                                VegaShares 4x Long SPY Daily
Target ETF
                                                VegaShares 4x Long TLT Daily
Target ETF
                                                VegaShares 3x Long MAGS Daily
Target ETF
                                                VegaShares 4x Long MAGS Daily
Target ETF
                                                VegaShares 4x Long XLK Daily
Target ETF
                                                VegaShares 4x Long IWM Daily
Target ETF
                                                VegaShares 3x Long GDX Daily
Target ETF
                                                VegaShares 4x Long GDX Daily
Target ETF
                                                VegaShares 3x Long GDXJ Daily
Target ETF
                                                VegaShares 4x Long GDXJ Daily
Target ETF
                                                VegaShares 4x Long XLF Daily
Target ETF
                                                VegaShares 4x Long FXI Daily
Target ETF

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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