Leverage Shares by Themes announced on September 4, 2026 that it has filed for three single-stock ETFs referencing Anthropic common stock. ANUU would seek 200% of the stock’s daily performance. ANDD would seek -200%. ANSS would seek -100%, making it the only unleveraged inverse Anthropic product currently on file. All three are expected to list on Cboe, and all three tickers are proposed and subject to change.
The mechanics are worth setting out plainly, because the category is widely misunderstood.
None of the three funds would hold Anthropic stock. Exposure would be obtained synthetically, through swap agreements with financial counterparties. That has a consequence most summaries skip: the funds carry counterparty risk. If a swap counterparty fails to meet its obligations, the fund can be affected regardless of what Anthropic’s share price did that day.
The second feature is the one that decides outcomes. Each fund would pursue its objective for a single trading day, then rebalance. The multiple is re-struck against a new starting value every morning. Hold longer than a session and the results compound from that fresh base, day after day, and the cumulative outcome stops resembling the number in the fund’s name.
A worked example shows why. Suppose the stock rises 10% on Monday and falls 9.09% on Tuesday. It closes Tuesday exactly where it opened Monday — flat. A 2X fund tracking it gains 20% on Monday, then loses 18.18% on Tuesday, and ends about 1.8% below where it started. The stock is unchanged; the fund is down. Nothing malfunctioned. That is the arithmetic of daily rebalancing doing exactly what it is designed to do.
The effect scales with volatility. The choppier the stock, the wider the gap tends to run. In a sustained one-way trend, the same mechanism can work in a holder’s favor and produce more than twice the stock’s move. In a market that swings around and ends near where it began — which is what newly listed stocks frequently deliver — it generally does the opposite.
ANSS is where the lineup diverges from the standard design. At -1X it would move roughly one-for-one against the stock rather than doubling: a 4% fall corresponds to roughly a 4% gain that day, before fees. ANDD at -2X would deliver roughly 8% on the same move, and lose roughly 8% if the stock rose 4% instead. The unleveraged version removes the amplification, which matters on a company with no trading history to size a position against. It does not remove the daily reset — ANSS would still rebalance each session, and still drift from its headline figure over time. It simply drifts more slowly.
What all three do remove is the borrow. Taking a bearish position by shorting shares directly means locating stock, paying a borrow cost that can move without warning, and accepting theoretically unlimited loss if the price rises — plus the risk of being closed out if the lender recalls. An inverse ETF is an ordinary fund share: no borrow, no recall, no margin call, and loss capped at the amount invested.
Who these are built for, and who they are not. Leveraged and inverse ETFs are short-term trading instruments. They are designed for active traders who hold across sessions rather than quarters, who understand daily objectives and compounding, and who monitor their positions frequently — in practice daily, often intraday. That monitoring is not a recommendation attached to the product; it is a condition of using it as intended.
They are not designed for long-term investors, and not appropriate for anyone building a buy-and-hold position, funding a retirement account, or holding without regular review. An investor can lose the entire amount invested in a single day if the underlying stock moves sharply against a leveraged fund’s objective. Holding ANUU, ANDD or ANSS also confers no ownership in Anthropic, no voting rights, and no claim on the company. Anthropic has no involvement in, and gives no endorsement of, any of them.
None of this is live yet. ANUU, ANDD and ANSS cannot commence operations until Anthropic’s common stock begins trading publicly and the funds’ own registration statement becomes effective. Anthropic submitted a confidential draft S-1 on June 1, 2026 and has not announced a listing date.
Three tickers, three daily objectives, and a stock that does not exist yet.
