ANTicipating the Anthropic IPO?

ANTT and ANTZ are expected to begin trading on the next trading day after Anthropic’s IPO, subject to their registration becoming effective. Anthropic’s IPO date has not been set.

ANTT and ANTZ seek 200% and -200% of the daily performance of Anthropic common stock, respectively. Both are designed for high-conviction, knowledgeable traders who actively monitor their positions and understand the risks of leveraged ETFs for short-term or intraday trading. They are not suitable for investors who don’t actively manage their portfolios or who want a long-term investment in Anthropic. ANTZ is also not suitable for investors with a bullish outlook on Anthropic.

The funds may use total return swaps and other derivatives, such as options, to seek two times (ANTT) or negative two times (ANTZ) the daily performance of Anthropic common stock. They rebalance daily to maintain their leverage. There can be no assurance that either fund will achieve its objective.

Each fund has an annual expense ratio of 1.49%.

Both funds are expected to list on the Cboe, one of the three major U.S. stock exchanges. Check with your financial advisor or online broker to see whether they will be available on your platform.

A limit order is the most conservative route, though it may take longer to execute. Many investors prefer to trade ETFs during regular market hours, soon after the open or in the final minutes of trading, when liquidity is often greater and bid-ask spreads may be narrower. For large orders or questions about trading strategy, talk to your financial advisor or your broker’s trading desk.

Not yet. Options on both funds are expected to begin trading within a short period after launch.

Buying on margin involves borrowing from your broker and may trigger margin calls. Short selling involves borrowing shares, paying borrowing costs, and potentially unlimited losses. ANTT and ANTZ provide leveraged exposure in a single ETF without a margin account, borrowed shares or margin calls. Unlike options, ETFs have no strike price or expiration, so there is no time decay and no need to roll a position. Each fund seeks a consistent 2X or -2X, while an option’s effective leverage keeps shifting.

Because the funds reset their leverage daily, returns over periods longer than one day can differ significantly from 200% or -200% of the stock’s return, particularly in volatile or trending markets. This effect, known as volatility decay, comes from daily compounding. It is one reason the funds are designed for short-term positioning.

No. The funds seek 2X or -2X of Anthropic's return measured at the 4 p.m. ET close, so intraday moves may not match. Market makers set the quoted prices, which the fund managers don’t control. A fund’s market price can also trade at a premium or discount to its net asset value, especially during volatile periods or when bid-ask spreads widen.

A single-day move in Anthropic's stock approaching 50% against a fund’s objective (a drop for ANTT, an increase for ANTZ) could result in the total loss of an investment, even if the stock later reverses. Newly listed stocks can be especially volatile.

ANTT and ANTZ can be significantly more volatile than Anthropic stock itself, and you can lose a substantial portion or all of your investment, possibly in a single day. Your losses are generally limited to the amount you invest. If trading in Anthropic stock is halted, the funds may be unable to price their holdings or rebalance, and trading in the funds may also be halted. Read the prospectus and risk disclosures before investing.

The primary listing for ANTT and ANTZ is on Cboe.