Leverage Shares by Themes is preparing a three-fund lineup designed to let traders make amplified bullish and bearish bets on Anthropic once the artificial-intelligence company enters the public markets, extending the rapid expansion of leveraged single-stock ETFs into one of the most closely watched prospective technology listings.

The Greenwich, Connecticut-based ETF provider said on September 4 that it plans to offer the Leverage Shares 2X Long Anthropic Daily ETF under the proposed ticker ANUU, the Leverage Shares 2X Short Anthropic Daily ETF under ANDD and the Leverage Shares 1X Short Anthropic Daily ETF under ANSS. All three are expected to trade on Cboe, although the tickers and launch arrangements remain subject to change before the products become effective.

ANUU would seek investment results, before fees and expenses, equal to 200% of the daily percentage change in Anthropic common stock. If Anthropic shares gained 5% during a trading session, the fund would generally seek a gain of approximately 10% for that day before costs. A 5% decline in Anthropic would correspondingly imply a targeted decline of roughly 10%.

ANDD is structured in the opposite direction. It would seek negative 200% of Anthropic’s daily return, giving traders an amplified vehicle for expressing a bearish view. A 5% daily decline in Anthropic would translate into a targeted gain of approximately 10% for ANDD before fees and expenses, while a 5% rise in the underlying stock would imply a targeted loss of roughly 10%.

ANSS would seek negative 100% of Anthropic’s daily performance. The fund would therefore offer inverse exposure without the additional 2X leverage embedded in ANDD. For investors looking to hedge Anthropic exposure or trade short-term declines without directly borrowing and short-selling the shares, ANSS could offer a more straightforward daily inverse structure, although it would still carry the compounding and derivatives risks associated with daily-reset ETFs.

The September announcement is the latest public step in a filing process that began well before Anthropic has started trading. SEC records show that Themes ETF Trust registered the Leverage Shares 2X Long Anthropic Daily ETF and Leverage Shares 2X Short Anthropic Daily ETF in February. Subsequent amendments have repeatedly adjusted the effective date, with an August 25 filing delaying effectiveness for those two proposed series until September 8.

The 1X short fund has followed a separate registration track. Its preliminary prospectus states that it seeks daily inverse investment results equal to negative 100% of the daily percentage change in Anthropic common stock and explicitly describes the fund as a short-term trading vehicle rather than a conventional buy-and-hold investment.

That distinction is central to the proposed lineup. Leveraged and inverse ETFs typically rebalance their exposure each trading day in order to maintain their stated daily multiple. As a result, the performance of ANUU, ANDD or ANSS across several days would not necessarily equal two times, negative two times or negative one times Anthropic’s cumulative return over the same period.

The difference can become material in volatile markets. If a stock rises 10% on one day and then falls approximately 9.1% the next, it ends roughly where it started. A hypothetical fund targeting 2X daily exposure, however, would first rise about 20% and then decline roughly 18.2% from its higher asset value, leaving the fund below its starting level. Repeated swings can magnify that divergence, particularly when volatility is elevated.

That feature may be especially relevant around an IPO. Newly listed technology companies can experience large intraday moves as investors establish positions, analysts build valuation models and the market develops an initial view of earnings potential, competitive positioning and long-term growth. A leveraged ETF tied to a recently public company could therefore experience significantly larger percentage moves than the underlying shares themselves.

Leverage Shares also says the proposed Anthropic ETFs would not simply purchase the stock and hold it in the portfolio. Instead, they are expected to obtain their targeted exposure primarily through derivatives, including swaps. A swap allows the fund and a financial counterparty to exchange returns linked to an underlying security without the fund necessarily owning that security directly.

That structure can make it possible to create amplified or inverse exposure efficiently, but it adds a layer of counterparty, financing and execution risk. SEC prospectus materials for the Anthropic products describe total-return swaps as instruments that can replicate economic exposure to a reference asset while requiring collateral and periodic valuation. If a counterparty were unable to meet its obligations, the fund could face losses beyond those attributable solely to movements in Anthropic’s share price.

Derivatives availability may also become an important practical constraint after Anthropic’s listing. To deliver twice or negative twice a stock’s daily movement, an ETF manager needs enough capacity in swaps or other instruments to establish and rebalance exposure. Counterparties in turn have to manage their own hedging risks. A highly volatile IPO with limited public float, restricted borrow availability or unusually expensive options could make that process more difficult or more costly.

The products therefore cannot begin trading merely because their registrations have been filed. Leverage Shares said the funds are not currently available for purchase and that shares cannot be sold until the relevant SEC registration statement is effective. Their launch additionally depends on Anthropic common stock beginning to trade publicly. No firm launch date has been announced.

Anthropic itself is not a sponsor of the ETFs and has no stated role in their management or distribution. Leverage Shares said the funds are not sponsored, endorsed, issued, sold or promoted by Anthropic. That separation is standard for single-stock ETFs created independently by asset managers but is especially relevant when a fund is being developed before the underlying company has completed its own transition to the public markets.

The early preparation reflects intensifying competition among ETF sponsors for attention around major corporate listings. Barron’s reported this weekend that several fund groups are already planning leveraged products tied to Anthropic, underscoring how quickly issuers are attempting to build trading products around high-profile private companies expected to reach public markets.

For ETF sponsors, being ready near the start of public trading can offer an important commercial advantage. Trading volumes tend to be concentrated around major corporate events, and a widely followed IPO can create immediate demand from investors seeking tactical exposure. Leveraged single-stock products may appeal particularly to traders who want to amplify short-term directional views without using margin accounts, options or direct short positions.

That does not mean the ETF wrapper eliminates leverage risk. A 2X product can lose value twice as quickly as the underlying stock on a single trading day, and sufficiently large adverse moves can severely impair the fund’s net asset value. The preliminary prospectuses emphasize that the funds are intended for investors who understand leverage and actively monitor their portfolios.

The inverse products introduce another set of considerations. Traditional short selling can expose an investor to theoretically unlimited losses if a stock rises indefinitely. An inverse ETF generally confines an investor’s direct loss to the amount invested in the ETF, but the daily-reset mechanism can still produce rapid losses during strong rallies. A 2X short fund would be particularly sensitive to a sharp upward move in Anthropic immediately after its IPO.

From a fund-strategy perspective, the planned lineup is notable because Leverage Shares is preparing both sides of the trade. ANUU would serve investors expecting Anthropic shares to rise, ANDD would target investors seeking an amplified decline, and ANSS would offer a less leveraged inverse position. That three-product structure gives the issuer a way to capture trading activity regardless of whether early market sentiment toward Anthropic is positive or negative.

The approach also shows how single-stock ETFs have changed the relationship between passive fund structures and active trading. ETFs were historically associated with diversified index exposure and long-term asset allocation. The newer generation of leveraged single-stock products uses the same exchange-traded wrapper for highly concentrated, derivatives-driven strategies whose primary purpose is tactical positioning rather than diversification.

For market makers, the Anthropic products could create another layer of trading around the underlying shares. ETF creation and redemption activity, swap hedging and intraday rebalancing can generate transactions connected to the stock or related derivatives. The scale of that activity will depend on investor demand and assets under management, but leveraged funds can require comparatively large notional exposure relative to their net assets.

The timing could become especially important if Anthropic’s IPO attracts the level of institutional and retail interest anticipated by the market. Barron’s reported on September 6 that the Claude developer has already filed confidentially for an initial public offering and may remain several weeks away from becoming publicly traded. Until the company completes that process, the proposed ETFs effectively remain products waiting for an investable reference security.

Investors will also need more information before evaluating the full economics of the funds. Preliminary filings for the products still contain placeholders for certain expenses, meaning final management fees and other launch details may emerge closer to effectiveness. Swap financing costs are also relevant because derivatives expenses can affect realized returns even when they do not appear as a conventional management-fee line item.

Liquidity will be another factor. An ETF can trade throughout the day, but the quality of that trading depends partly on the depth and cost of the market for its underlying exposures. Wide bid-ask spreads in Anthropic shares, expensive stock borrow or stressed derivatives markets could be reflected in the pricing of swaps and ultimately in the cost of operating leveraged and inverse funds.

The planned ETFs nevertheless highlight a broader shift in ETF product development. Issuers are increasingly trying to anticipate major market events rather than waiting for an underlying security to build a long public trading history. Filing products in advance allows an asset manager to move toward launch as soon as regulatory, exchange and market conditions permit.

For Anthropic, the ETF activity is an indirect sign of the market infrastructure forming around its prospective listing. The company has not yet begun public trading, but fund sponsors are already designing products for investors who want magnified long exposure, leveraged short exposure or conventional inverse exposure to its shares. That is unusual compared with the traditional progression in which a newly public stock first develops liquidity and an options market before increasingly complex products emerge.

For Leverage Shares, the commercial opportunity will depend not only on whether Anthropic completes an IPO but also on what happens after the listing. Strong trading volumes and substantial volatility could create demand for short-term leveraged strategies. A quieter debut, limited derivatives liquidity or changing regulatory conditions could reduce the funds’ appeal or delay their introduction.

For ETF investors, the key distinction is that ANUU, ANDD and ANSS are designed as trading instruments rather than substitutes for owning Anthropic over a long investment horizon. Their daily objectives, derivatives exposure and path-dependent returns mean the outcome of holding them for several sessions could differ sharply from a simple leveraged calculation based on Anthropic’s beginning and ending stock prices.

Until Anthropic becomes publicly traded and the SEC registration process is completed, the three funds remain proposed products. But the filings demonstrate how quickly ETF issuers now seek to build leveraged trading ecosystems around marquee companies. If Anthropic reaches the public market as expected, investors may not have to wait long before the battle over its valuation extends from the stock itself into a new group of long and inverse ETFs.