At Least 10 Anthropic Leveraged ETFs Await the IPO

By Rebecca Stone

At least 10 leveraged Anthropic exchange-traded funds had reached the SEC filing stage before Anthropic set an IPO price range or trading date, according to 24/7 Wall St.’s review of filings as of November 6, 2026.

The report counted five issuers with SEC prospectuses on file for at least 10 leveraged funds tied to Anthropic, the maker of the Claude chatbot. Each issuer in that lineup planned a 2x daily fund and a -2x daily fund, giving investors amplified exposure and an inverse product before ANT began trading.

Anthropic filed its S-1 publicly on October 26 and amended the registration statement on November 2. The company plans to list Class A shares on the Nasdaq Global Select Market under the symbol ANT.

As of November 6, Anthropic had not set a price range or trading date. The absence of those details left the funds without an underlying stock to track or a date on which investors could begin trading them.

24/7 Wall St. put the trading constraint plainly: “none of these funds can trade until ANT does.”

The pre-IPO queue matters because issuers can reserve ticker symbols, position their products and collect fees once trading begins. It also exposes investors to the prospect of a volatile launch, scarce borrow and potentially wide first-day spreads.

What funds and fees have issuers disclosed?

24/7 Wall St. listed the following venues and expense ratios for five issuers:

• ProShares — Nasdaq: 0.95% net and 1.04% gross expense ratio.
• Defiance — Nasdaq: 0.71% for the long fund.
• GraniteShares — Nasdaq: 1.33% for the long fund.
• Direxion — Nasdaq: 0.97% net for the bull fund.
• Leverage Shares — Cboe BZX: 0.75% expense ratio.

Direxion first filed its 2x and -2x pair on NYSE Arca on October 27. It moved the filing to Nasdaq in an October 28 revision, according to 24/7 Wall St.

Leverage Shares also filed a 1x short fund with a 0.99% expense ratio. The same review identified additional products outside the five-issuer fee table.

Tradr had pushed its pair’s effective date to November 12, according to 24/7 Wall St. REX filed a pair on November 4, but that filing had not yet become effective. YieldMax filed an option income fund.

Does the inverse half represent a bet against Anthropic?

No. Although five of the ten products would rise when ANT falls, 24/7 Wall St. said that split reflects product design rather than a market forecast.

Issuers sell both directions to capture traders on either side of an anticipated stock. Demand for a -2x fund therefore reflects demand for bearish trading tools, not necessarily a consensus that Anthropic will decline after listing.

Why file funds before Anthropic trades?

The first fund to list in a popular single-stock segment usually attracts most of the assets, according to 24/7 Wall St. Those assets generate management-fee income, while filing early secures a ticker and a place in line.

An effective prospectus only passes paperwork. ProShares’ funds became effective on November 6, yet its product page said neither had launched. Direxion’s pages listed fund details only when operations begin.

The distinction matters because investors can read fee tables and prospectuses now, but an effective filing does not create a tradable market. The source said a delayed Anthropic IPO would leave the products idle.

Why could the inverse funds add pressure?

Borrowable shares of a new IPO are typically scarce, according to 24/7 Wall St. A -2x fund gives bearish traders an easier way to short ANT than borrowing and selling newly issued shares.

That structure could add selling pressure during Anthropic’s first weeks, the source said. The possibility makes the inverse products more than a convenience for traders; their launch could also influence early price discovery in ANT.

How do daily resets erode returns?

The funds reset their leverage every day. According to 24/7 Wall St., that daily reset means returns over several weeks can differ sharply from twice the stock’s cumulative move.

After a down day, the fund starts its next session from a smaller base. A subsequent rebound must work harder to recover the earlier loss, and the same compounding process affects both long and inverse products.

At 90% volatility, the Defiance long fund would be expected to lose 76% over a year even if Anthropic ended the period flat, according to 24/7 Wall St. Choppy trading hurts the long and inverse funds alike.

ANT has no trading history, so its shares will likely swing sharply after listing, the source said. That volatility makes decay more relevant. Fees matter little for a two-day trade, but they accumulate for investors who hold the funds for months.

How uncertain is Anthropic’s IPO?

24/7 Wall St. cited prediction-market odds that Anthropic would list before December 1 falling from about 80% to near 50% as AI stocks sold off. The change left both the IPO timetable and the funds’ launch uncertain.

Anthropic had been targeting the week before Thanksgiving. The company could raise up to $100 billion in the IPO, according to 24/7 Wall St., which also cited unnamed sources discussing a valuation of $1 trillion to $1.3 trillion.

A delayed offering would leave the leveraged funds without a trading launch. First-day spreads may also be wide, and tracking may remain loose. Leverage would amplify both an IPO surge and a subsequent decline.

Who should trade or hold these funds?

Active traders have a straightforward case for the products, according to 24/7 Wall St. If ANT trends sharply after listing, a 2x fund held for days can double a strong move. The inverse funds also offer a cleaner short than borrowing new shares.

The source nevertheless judged the risks stronger than that case. Volatility will likely peak when the funds launch, and daily compounding decay penalizes anyone who holds beyond a short tactical trade.

For retirement accounts, the daily reset makes leveraged single-stock funds a poor match for long holding periods, according to 24/7 Wall St. Plain ANT shares carry neither leverage nor a daily reset.

The next checkpoint, according to 24/7 Wall St., is an amended Anthropic S-1 with a price range; until that filing appears, none of the leveraged funds can trade.