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      <registrantType>RMIC</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
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        <issuerCredentials>
          <cik>0001884021</cik>
          <ccc>XXXXXXXX</ccc>
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      <investmentCompanyType>N-1A</investmentCompanyType>
      <periodOfReport>06/30/2025</periodOfReport>
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      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2025</reportCalendarYear>
      <reportingPerson>
        <name>Volatility Shares Trust</name>
        <phoneNumber>866-261-0273</phoneNumber>
        <address>
          <com:street1>2000 PGA Blvd</com:street1>
          <com:street2>Suite 4440</com:street2>
          <com:city>Palm Beach Gardens</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>33408</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>Corporation Service Company</name>
        <address>
          <com:street1>251 Little Falls Drive</com:street1>
          <com:city>Wilmington</com:city>
          <com:stateOrCountry>DE</com:stateOrCountry>
          <com:zipCode>19808</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>FUND NOTICE REPORT</reportType>
      </reportInfo>
      <fileNumber>811-23785</fileNumber>
      <explanatoryInformation>
        <explanatoryChoice>Y</explanatoryChoice>
        <explanatoryNotes>The following Portfolios did not hold any voting securities and accordingly did not vote any proxies during the reporting period: Name Series Class/Contract Volatility Shares S&amp;P 500 High Volatility Index ETF S000076436 C000236317, 1x Long VIX Futures Strategy K-1 Free ETF S000079788 C000241151, One+One Bitcoin and Ether ETF S000090386 C000257394, One+One Nasdaq-100 and Ether ETF S000090389 C000257397, One+One S&amp;P 500 and Ether ETF S000090392 C000257400, One+One S&amp;P 500 and Nasdaq-100 ETF S000090393 C000257401, One+One S&amp;P 500 and Volatility Premium ETF S000090394 C000257402, -1x Solana ETF S000091117 C000258514, -1x XRP ETF S000092518 C000260549</explanatoryNotes>
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      <seriesCount>11</seriesCount>
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        <seriesReports>
          <idOfSeries>S000079790</idOfSeries>
          <nameOfSeries>Volatility Premium Plus ETF</nameOfSeries>
          <leiOfSeries>54930004PIFZQCY1G840</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000080610</idOfSeries>
          <nameOfSeries>2x Bitcoin Strategy ETF</nameOfSeries>
          <leiOfSeries>5493000EQPCVFIDP2125</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000082325</idOfSeries>
          <nameOfSeries>2x Ether ETF</nameOfSeries>
          <leiOfSeries>529900Z1SRLAIAYDC325</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000089074</idOfSeries>
          <nameOfSeries>2x Wheat ETF	</nameOfSeries>
          <leiOfSeries>529900W040DP0JE3GZ58</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000089076</idOfSeries>
          <nameOfSeries>2x Corn ETF</nameOfSeries>
          <leiOfSeries>529900ZVUCQZENPC4692</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000090387</idOfSeries>
          <nameOfSeries>One+One Nasdaq-100 and Bitcoin ETF </nameOfSeries>
          <leiOfSeries>52990020ATZ5K4HDTG13</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000090391</idOfSeries>
          <nameOfSeries>One+One S&amp;P 500 and Bitcoin ETF </nameOfSeries>
          <leiOfSeries>529900FM2Y80HJHOAU24</leiOfSeries>
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        <seriesReports>
          <idOfSeries>S000091118</idOfSeries>
          <nameOfSeries>2x Solana ETF</nameOfSeries>
          <leiOfSeries>5299002B5IU88J5SW390</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000091119</idOfSeries>
          <nameOfSeries>Solana ETF</nameOfSeries>
          <leiOfSeries>529900TGXMYXSHF8O457</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000092516</idOfSeries>
          <nameOfSeries>XRP ETF</nameOfSeries>
          <leiOfSeries>529900WY4H0DLS53EU43</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000092517</idOfSeries>
          <nameOfSeries>2x XRP ETF</nameOfSeries>
          <leiOfSeries>529900795DZ8TLC2M979</leiOfSeries>
        </seriesReports>
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    </seriesPage>
    <signaturePage>
      <reportingPerson>Volatility Shares Trust</reportingPerson>
      <txSignature>Justin Young</txSignature>
      <txPrintedSignature>Justin Young</txPrintedSignature>
      <txTitle>Principal Executive Officer</txTitle>
      <txAsOfDate>08/28/2025</txAsOfDate>
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