# EDGAR Filing Document

**Accession Number:** 0002068712
**File Stem:** 0001213900-25-123574
**Filing Date:** 2025-12
**Character Count:** 20311
**Document Hash:** d7fa5242744c30911be28ca495b3f375
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-123574.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001213900-25-123574

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**EFFECTIVENESS DATE**: 20251219

**FILER**: 

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287738
- **FILM NUMBER:** 251585705

**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

## Series and Classes Contracts Data

### VegaShares Buy Now, Pay Later ETF (Series ID: S000094632)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263167 | VegaShares Buy Now, Pay Later ETF |  |

**VegaShares Buy Now, Pay Later ETF**

**BNPL**

a series of VegaShares ETF Trust

**SUMMARY PROSPECTUS**

**December 17, 2025**

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Advised by:* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vega Capital Partners LLC |
| <u>www.VegaSharesETFs.com</u> | phone: 1 (800) 617-0004 |

---

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and statement of additional information dated December 17, 2025, are incorporated by reference into this summary prospectus. You can obtain these documents and other information about the Fund online at www.VegaSharesETFs.com or by calling 1 (800) 617-0004.

These securities have not been approved or disapproved by the Securities and Exchange Commission ("SEC") nor has the SEC passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Shares of the Fund are listed and traded on the NYSE Arca, Inc.

**<u>FUND SUMMARY - VegaShares Buy Now, Pay Later ETF</u>**

**INVESTMENT OBJECTIVE**

The Fund seeks capital appreciation.

**FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or the examples below.** 

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees<sup>1</sup> | 0.50% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>3</sup> | <u>0.00%</u> |
| Total Annual Fund Operating Expenses | 0.50% |

---

---

| | |
|:---|:---|
| 1 | Pursuant to an investment advisory agreement, Vega Capital Partners LLC (the "adviser") pays all operating expenses of the Fund other than the management fee, borrowing costs such as interest charges, loan commitment fees and origination fees, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), and litigation expenses and other non-routine or extraordinary expenses, where extraordinary is determined by the Board of Trustees. |

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2 Other Expenses are estimated for the current fiscal year.

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| | |
|:---|:---|
| 3 | Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Acquired Fund Fees and Expenses are estimated for the current fiscal year. |

---

 ****

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $51 | $160 |

---

***Portfolio Turnover:*** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The Fund is a new fund and has no portfolio turnover information as of the date of this Prospectus.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed ETF. "Buy now, pay later" in the Fund's name does not refer to a means to acquire Fund shares without immediate payment, but rather is a reference to a common service offered by financial service companies. Under normal circumstances, the Fund invests primarily in the equity securities of companies in the group of industries comprising the financial sector. As a fundamental policy, the Fund concentrates (i.e. invests more than 25% of the value of its net assets) in the securities of companies in the group of industries comprising the financial sector. This concentration policy may not be changed without shareholder approval.

The Fund defines companies within the financial sector, as U.S. companies classified under the Global Industry Classification Standard ("GICS") within the financial sector and American Depositary Receipts ("ADRs") of foreign issues that are primarily engaged in the financial sector as described under the GICS classification method. The GICS classification method places an issuer in a sector based on the majority of its revenues. ADRs are receipts that represent ownership of shares of a non-U.S. issuer held in trust by a bank or similar financial institution. The GICS financial sector includes companies commonly known as: (i) banks, (ii) savings & loans, (iii) diversified financial services companies, (iv) insurance companies, (v) mortgage banks, and (vi) REITs. The Fund invests in securities of small-, medium-, and large-capitalization companies.

Additionally, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in the equity securities of companies in the "buy now, pay later" segment of companies in the financial sector. The Fund defines these domestic and foreign as companies commonly known as: (i) banks, (ii) savings & loans, (iii) diversified financial services companies, and (v) mortgage banks. These types of companies have been selected because their business is primarily composed of lending, which is consistent with the concept of buy now, pay later. The Fund's 80% investment policy may be changed by the Fund's Board of Trustees without shareholder approval, provided shareholders receive at least 60 days' notice.

The Fund is classified as a "non-diversified" under the 1940 Act which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a "diversified" Fund. The Fund anticipates that its annual portfolio turnover rate will be over 100%.

The adviser selects securities that it believes have above-average potential for capital appreciation. The adviser uses a proprietary selection process that includes an assessment of an issuer's: (i) competitive position, (ii) risk management, (iii) leverage, and (iv) price relative to a peer group of similar issuers. The adviser typically sells a security if it believes it no longer represents above-average potential for capital appreciation or to purchase a more attractive investment opportunity.

**PRINCIPAL INVESTMENT RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The Fund is not intended to be a complete investment program. Generally, the Fund will be subject to the following principal risks:

**Equity Securities Risk**. The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

**Market Risk**. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

**Concentration Risk**. The Fund's net asset value may fluctuate more than that of a fund that does not concentrate in the financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;· **Financial Services Risk**. Financial sector
companies are exposed to: (i) risk factors outside their control that may impair financial condition, (ii) burdensome regulatory rule
changes, (iii) rising interest rates that may have a significant impact on earnings, (iv) default risk on non-diversified loan portfolios,
(v) credit risk of investments, and (vi) increased competition.

**Active Management Risk**. The Fund is subject to the risk that the investment management strategy of the adviser may not produce the intended results and may negatively impact Fund performance. The adviser is recently formed and has not previously managed an ETF or other investment company.

**Non-Diversification Risk**. The Fund's portfolio may focus on a limited number of investments and will be subject to the potential for greater volatility than a diversified fund.

**Small- and Mid-Capitalization Risk**. The earnings and prospects of small- to mid-sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. These companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

**Limited History of Operations Risk**. The Fund is a new ETF and has limited history of operations for investors to evaluate.

**ADR Risk**. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.

**Turnover Rate Risk.** The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance and may produce increased taxable distributions.

**ETF Structure Risk**. The Fund is structured as an ETF. As a result, the Fund is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;· **Early Close/Trading Halt Risk**. An exchange
or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments
may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances,
the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading
losses.

&nbsp;&nbsp;&nbsp;&nbsp;· **Not Individually Redeemable**. The Fund's
shares ("Shares") are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value
("NAV") and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.

&nbsp;&nbsp;&nbsp;&nbsp;· **Trading Issues**. Trading in Shares on the
NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet
the listing requirements of the Exchange which may result in the Shares being delisted. An active trading market for the Shares may not
be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions
that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Price Variance Risk**. The market
prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread"
charged by the exchange specialists, market makers or other participants that trade the Shares. There may be times when the market price
and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In times of market stress, market makers may step away from their role of market making in Shares and
in executing trades, which can lead to differences between the market value of the Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The market price of the Shares may deviate from the Fund's NAV, particularly during times of market stress,
with the result that investors may pay significantly more or significantly less the Shares than the Fund's NAV, which is reflected in
the bid and ask price for the Shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating
liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market
value of the Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;· **Authorized Participant Risk**. Only an Authorized
Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that
may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized
Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized
Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount
to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities
or instruments that have lower trading volumes.

**PERFORMANCE**

Because the Fund has only recently commenced investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholder semi-annually. Updated performance information will be available at no cost by visiting www.VegaSharesETFs.com or by calling 1-(800) 617-0004.

**MANAGEMENT OF THE FUND**

**Investment Adviser**

Vega Capital Partners LLC.

**Portfolio Manager**

Sunny Wong, Managing Partner of the adviser, has served the Fund as a portfolio manager since it commenced operations in 2025.

**PURCHASE AND SALE OF FUND SHARES**

<u>Authorized Participants</u>

The Fund issues and redeems Shares at NAV only in a large, specified number of Shares each called a "Creation Unit," or multiples thereof, and only with authorized participants ("Authorized Participants") which have entered into contractual arrangements with the Fund's distributor, Foreside Financial Services, LLC, (the "Distributor"). Creation Unit transactions are typically conducted in exchange for a portfolio of securities closely approximating the holdings of the Fund and/or cash. Purchases and redemptions of Creation Units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that the Fund might not have incurred if it had made creation or redemption in-kind. These costs are imposed on the Fund, and thus decrease the Fund's net asset value, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant

<u>Investors</u>

Individual Shares of the Fund may only be purchased and sold on a national securities exchange through brokers. Shares of the Fund are listed on the Exchange and because Shares will trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than or less than NAV. "Buy now, pay later" in the Fund's name does not refer to a means to acquire Fund shares without immediate payment, but rather is a reference to a common service offered by financial service companies.

**TAX INFORMATION**

The Fund's distributions are generally taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.