As Anthropic approaches its anticipated IPO, questions surrounding valuation, competition and profitability are bringing the bearish investment case into focus. Leverage Shares by Themes examines the risks as it prepares to launch ANSS and ANDD, two short and inverse Anthropic ETFs linked to Anthropic common stock (expected ticker: ANT).

GREENWICH, Conn., Nov. 4, 2026 /PRNewswire/ — Anthropic’s upcoming IPO, under the expected ticker ANT, is drawing attention to one of the most prominent companies in generative AI. But beyond the excitement surrounding its potential public debut, investors face important questions about valuation, rising infrastructure costs, intensifying competition and the long-term profitability of AI development.

For investors considering the downside risks, Leverage Shares by Themes is preparing to introduce two inverse single-stock ETFs:

• Leverage Shares 1X Short Anthropic Daily ETF (ANSS) will seek -100% of Anthropic (ANT) daily stock performance, before fees and expenses.
• Leverage Shares 2X Short Anthropic Daily ETF (ANDD) will seek -200% of Anthropic (ANT) daily stock performance, before fees and expenses.

The Funds are designed to provide two levels of inverse daily exposure without requiring investors to directly short Anthropic shares.

“AI’s growth potential is undeniable, but the investment case for any individual company ultimately comes down to valuation, execution and profitability,” said Paul Marino, Chief Revenue Officer, Themes ETFs. “As Anthropic approaches the public markets, those questions will be increasingly important for investors assessing both the opportunities and the risks.”

For a closer look at the factors that could weigh on Anthropic’s stock following its anticipated IPO, read the Leverage Shares research team’s analysis: The Anthropic Bear Case: Could the Stock Fall After the IPO?

Leverage Shares by Themes is also preparing the Leverage Shares 2X Long Anthropic Daily ETF (ANUU), which will seek 200% of the daily performance of Anthropic common stock, before fees and expenses, completing a lineup of 2X long, 2X short and 1X short Anthropic ETFs. 

About Themes ETFs

Themes ETFs is a provider of thematic and single-stock leveraged ETFs, focused on delivering innovative, cost-efficient investment tools that allow investors to access the companies and trends shaping the future. Through its Leverage Shares platform, Themes ETFs offers daily leveraged and inverse ETF strategies designed for sophisticated investors and active traders.

For more information, visit www.themesetfs.com and www.leverageshares.com.

INVESTMENT INVOLVES SIGNIFICANT RISK. Funds do not invest directly in the underlying stock. As with any investment, there is a risk that you could lose all or a portion of your investment in the Funds.

An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about Themes ETFs. To obtain a Fund’s prospectus and summary prospectus call 866-584-3637. A Fund’s prospectus and summary prospectus should be read carefully before investing.

Newly launched Funds have risks associated with a limited operating history.

Because of daily rebalancing and the compounding of each day’s return over time, the return of a Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from the stated multiple or inverse multiple of the return of the underlying stock over the same period. The Funds are not suitable for all investors. The Funds are designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged or inverse investment results, understand the risks associated with the use of leverage and inverse exposure, as applicable, and are willing to monitor their portfolios frequently. The Funds are not intended to be used by, and are not appropriate for, investors who do not intend to actively monitor and manage their portfolios.

Under the Investment Advisory Agreement between the Adviser and the Trust, on behalf of the Funds (the “Investment Advisory Agreement”), the Adviser has agreed to pay all expenses of the Funds, except for the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.

Past performance does not guarantee future results.

INVESTMENT RISKS: Investing in the Funds involves a high degree of risk. As with any investment, there is a risk that you could lose all or a portion of your investment in the Funds.

Investment in leveraged and inverse products may be subject to higher volatility. The Funds do not directly invest in the underlying stock. An investment in a Fund involves risk, including the possible loss of principal. The Funds are non-diversified and include risks associated with concentrating investments in a particular industry, sector, or geographic region, which can result in increased volatility. The use of derivatives such as futures contracts and swaps is subject to market risks that may cause their price to fluctuate over time.

Risks of the Funds include effects of Compounding and Market Volatility Risk, Inverse Risk, Market Risk, Counterparty Risk, Rebalancing Risk, IntraDay Investment Risk, Daily Index Correlation Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the securities of the Underlying Stock and the sector in which it operates. These and other risks can be found in the prospectus.

For periods longer than a single day, the Funds may lose money even if Anthropic’s stock price remains flat or moves in a direction consistent with a Fund’s investment objective. An investor could lose the full principal value of their investment in the Leverage Shares 2x Short Anthropic Daily ETF (ANDD) if Anthropic’s stock price increases by more than 50% in a single trading day. The Leverage Shares 1x Short Anthropic Daily ETF (ANSS) also carries the risk of substantial or total loss if Anthropic’s stock price rises significantly.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (NBBO) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. Indices are unmanaged and do not include the effect of fees, expenses, or sales charges. One cannot invest directly in an index.

This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

Themes Management Company LLC serves as an adviser to the Themes ETFs Trust. The Funds are distributed by ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, Colorado 80203). ALPS is not affiliated with Anthropic or any other mentioned entity. Client brokerage services are not offered by ALPS. Please see third-party sites for more information about any mentioned services.

Themes ETFs are not sponsored, endorsed, issued, sold, or promoted by Anthropic, nor does Anthropic make any representations regarding the advisability of investing in Themes ETFs. Neither ALPS Distributors, Inc., Themes Management Company LLC nor Themes ETFs are affiliated with Anthropic.

Themes Management Company LLC and Leverage Shares are affiliates that are under common control. Themes Management Company LLC and Leverage Shares have entered into a licensing agreement in which Leverage Shares licenses the trademark LEVERAGE SHARES to Themes Management Company LLC for use in financial services in the United States.

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