Leverage Shares by Themes announced on September 4, 2026 that it has filed for three single-stock ETFs referencing Anthropic common stock: ANUU, seeking 200% of the stock’s daily performance; ANDD, seeking -200%; and ANSS, seeking -100%. All three are expected to list on Cboe. Tickers are proposed and may change.
The unusual part is the sequencing. Anthropic confidentially submitted a draft Form S-1 to the SEC on June 1, 2026. No share count has been set, no price, no date. None of the three funds can commence operations until Anthropic lists and their own registration statement becomes effective.
What is confirmed here is a filing, not a launch. The distinction matters more than it sounds. A filing establishes that an issuer has claimed a position in a queue; it does not establish that a product will trade, on what terms, or that anyone will want it. It is closer to reserving a stall at a market that has not yet announced an opening date than to opening for business.
Leverage Shares has run this play recently. When SpaceX listed in June, the firm launched SPCH and SSPC within days. Twelve leveraged SpaceX products arrived on Cboe inside 72 hours; the two Leverage Shares funds took the top volume positions, at a 0.75% expense ratio that was the lowest in the group. SPCH traded roughly $282 million on its first day — according to Bloomberg Intelligence analyst Eric Balchunas, the largest first-day volume for any new ETF since IBIT in January 2024.
That figure measures demand at launch. It does not measure how holders fared. Trading volume records how much changed hands, not whether the people on either side of those trades came out ahead, and the two are routinely confused when a launch gets described as a success.
The mechanism behind that gap is the daily reset. These funds rebalance exposure at the end of each session, so the stated multiple applies to one trading day and is re-struck the next morning. Over longer periods the results compound from a new base each day. A stock that rises 10% and then falls 9.09% ends where it started; a 2X fund tracking it ends about 1.8% lower. Nothing has malfunctioned — that is the arithmetic working as designed. In a sustained trend it can work the other way. In choppy markets, which is what newly listed stocks typically produce, it usually does not.
The audience is active traders who hold for days rather than quarters and understand what they are holding. The funds do not own Anthropic stock; exposure would come through swaps, which adds counterparty risk. Holding ANUU, ANDD or ANSS confers no ownership in Anthropic, and Anthropic has no involvement in, or endorsement of, any of them.
Anthropic has not set an IPO date. Until it does, ANUU, ANDD and ANSS remain filings.
