Twelve exchange-traded funds built around Anthropic’s stock have prospectuses on file with the SEC before the company has listed, by our count of filings dated 27 October to 6 November 2026. Six sponsors are behind them: ProShares, GraniteShares, Defiance, Direxion, Leverage Shares and YieldMax. Six of the 12 seek to gain when Anthropic’s shares fall.
ProShares’ prospectuses, dated 6 November, say plainly that “ANT has not yet commenced its initial public offering”. The filings refer to Anthropic’s Class A common stock as ANT on Nasdaq.
Business Pill · Concentration Explained
A short explainer on concentration. It teaches the general idea only and does not discuss these funds.
The key insight: By our count, the products are on file before the stock exists: 12 Anthropic ETFs have prospectuses at the SEC, half of them inverse, while ProShares says ANT has not yet commenced its initial public offering.
Five funds seek two times the daily move in Anthropic’s stock. ProShares Ultra Anthropic (ANTU), listed on Nasdaq, has a 0.95% net expense ratio after a fee waiver, from 1.04% before it (prospectus). Defiance 2X ANT Long Daily ETF (ANTC), also on Nasdaq, lists total expenses of 0.71% (prospectus).
GraniteShares 2x Long Anthropic Daily ETF (AIL) lists 1.33% (prospectus). Direxion Daily Anthropic Bull 2X ETF (ANTO) lists 0.97% after an expense cap, from 0.99% (prospectus). Leverage Shares 2X Long Anthropic Daily ETF (ANUU), listed on Cboe BZX, lists 0.75% (prospectus).
Listed annual expense ratios of the 12 Anthropic single-stock ETFs with prospectuses on file with the SEC (27 Oct-6 Nov 2026), net of waivers or caps where the prospectus states one. None has launched; Anthropic has not listed. Count: ours.
The Inverse Funds
Five funds seek minus two times the daily move: ProShares UltraShort Anthropic (ANTY) at 0.95% net, Defiance 2X ANT Short Daily ETF (ANTQ) at 0.71%, Direxion Daily Anthropic Bear 2X ETF (ANTD) at 0.97% net, Leverage Shares 2X Short Anthropic Daily ETF (ANDD) at 0.75%, and GraniteShares 2x Short Anthropic Daily ETF (ANS) at 2.03%, the highest of the 12.
A sixth, Leverage Shares 1X Short Anthropic Daily ETF (ANSS), seeks the inverse of the daily move, minus 100%, and lists 0.99% (prospectus).
The Income Fund
YieldMax ANT Option Income Strategy ETF (YANT), listed on NYSE Arca, says its primary objective is “to seek current income”. It uses “a synthetic covered call spread strategy” and lists 1.01% (prospectus).
How They Would Start
ProShares says its fund “invests in derivatives (e.g. swap agreements) in order to gain leveraged exposure to ANT”. Leverage Shares says that “If the Fund commences operations on the same date as the Underlying Securityโs IPO, the Fund will seek to achieve its investment objective based on the Underlying Securityโs IPO price”.
ProShares’ risk section opens: “You could lose money by investing in the Fund”. It adds: “The performance of the Fund for periods longer than a single day will likely differ from the Daily Target”.
More in the Queue
Other filings propose more Anthropic products that are not yet effective. A 4 November filing by ETF Opportunities Trust lists REX 2X Long and 2X Inverse Anthropic Daily Target ETFs (filing). A 3 November filing proposes the Defiance Anthropic PowerMaxx ETF, with its ticker and fees left blank (filing). A 21 September Direxion filing proposes a Direxion Anthropic KPI ETF that would hold “event contracts” tied to Anthropic business metrics (filing).
Our Numbers
By our count, 12 Anthropic funds from six sponsors have prospectuses on file, and four more are proposed in filings that are not yet effective. Six of the 12, 50%, seek to gain when the stock falls. Their listed expense ratios run from 0.71% to 2.03%; the median of the 12 is 0.96%, by our arithmetic.
Connecting the Coverage
The funds wait on a listing that has not happened. The FT has reported that Anthropic is pressing on with its IPO (our piece), prediction markets have priced the odds of a November listing (our piece), and Anthropic’s filed revenue sits beside OpenAI’s private mark (our piece).
The Structural Read
As we read the filings, the sponsors have registered nearly every daily structure at once: five funds seek twice the daily move, five seek minus twice it, one seeks the inverse and one sells options for income.
As we read the fee tables, cost varies more by sponsor than by direction: Defiance lists 0.71% for both its long and short funds, while GraniteShares lists 1.33% for its long fund and 2.03% for its short fund.
As we read the Leverage Shares prospectus, a fund could start on the day of the listing itself, tracking from the IPO price.
ProShares Ultra Anthropic prospectus, 6 November 2026
“ANT has not yet commenced its initial public offering”
Three Implications
FOR INVESTORS READING THE PROSPECTUSES ProShares says performance over periods longer than a single day will likely differ from the daily target, and its risk section opens: you could lose money by investing in the fund.
FOR THE IPO ITSELF The FT has reported that Anthropic is pressing on with its listing, and every one of these funds depends on that listing happening.
FOR COMPARING THE FUNDS Listed expense ratios run from 0.71% to 2.03% across the 12, by our count, and four more Anthropic products are proposed in filings that are not yet effective.
The analysis says: “The job of any operator, investor, or builder is to know which layer they are operating inside and which layer the binding constraint is rotating toward next.”
As we read it, these 12 funds give daily exposure to one company at the model layer; the analysis does not discuss these funds.
What Is Not Established
None of the 12 funds has launched, and none has a ticker trading today. The filings do not say when each fund will start, and a prospectus on file does not mean a fund will open. We read the SEC filings only, not any sponsor press release. Our count covers the filings we found in SEC full-text search for Anthropic and these sponsors; other issuers may have filed.
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Six sponsors have 12 Anthropic ETFs on file before the company lists: five seek twice the daily move, six seek to gain when it falls, and one sells options for income. Their listed costs run from 0.71% to 2.03%.
A note on sourcing. Every fund detail here comes from the sponsors’ registration filings on SEC EDGAR, each linked in the text. The counts, the 50% share and the median are ours. A prospectus on file does not mean a fund will launch, and nothing here is investment advice.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
