The first SEC filing for an Anthropic exchange-traded fund came 112 days before the first IPO filing EDGAR lists for Anthropic itself, by our count. Leverage Shares filed for 2X long and 2X short Anthropic daily funds on 9 February 2026; Anthropic’s first listed filing is a draft registration statement dated 1 June.
Direxion, whose Anthropic Bull 2X (ANTO) and Bear 2X (ANTD) funds have a final prospectus dated 28 October, says it expects both to begin trading on the first trading day after Anthropic’s Class A stock starts trading. Its own first filing for the pair, on 5 March, came 88 days before Anthropic’s draft, by our arithmetic.
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The key insight: By our count, nine sponsors filed proposals for Anthropic funds before the first IPO filing EDGAR lists for Anthropic, the earliest 112 days ahead of that 1 June draft; Direxion’s first filing for ANTO and ANTD came 88 days ahead, by our arithmetic.
Nine sponsors filed fund proposals naming Anthropic between 9 February and 26 March 2026, by our count of SEC full-text search results. The first five were Leverage Shares (9 February), ProShares Ultra Anthropic (11 February), GraniteShares long and short Anthropic daily funds (20 February), a Kurv Anthropic Enhanced Income ETF (23 February) and Tradr 2X long and short Anthropic daily funds (27 February). Then came Direxion (5 March), two Tuttle Capital Anthropic income funds (13 March), Defiance 2X long and short Anthropic funds (17 March) and the T-REX 2X Long Anthropic ETF (26 March).
Kurv’s 23 February filing put an Anthropic fund beside a SpaceX fund and an OpenAI fund, and left the Anthropic ticker blank. Defiance’s filing wrote the company’s name in brackets: Defiance Daily Target 2X Long [Anthropic] ETF.
Anthropic’s EDGAR page lists a draft registration statement on 1 June, five amended drafts from July to October, a public S-1 on 26 October and an amended S-1 on 2 November. The span from the first fund filing to Anthropic’s public S-1 is 259 days, by our arithmetic.
Days between each sponsor’s first SEC filing for an Anthropic fund (February-March 2026) and the draft registration statement dated 1 June 2026, the first filing EDGAR lists for Anthropic. Sources: SEC EDGAR fund filings and Anthropic’s EDGAR filing index. The day counts are our arithmetic and the list is our count of SEC full-text search results; other filings may exist.
What ANTO and ANTD Would Hold
The prospectus says ANTO seeks 200% of the daily performance of Anthropic and ANTD seeks -200%, before fees and expenses. It names the underlying as “the common shares of Anthropic , PBC ( NASDAQ: ANT)” and says the funds will be listed on the Nasdaq Stock Market.
The bull fund will invest at least 80% of its net assets in Anthropic securities and in instruments such as swaps and options, the prospectus says, and “The financial instrument in which the Fund most commonly invests is swap agreements”. It says the fund will enter into swap agreements “with major global financial institutions” and rebalance at the close each trading day.
Both funds list a 0.75% management fee and total operating expenses of 0.99%, or 0.97% after an expense cap that runs through 1 September 2028, according to the prospectus. The prospectus warns that if Anthropic moves more than 50% against a fund in one day, its investors would lose all of their money.
The Day-One Problem
Direxion’s prospectus carries a risk factor built for a stock that has not traded yet. It says swaps, options and other instruments that give exposure to Anthropic “may be limited, illiquid, costly, or unavailable, particularly at the time of or shortly after an IPO”.
If that happens, the prospectus says, the fund may be unable to reach 200% exposure, may be unable to rebalance effectively or may hold more cash. It adds that shares “may experience larger bid- ask spreads and increased premium/discounts, especially on the IPO date as well as the days following the IPO”.
Direxion’s release says the launch is “subject to SEC effectiveness and completion of Anthropic’s offering”, and that the offering’s price range and size have not yet been set. Mo Sparks, Direxion’s chief product officer, said: “We plan to have ANTO and ANTD trading the first session after Anthropic goes public”.
Connecting the Coverage
We counted the 12 Anthropic funds with prospectuses on file in 12 Anthropic ETFs Are on File Before IPO; Half Are Inverse. Bloomberg has reported that Anthropic is starting to market the offering at a lower valuation target (our piece), and options tied to Anthropic were set to launch before any share trades (our piece).
The Structural Read
As we read the filings, the fund queue formed before the company’s own paperwork did: sponsors registered daily 2X long, 2X short and income structures between February and March, and Direxion’s prospectus now names the stock as NASDAQ: ANT while its risk section says the swaps the funds rely on may be scarce around the IPO date.
Mo Sparks, Chief Product Officer at Direxion, in the 29 October 2026 release
“We plan to have ANTO and ANTD trading the first session after Anthropic goes public, giving active traders a focused pair of 2X daily tools to trade either direction from day one”
Three Implications
FOR TRADERS Direxion’s prospectus says each fund seeks 200% or -200% of one day’s move, and that investors would lose all of their money if Anthropic moved more than 50% against a fund in one day.
FOR THE LAUNCH Direxion’s release says trading is expected the first trading day after Anthropic’s stock starts trading, subject to SEC effectiveness and completion of the offering.
FOR COMPARING FILINGS By our count, nine sponsors had filed Anthropic fund proposals by 26 March 2026, and Anthropic’s EDGAR page lists its public S-1 on 26 October.
The framework says: “Three cycles run inside the supercycle, each on its own clock”.
As we read it, the filings show two clocks running apart: the fund sponsors’ filings started in February, while the first Anthropic filing EDGAR lists is dated 1 June. The framework does not discuss these funds.
What Is Not Established
The filings do not say what prompted each sponsor to file in February and March, and we do not know what public reports of Anthropic’s IPO plans existed at the time. EDGAR dates a draft registration statement by its submission, so the 1 June date is the earliest Anthropic filing EDGAR lists, not necessarily the start of its IPO work. Our count covers the filings our full-text search found; other proposals may exist. A proposal on file is not a fund in operation, and nothing here is investment advice.
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Nine sponsors filed Anthropic fund proposals before Anthropic’s first listed IPO filing, the earliest 112 days ahead, by our count. Direxion now says ANTO and ANTD should trade the session after Anthropic lists, while its prospectus warns that swaps on a newly listed stock may be scarce on day one.
A note on sourcing. Fund details come from Direxion’s prospectus filed with the SEC on 28 October 2026 and its 29 October release; filing dates come from SEC EDGAR. The sponsor count and the day counts are our count and arithmetic. 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.
