Monitor for SEC effectiveness of the registration statement and subsequent launch of trading. The Funds' performance will depend on daily compounding effects and contango/backwardation in underlying futures markets, which can cause significant divergence from 3x spot returns over time.
Executive Summary
VS Trust filed Amendment No. 1 to its S-1 registration statement for six new 3x leveraged commodity ETFs (Gold, Silver, Bitcoin, Ether, Crude Oil, Natural Gas). The Funds have not commenced trading and have no operating history or performance. The offering is for an indeterminate amount of shares at $15.00 per share, with Marex Capital Markets as initial Authorized Participant. This is a routine registration amendment with no material financial data or operational changes.
Key Financial Metrics
Key Facts
- Six new 3x leveraged commodity ETFs: 3x Gold (GLDU), 3x Silver (SLVK), 3x Bitcoin (BITH), 3x Ether (ETHK), 3x Crude Oil (OILY), 3x Natural Gas (NATX)
- Funds have not commenced trading and have no performance history
- Initial offering price per share is $15.00 with indeterminate aggregate offering amount
- Management fee is 1.85% per annum of average daily net assets for each Fund
- 12-month breakeven amounts range from 0.33% (Gold/Silver) to 2.78% (Ether) of average daily NAV
- Each Fund seeks 3x daily performance of its Reference Asset via futures contracts, not physical commodities
- Funds are structured as Delaware statutory trust series, treated as partnerships for tax purposes
- Shares listed on CBOE BZX Exchange; Marex Capital Markets is initial Authorized Participant
Financial Impact
No revenue or financial performance data available; Funds are pre-operational with zero assets and zero shares outstanding as of August 11, 2026
Risk Factors
- Leveraged daily rebalancing can cause total loss of investment within a single day
- Compounding of daily returns causes long-term performance to differ significantly from 3x the underlying asset's return
- Contango in futures markets creates negative roll yield, eroding returns over time
- Digital asset funds (Bitcoin, Ether) face regulatory uncertainty and cybersecurity risks
- Funds are not registered under the Investment Company Act of 1940, limiting shareholder protections
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001213900-26-107622 |
| Document: ea030791801ex8-1.htm | 0001213900-26-107622 |
| Document: ea030791801ex5-1.htm | 0001213900-26-107622 |
| Document: ea030791801ex23-1.htm | 0001213900-26-107622 |
| Document: 0001213900-26-107622-index-headers.html | 0001213900-26-107622 |
| Document: 0001213900-26-107622-index.html | 0001213900-26-107622 |
| Document: 0001213900-26-107622.txt | 0001213900-26-107622 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 20d ago | S-1/A | $29.25 | awaiting T+20 | — | $27.34 (−6.53%) |
Jun 17, 2026 18w ago | 8-K | $23.20 $24.49 | ▲ +5.56% | ▲ +5.03% | $27.34 (+17.84%) |
US Market Status
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