GraniteShares files 2x ETFs on unlaunched compute funds and Westinghouse
GraniteShares ETF Trust on Monday, September 21, filed three 485APOS amendments proposing four 2x daily ETFs on B200 and H100 compute funds and Westinghouse Electric, on a 75-day clock.
Monday’s papers would put daily 2x leverage on two GraniteShares compute ETFs that are themselves still in registration, and on Westinghouse Electric common stock. The three post-effective amendments are marked subject to completion. Tickers, series numbers, management fees, and expense caps are blanks.
All three documents elect effectiveness 75 days after filing under Rule 485(a)(2), the clock the SEC uses for post-effective amendments that add new series. That election is not a listing date. The registration can still be amended, delayed, or left unused.
Monday’s filings continue a run of 2x registrations on underlyings that have not launched. The compute pair is the extreme case: those funds would lever other proposed GraniteShares ETFs, not Nvidia stock. Themes ETF Trust filed a Westinghouse long-short pair on September 14. On Tuesday, September 15, this trust asked the SEC to register eight daily 2x ETFs on SB Energy, ChargePoint, Stratolaunch and Altera, three of them companies without listed shares.
The listed version of that pattern is the 2x long SpaceX fund SPAL, which began trading June 15 and held $39.3 million as of Tuesday at a 1.50% expense ratio, against $3.72 billion in the 2x long Nvidia fund NVDL.
Two of the proposed series would lever other GraniteShares products; two would lever Westinghouse stock.
The H100 paper is the one that prices the stack. It says the 2x fund would bear the underlying ETF’s fees and expenses indirectly, and it carves acquired-fund costs out of the contractual expense cap, which is also blank.
Westinghouse, a week after Themes
Westinghouse Electric Company confidentially submitted a draft Form S-1 on July 31 for a proposed initial public offering of common stock. Brookfield Asset Management owns 51% of the company and Cameco owns the rest.
Themes ETF Trust’s September 14 prospectus for the Leverage Shares 2X Long Westinghouse Electric Daily ETF and the Leverage Shares 2X Short Westinghouse Electric Daily ETF is marked subject to completion. Tickers and management fees are blanks. GraniteShares filed the same proposed pair seven days later.
GraniteShares Compute 200 and Compute 100
On August 17, the same trust filed the GraniteShares Compute 200 ETF, with a blank ticker. That prospectus says the fund would seek to track the B200 GPU compute rental market, primarily through B200 GPU compute futures. A second 485APOS the same day registered the GraniteShares Compute 100 ETF series, which would seek to track the H100 GPU compute rental market, primarily through H100 GPU compute futures.
Monday’s 2x papers name their underlyings as the GraniteShares B200 Compute ETF and the GraniteShares H100 Compute ETF, with exchange and ticker left as placeholders. Those titles differ from the August series. The 2x B200 prospectus describes its underlying as an actively managed fund that invests primarily in B200 GPU compute futures, the same mandate the Compute 200 paper stated.
GPU compute rental is the hourly rate to rent accelerator capacity. CME Group said on August 11 that it planned to list Silicon Data H100 and B200 rental-index futures on October 5, pending regulatory review.
The B200 and H100 2x products would pass through two layers of fees, a different structure from NVDL, which seeks 200% of NVIDIA Corporation’s daily stock move at a 1.06% expense ratio. They would lever a proposed GraniteShares ETF that would hold GPU rental futures that have not listed.
Frequently asked
What exactly would these funds be leveraging?
Two would seek 200% of the daily move of proposed GraniteShares ETFs tracking the B200 and H100 GPU compute rental markets, and two would target 200% and -200% of Westinghouse Electric common stock.
Is Westinghouse publicly traded?
No, it confidentially submitted a draft Form S-1 for a proposed IPO and is owned 51% by Brookfield with Cameco holding the rest.
Why does the fee structure matter here?
The H100 paper says the 2x fund would bear the underlying ETF's expenses indirectly and carves acquired-fund costs out of a contractual expense cap that is itself blank.
Has this pattern worked in practice?
The listed 2x long SpaceX fund held $39.3 million at a 1.50% expense ratio, against $3.72 billion in the 2x long Nvidia fund.