Volatility Shares Trust – Stellar ETF is a U.S.-domiciled, non-diversified exchange-traded fund launched on April 1, 2026, that seeks long-term capital appreciation through managed, long exposure to XLM, commonly known as Lumens, the digital asset associated with the Stellar Network. The Fund is a series of Volatility Shares Trust and is advised by Volatility Shares LLC. It offers exchange-traded shares under the ticker STLR on Cboe BZX Exchange, providing investors with cryptocurrency-linked exposure through the securities markets rather than direct ownership or custody of XLM. The Fund does not invest in spot XLM; instead, it primarily invests indirectly, including through a wholly owned subsidiary, in cash-settled XLM futures contracts traded on Commodity Futures Trading Commission-registered exchanges. Under normal conditions, it invests at least 80% of net assets, plus borrowings for investment purposes, in XLM-linked instruments, including XLM futures; XLM-linked exchange-traded products, when available; shares and exchange-traded options of other investment companies with similar investment exposures; and swap agreements referencing XLM, XLM futures, XLM-linked exchange-traded products, investment companies, or XLM-referenced indexes. Its collateral portfolio may include U.S. Treasury bills, notes and bonds; registered investment companies investing in high-quality securities; investment-grade corporate debt and commercial paper; cash and cash-like instruments; and reverse repurchase agreements. The Fund’s investment strategy includes rolling futures positions as contracts approach expiration and may therefore be affected by futures-market contango or backwardation, liquidity constraints, position limits, margin requirements and differences between futures prices and the spot price of XLM. The Fund charges a 1.15% annual management fee. Its principal target market comprises investors seeking exchange-traded, long-only exposure to the performance of XLM and the Stellar Network ecosystem, which supports cross-border payments, asset tokenization and digital-asset settlement applications. Recent major developments include the Fund’s April 2026 launch as part of Volatility Shares’ expansion of its crypto-linked ETF platform; the concurrent introduction of the 2x Stellar ETF, ticker STLU; and Volatility Shares’ publication of a 2026 monthly distribution schedule for STLR.