At a glance
OOSB charges 0.85% a year. It has $863K in assets; it paid 8.6% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −38.1% with distributions reinvested (S&P 500: +11.5%).
The short version
One One S&P 500 and Bitcoin ETF (OOSB), from Volatility Shares, mainly uses futures contracts (agreements tied to an asset's future price) to seek 100% of the S&P 500's return plus 100% of bitcoin's, about 200% total exposure. That leverage sets it apart from plain stock or bitcoin funds, and it cuts both ways: the fund lost 38.1% in the year to October 27, 2026. Its expense ratio, the yearly cost, is 0.85%.
Price history
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OOSB -38.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OOSB price data to Oct 27, 2026 | -18.0% | -38.1% | — | — | — | -16.5% |
- Over the year to Oct 27, 2026, OOSB returned -38.1%.
- The deepest fall in its price history was 51.5% (Oct 6, 2025 to Mar 27, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0600 |
What's inside
As of Feb 28, 2026, the fund held 2 securities; the ten largest made up 0.57% of assets, and 65.32% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 52.07% | |
| Marex RA | -51.51% |
By country
United States 0.57%By issuer
US Treasury 52.07%Companies -51.51%The bonds mature in 0 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Feb 28, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Feb 28, 2026, investors added a net $693K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.15%, -3.29%, -22.47%.
How it works
The fund aims for long-term capital appreciation (growth in value). It is actively managed, but its adviser, Volatility Shares, does no conventional research or market forecasting. It tries to hold exposure equal to 100% of assets in the S&P 500 plus 100% in bitcoin: 200% in total. Futures, which control a large position for a small deposit, do most of the work; swaps, options, other ETFs and reverse repurchase agreements are also allowed. Bitcoin exposure comes mainly from futures, not bitcoin itself, traded on US-regulated exchanges and held largely through a Cayman Islands subsidiary.
The fund rebalances when price moves push the two exposures more than 20 percentage points apart (say, 110% and 90%), or push their combined total below 90% or above 110% of target, for two straight closes. Unlike daily-reset leveraged ETFs, it can drift between triggers. Expiring futures must be “rolled” into later ones, which costs money when later contracts are pricier. Near each fiscal quarter-end, tax rules force it to cut its subsidiary stake, and it may then return substantially less than bitcoin.
As of February 28, 2026, it held a US Treasury bill worth about 52% of net assets, a reverse repurchase agreement (short-term borrowing) with Marex, and March 2026 Micro E-mini S&P 500 and CME Micro Bitcoin futures.
What it really costs
- OOSB charges 0.85% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OOSB | $87 | $271 | $— | $— |
Structure and tax notes
- Uses bitcoin futures contracts rather than holding bitcoin directly. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Crypto prices can swing far more than stocks.
In a retirement portfolio
It stacks 100% S&P 500 and 100% bitcoin exposure through futures, and it fell 51.5% between October 6, 2025, and March 27, 2026.
OOSB could add amplified exposure to US stocks and bitcoin, with downside to match. It launched on February 19, 2025, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In its short life, shares fell 51.5% from October 6, 2025, to March 27, 2026, and had not regained that peak by October 27, 2026. Someone who had to sell or draw income during that slide would have locked in deep losses.
Its trailing 12-month yield was 8.6% ($0.90 per share) as of October 27, 2026, paid quarterly, but income isn't the fund's goal, and those payouts came alongside a 38.1% one-year price loss. It costs 0.85% a year, or $87 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 and bitcoin exposure in one fund and accept that 200% total exposure magnifies both gains and losses.
- People who want automatic rebalancing back to 100% S&P 500 plus 100% bitcoin, triggered once the two drift more than 20% apart.
- Investors using it as a small slice of a broader portfolio, able to sit through a 51.5% drop like the October 2025–March 2026 fall.
Look elsewhere if
- Retirees needing stable savings or dependable income: it lost 38.1% in the year to October 27, 2026, and its 8.6% trailing yield may not last.
- Investors wanting bitcoin itself: the fund holds futures, and replacing expiring contracts plus quarter-end tax limits can pull returns away from bitcoin's price.
- Cost-conscious investors: it charges 0.85% a year ($271 over three years on $10,000 in the SEC's example) and has traded only since February 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is OOSB a leveraged ETF?
Yes, in effect. OOSB aims for exposure equal to 100% of its assets in the S&P 500 plus 100% in bitcoin, or 200% in total, mainly through futures contracts that control large positions with small margin deposits. Leverage magnifies losses as well as gains. Rather than resetting to a fixed multiple every day, as many leveraged ETFs do, it rebalances only when its exposures drift past set limits, such as a gap of more than 20 percentage points between them on two consecutive market closes.
Does OOSB own actual bitcoin?
No. OOSB gets its bitcoin exposure from bitcoin futures contracts traded on regulated US futures exchanges, largely through a subsidiary in the Cayman Islands. As of February 28, 2026, it held CME Micro Bitcoin futures expiring in March 2026. Futures must be rolled into later contracts before they expire, which can cost money, so returns can drift from bitcoin's spot (current market) price. Tax rules also force the fund to cut its subsidiary stake around each fiscal quarter-end, when it may return substantially less than bitcoin.
Does OOSB pay dividends?
Yes. OOSB pays distributions quarterly, and its trailing 12-month yield was 8.6%, or $0.90 per share, as of October 27, 2026. That figure looks high, but income isn't the fund's goal; its objective is long-term capital appreciation. Payouts from a futures-based fund can swing widely from one year to the next. Those distributions also came alongside a 38.1% drop in the share price over the year to October 27, 2026, so they did not make up for the losses.
What's the difference between OOSB and owning an S&P 500 fund plus a bitcoin ETF?
The big difference is leverage. Splitting a dollar evenly between two separate funds buys half a dollar of each; OOSB aims for a full dollar of S&P 500 exposure plus a full dollar of bitcoin exposure. That magnifies gains and losses. OOSB also charges 0.85% a year ($87 on $10,000 in the first year under the SEC's standard example), gets bitcoin exposure through futures rather than coins, and faces roll costs and quarter-end limits on its bitcoin exposure that a fund holding bitcoin directly avoids.
Is OOSB good for retirement?
It is a high-risk fund rather than a core retirement holding. OOSB launched in February 2025, so it has no record through the 2008, 2020 or 2022 downturns. In its short life, it fell 51.5% from October 6, 2025, to March 27, 2026, and had not regained that peak by October 27, 2026. The prospectus warns that its value could drop sharply, even to zero, and that investors could lose their full investment within a single day. Selling during such drops locks in losses.