Of the three single-stock ETFs Leverage Shares by Themes filed for on September 4, 2026, only one is a long product. ANUU seeks 200% of Anthropic common stock’s daily performance. The other two run the opposite direction: ANDD seeks -200%, and ANSS seeks -100%.
A two-to-one split toward the downside is not a forecast. It reflects how these product families are usually assembled — issuers build the full directional set because they cannot know in advance which way traders will lean, and a lineup missing the inverse side simply loses that flow to a competitor. Reading ANDD and ANSS as a house view on Anthropic would be reading the wrong signal.
What inverse exposure is actually for becomes clearer around newly listed companies. IPO stocks tend to move sharply in both directions, and several of the events that drive those moves are scheduled in advance: lock-up expirations release insider shares onto the market, index inclusion decisions force mechanical buying or selling, and the first few earnings reports arrive without any history for the market to anchor on. Traders who want to position against any of those have historically needed a margin account.
That is the structural difference these products are built around. Short selling a stock directly means locating and borrowing shares, paying a borrow cost that can move without warning, and accepting theoretically unlimited loss if the stock rises. The position can also be closed out involuntarily if the lender recalls the shares. An inverse ETF packages the exposure into an ordinary fund share: no borrow, no recall risk, no margin call, and loss capped at the amount invested.
The trade-off arrives in the holding period. ANDD and ANSS would each seek their objective for one trading day, then reset. Over any longer stretch the results compound from a new starting point each session, and the cumulative outcome can diverge sharply from the headline multiple — in either direction, depending entirely on the path the stock takes rather than where it ends up.
The gap between the two inverse funds is leverage, not direction. ANSS at -1X would move roughly inversely to the stock: a 4% fall corresponds to roughly a 4% gain that day, before fees. ANDD at -2X would double it, to roughly 8% — and would lose roughly 8% on a 4% rise. Amplification runs both ways, and on a stock with no trading history there is no volatility record to size a position against.
Neither fund can trade yet. Anthropic filed a confidential draft S-1 on June 1, 2026 and has not set a date, and ANUU, ANDD and ANSS cannot commence operations until Anthropic lists and their registration statement takes effect.
For now, the bear case on Anthropic has two tickers and no stock to apply them to.
