OOSB — One+One S&P 500 and Bitcoin ETF

OOSB Fund Overview

OOSB — One+One S&P 500 and Bitcoin ETF is a US ETF managed by Volatility Shares Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Volatility Shares Trust
• Category: Alternative
• Assets under management: $862.78K
• 1-year return: -19.5%
• Ticker: OOSB
• SEC CIK: 0001884021
• SEC series ID: S000090391
• Share class ID: C000257399

OOSB Investment Objective and Strategy

One+One S&P 500 and Bitcoin ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Volatility Shares Trust.

Investment objective

The One+One S&P 500 and Bitcoin ETF (the Fund) seeks long -term capital appreciation.

Principal investment strategy

The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve its investment objective by investing in U.S. -listed futures contracts, pooled investment vehicles (such as other ETFs and other exchange -traded investment products not registered under the Investment Company Act of 1940 (the 1940 Act)) (Underlying Funds), equities, and cash, cash -like instruments or high -quality securities that serve as collateral to the Funds investments (Collateral Investments). In seeking its investment objective, the Fund seeks to participate in 100% of the returns of the S&P 500 Index (the S&P 500) plus 100% of the returns of bitcoin (Bitcoin) (Target Exposures). Under normal circumstances, the Fund will invest at least 80% of its assets (including borrowings for investment purposes) in assets that provide exposure to the S&P 500 and Bitcoin.

For purposes of this policy, derivative contracts will be valued at their notional value, which is the total underlying amount of a derivatives trade, rather than the cost (or market value) of making the trade. Under normal circumstances, the Fund seeks magnified exposure of 200% of its total assets through the use of leverage. It achieves leverage principally through the use of financial instruments (such as futures contracts or swap agreements). Using these instruments, the Fund can control a larger value relative to a smaller margin deposit, giving the Fund the ability to magnify its exposure to the S&P 500 and Bitcoin. Under normal circumstances, the Fund will allocate 100% of its total assets to S&P 500 exposure and also, or plus, 100% of its total assets to Bitcoin exposure. For the purpose of the Funds investment objective, under normal circumstances, the Fund will use the price of Bitcoin that is reflected in the next, or second to next, expiring Bitcoin Futures Contract.

If the Fund is invested in other instruments linked to the value of Bitcoin, the value of Bitcoin will be determined by an average of how Bitcoin is valued in the financial instruments in which the Fund invests. The Fund, either directly or indirectly via the Subsidiary (defined below) will primarily invest in: (i) futures contracts that reference the S&P 500 (S&P 500 Futures Contracts); (ii) futures contracts that reference Bitcoin that trade only on an exchange registered with the CFTC (Bitcoin Futures Contracts and collectively with S&P 500 Futures Contracts, Futures Contracts); (iii) Underlying Funds that track the performance of the S&P 500; (iv) Underlying Funds that track the performance of Bitcoin (Bitcoin -Linked ETPs); (v) equities; and (vi) cash and cash equivalents.

The Fund also may invest in Other Investments which include: (i) reverse repurchase agreement transactions; (ii) swap agreements that reference either the S&P 500 or Bitcoin, Underlying Funds, or indices that provide similar exposure to that of the S&P 500 or Bitcoin; and (iii) option contracts that reference either the S&P 500 or Bitcoin, Underlying Funds, or indices that provide similar exposure to that of the S&P 500 or Bitcoin. Depending on which type of assets the Fund is invested in at any given time, the Fund may experience greater tracking deviation from the performance of the S&P 500 or Bitcoin. The Fund expects to gain exposure of 100% of its assets to Bitcoin by investing a portion of its assets in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary).

In order to qualify as a regulated investment company (RIC) for purposes of federal income tax treatment under the Internal Revenue Code of 1986 (the Code), the Fund will have to reduce its exposure to its Subsidiary on or around the end of each of the Funds fiscal quarter ends. The Fund expects to reduce its exposure to its Subsidiary during these periods by investing in certain other investments as described below. During these periods, the Fund may not achieve its investment objective, and may return substantially less than 100% of the returns of Bitcoin. The Fund allocation of 100% exposure to the S&P 500 and 100% exposure to Bitcoin may deviate over time due principally to valuation changes of the Funds investments. The allocation also may deviate due to other circumstances, e.g. , if a particular financial instrument is unavailable for investment or position or accountability limits on futures contracts have been triggered.

Under normal circumstances, the Fund expects to rebalance its portfolio back to 100% exposure to the S&P 500 and 100% exposure to Bitcoin after the difference in asset weights exceeds 20% ( i.e. , 110% + 90%) on two consecutive market closes, or after the sum of the assets weights falls below 90% or exceeds 110% of the sum of the Target Exposures on two consecutive market closes. The investment adviser to the Fund and the Subsidiary is Volatility Shares LLC (the Adviser). The Adviser oversees the Fund and implements the day -to-day portfolio management responsibilities for the Fund. In serving as investment adviser to the Fund, the Adviser does not conduct conventional investment research or analysis or forecast market movement or trends. The Adviser will continuously monitor the Funds holdings.

However, it is possible that the percentage of each exposure may deviate from the Target Exposures. The Fund is classified as a non -diversified company under the 1940 Act. The Fund will not concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any industry or group of industries, as the term concentrate is used in the 1940 Act, except that the Fund will have economic exposure that is concentrated to the extent the S&P 500 concentrates its investments and except that the Fund may invest more than 25% of its total assets in investments that provide exposure to Bitcoin and/or Bitcoin Futures Contracts. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or securities of other investment companies.

S&P 500 Exposure The Fund seeks to capture the price return of the S&P 500 by having exposure of 100% of its total assets to the price returns of the S&P 500. To do so, the Fund will primarily invest in S&P 500 Futures Contracts, the Underlying Funds that provide exposure to the S&P 500 and/or the equity securities of the constituents comprising the S&P 500. With respect to the Underlying Funds, low -cost ETFs with ample liquidity will be favored. Under normal circumstances, the Funds exposure to the S&P 500 will be 100% of the Funds total assets. The Fund is an actively -managed ETF and, accordingly, the Adviser will determine, based on market conditions, relative investing costs, and anticipated levels of tracking error from each type of investment, when the Fund will use S&P 500 Futures Contracts, Underlying Funds that provide exposure to the S&P 500 or equities comprising the S&P 500, in seeking to achieve S&P 500 returns.

The Fund also reserves the right to obtain exposure to the S&P 500 through either a replication or representative sampling strategy. The S&P 500 measures the performance of the large -capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices LLC. The securities in the S&P 500 are weighted based on the float -adjusted market value of their outstanding shares. The S&P 500 rebalances quarterly in March, June, September, and December. The S&P 500 consists of securities from a broad range of industries, and has significant exposure to companies in the information technology sector. Bitcoin Exposure The Fund seeks to capture the price return of Bitcoin by having 100% of its total assets exposed to the price returns of Bitcoin. To do so, the Fund will primarily invest in Bitcoin Futures Contracts and Underlying Funds that provide exposure to Bitcoin.

With respect to the Underlying Funds, low -cost ETFs and/or Bitcoin -Linked ETPs that have ample liquidity will be favored. Bitcoin -Linked ETPs seek to track the performance of the price of Bitcoin before payment of the ETPs expenses and liabilities and they do this by directly investing in and holding Bitcoin. Under normal circumstances, the Funds exposure to Bitcoin will be 100% of the Funds total assets. The Fund does not invest directly in Bitcoin. Bitcoin is a digital asset that can be transferred among participants on the Bitcoin peer -to-peer network (the Bitcoin Network) on a peer -to-peer basis via the Internet. Bitcoin can be transferred without the use of a central administrator or clearing agency, unlike other means of electronic payments. Because a central party is not necessary to administer Bitcoin transactions or maintain the Bitcoin ledger, the term decentralized is often used in descriptions of Bitcoin.

Bitcoin is based on the decentralized, open -source protocol of a peer -to-peer electronic network. No single entity owns or operates the Bitcoin Network. Bitcoin is not issued by governments, banks or any other centralized authority. The infrastructure of the Bitcoin Network is collectively maintained on a distributed basis by the networks participants, consisting of miners, who run special software to validate transactions, developers, who maintain and contribute updates to the Bitcoin Networks source code, and users, who download and maintain on their individual computer a full or partial copy of the Bitcoin Blockchain (defined below) and related software. Anyone can be a user, developer, or miner. The Bitcoin Network is accessed through software, and software governs the creation, movement, and ownership of Bitcoin.

The source code for the Bitcoin Network and related software protocol is open -source , and anyone can contribute to its development. The value of Bitcoin is in part determined by the supply of, and demand for, Bitcoin in the global markets for the trading of Bitcoin, market expectations for the adoption of Bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept Bitcoin as a form of payment, and the volume of peer -to-peer transactions, among other factors. Bitcoin transaction and ownership records are reflected on the blockchain ledger for Bitcoin (the Bitcoin Blockchain). Miners authenticate and bundle Bitcoin transactions sequentially into files called blocks, which requires performing computational work to solve a cryptographic puzzle set by the Bitcoin Networks software protocol.

Because each solved block contains a reference to the previous block, they form a chronological chain back to the first Bitcoin transaction. Copies of the Bitcoin Blockchain are stored in a decentralized manner on the computers of each individual Bitcoin Network full node, i.e., any user who chooses to maintain on their computer a full copy of the Bitcoin Blockchain as well as related software. Each Bitcoin is associated with a set of unique cryptographic keys, in the form of a string of numbers and letters, which allow whoever is in possession of the private key to assign that Bitcoin in a transfer that the Bitcoin network will recognize. Fund Investments In order to obtain the 100% exposure to the S&P 500 plus 100% exposure to Bitcoin, the Fund intends to enter into cash -settled Futures Contracts as the buyer.

In simplest terms, in a cash -settled futures contract the counterparty pays cash to the buyer if the price of a futures contract goes up, and buyer pays cash to the counterparty if the price of the futures contract goes down. Futures contracts have a limited maturity before they expire ( e.g. , monthly). The Fund will frequently roll its Futures Contracts and replace an expiring contract with a contract that expires further in the future.

OOSB Holdings

Top 2 holdings of One+One S&P 500 and Bitcoin ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all OOSB holdings

OOSB Portfolio Allocation

Asset-class allocation of One+One S&P 500 and Bitcoin ETF by percentage of net assets, from the latest SEC N-PORT filing.

OOSB Performance

Total returns for OOSB (as of 2026-10-01), from SEC filings.

OOSB Risk Information

Risk metrics for OOSB, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 41.2%

OOSB Costs and Fees

OOSB costs about $85 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.85%
• Gross expense ratio: 0.85%
• Portfolio turnover: 0%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

OOSB Cashflows

Over the 12 months to 2026-02, One+One S&P 500 and Bitcoin ETF had net outflows of $238.71K, from monthly SEC N-PORT filings.

OOSB Debt Constituents

Largest debt holdings of One+One S&P 500 and Bitcoin ETF by percentage of net assets, from the latest SEC N-PORT filing.

OOSB Prospectus and SEC Filings

Official One+One S&P 500 and Bitcoin ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus supplement (497) — filed 2025-06-30
• Portfolio holdings (N-PORT) — filed 2026-04-28
• Portfolio holdings (N-PORT) — filed 2026-01-29
• Portfolio holdings (N-PORT) — filed 2025-10-30
• Annual census (N-CEN) — filed 2026-05-14
• Annual census (N-CEN) — filed 2025-05-14

Related Funds

Other Alternative funds tracked on ABC INVEST:

• iShares 0-3 Month Treasury Bond ETF (SGOV)
• Vanguard Short-Term Inflation-Protected Securities Index Fund (VTAPX)
• SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
• Vanguard Inflation-Protected Securities Fund (VIPSX)
• iShares 0-1 Year Treasury Bond ETF (SHV)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.