REX files 30 daily 2x ETFs that intend to use pre-IPO futures on private stocks

ETF Opportunities Trust filed on Wednesday, Nov. 4, 2026, for 30 daily 2x funds on 15 private companies, and the prospectus says each fund intends to reference a futures contract on the stock before the company lists.

Each company would get one fund seeking twice the daily rise and one seeking twice the daily fall. The filing names REX Advisers, LLC as adviser. The tickers are blank, and the series have not commenced operations.

Before each initial public offering, the prospectus says, the fund "intends to use a perpetual futures contract" on the company's non-public stock as the reference for its swaps, "prior to the date of the initial public offering."

The T-REX funds REX Shares already describes were written to wait for a public stock.

REX Advisers, LLC is the adviser on these new series, which the filing names REX, not T-REX. REX Shares is the firm that markets the T-REX line.

Its Anthropic page, last reviewed Oct. 8, says a T-REX 2X Long Anthropic Daily Target ETF "cannot begin trading until Anthropic common stock is publicly listed."

The same page says the fund "is built to be available when Anthropic stock is, not months after."

The June prospectus for REX Shares' T-REX 2X Long SpaceX Daily Target ETF, SPAX, said the fund expected to begin entering swaps when public trading in SpaceX stock commenced, not before.

Direxion has set the same kind of start. On Oct. 29 it said it expects a 2x bull fund and a 2x bear fund to begin trading on the first session after Anthropic's stock starts trading, if the registration is effective and the offering is completed.

The new prospectus also says that on the first day the fund's shares trade, Anthropic may have no public trading history.

A perpetual futures contract, the prospectus says, is like an ordinary futures contract with no expiration date. Periodic payments are meant to keep its price in line with the private company.

Those contracts may trade on decentralized platforms, including platforms that run on blockchain networks, the shared ledgers crypto markets use. The prospectus names no platform, and it does not put the contracts on a stock exchange.

The fund would not own the stock. It would enter swap agreements with financial institutions that pay it twice the day's move, or twice the opposite. Before the IPO, the prospectus says, those agreements would use the futures contract as their reference.

"Pricing derived from the perpetual futures market for a pre-IPO issuer may therefore be viewed as speculative and based on imperfect information, and the resulting market may be inefficient."

A 50% day, and a flat year

The target is a single trading day. At the close, the adviser resets the exposure so the next day starts at the same multiple.

If the underlying security moves more than 50% in one day against the fund, the cover says, investors would lose all of their money. That is a fall of more than 50% for a long fund, and a rise of more than 50% for an inverse fund.

Over more than one day, the prospectus says, the result is each day's return compounded, not twice the stock's move for the whole period. It says the fund will lose money if the stock is flat over time, from that daily reset, the stock's volatility and compounding.

A rise and a fall that cancel in the stock do not cancel in the fund. After a down day, the next gain is earned on a smaller amount. After an up day, the next loss is taken from a larger one.

An inverse fund loses more on the same path. When the stock rises, the inverse fund shrinks, so the later drop, which helps it, is earned on less money. When the stock falls, the inverse fund grows, so the later rise, which hurts it, is taken from a larger amount.

The chart assumes no dividends, no fund expenses, and borrowing and lending rates of zero. On those assumptions, a year in which the stock was flat, with annualized volatility of 25%, would be expected to leave a long fund down 6.1% and an inverse fund down 17.1%.

The management fee is blank. So is the estimate for the indirect cost of the swaps, which the fee table and the expense example leave out.

Anthropic and the other 14

The pairs cover Anduril, Anthropic, Canva, Cohere, Databricks, Discord, Figure AI, Kalshi, Kraken, OpenAI, Oura, Perplexity, Plaid, Shield AI and Stripe. The Kraken funds name the company as Payward.

Anthropic is the name with a public registration on file. Anthropic, PBC, filed it on Oct. 26 and amended it on Nov. 2. The prospectus says Anthropic is expected to complete an initial public offering in 2026.

The prospectus sets no listing date for the other 14. It says OpenAI has confidentially submitted a draft registration statement, and that OpenAI's management has said the company will not go public in 2026.

It says Oura postponed an offering in September 2026, citing market conditions, and has not set a new date. Stripe's management, it says, has stated that it has no current plans for an offering. For most of the rest, it describes a private company and gives no timeline.

The prospectus is unfinished on the dates. Several sections still leave a blank where a year would go, in a sentence that says the company "began trading," next to a sentence that says the stock is not public. The same pages say a company is expected to list shortly after the prospectus date.

The Jan. 18 effective date

The cover checks the box for this registration to take effect 75 days after the Nov. 4 filing. That date is Jan. 18, 2027.

Under the SEC rule for a filing that adds fund series, the registration becomes effective that day unless the SEC declares it effective sooner. Shares cannot be offered before it is effective. The date printed on the prospectus is still blank.

There is nothing to buy yet. Until a company lists, the reference these funds intend to use is a futures contract on a stock with no public market.