Leverage Shares files 2x shorts on ByteDance and Canva
Themes ETF Trust filed 485APOS series on September 4, 2026, for 2X long, 2X short and 1X short ByteDance daily funds, among 31 such amendments in the week through September 4.
A 2x short on ByteDance, Ltd. reached the SEC on Thursday, September 4, and the preliminary prospectus left the exchange and ticker blank. Themes ETF Trust's Form 485APOS named three daily series: Leverage Shares 2X Long, 2X Short, and 1X Short ByteDance Daily ETFs. The 2X short would seek, before fees and expenses, −200% of the daily percentage change in ByteDance common stock. The filing still describes that stock as publicly traded. It does not name a listing venue.
The day before, the same trust had filed Leverage Shares 2X Long, 2X Short, and 1X Short Canva Daily ETFs, and a 2X long and 2X short pair on SB Energy, Inc. Those prospectuses also leave the exchange and ticker blank. A 485APOS is an intention. None of these series has listed.
Tidal Trust V, on Friday, added another route into companies that have not gone public. Its 485APOS would add Defiance Pre-IPO Leaders ETF, an actively managed fund that would seek capital appreciation through two sleeves: about 80% of the portfolio in a Pre-IPO Leaders sleeve, "primarily through swap agreements referencing perpetual futures contracts," and up to 20% in liquid public securities. The fund may also put up to 15% of net assets into privately issued securities of those companies, held directly or through single-asset special purpose vehicles. The adviser would use the BITA Liquid Pre-IPO Index as a framework.
Across the five sessions through Friday, September 4, trusts sent the SEC 31 Forms 485APOS and 60 Forms 497. No Form N-8F deregistration applications arrived. The week's largest single filing sat in the same leveraged stack: Direxion Shares ETF Trust on Thursday registered six new series, including a 2x pair on rare earths and a daily inverse 2x on SK hynix ADRs. VanEck ETF Trust filed four California and New York municipal ladder amendments on the same docket.
Direxion's six-series amendment
Direxion's 485APOS names an unlevered fund and two daily 2x funds on the Bloomberg Trillions Index, a daily 2x pair on VanEck's rare earth and strategic metals fund REMX, and a daily inverse 2x fund on the American depositary receipts of SK hynix Inc. Rafferty Asset Management would be the adviser. The preliminary prospectus, dated Thursday, September 3, and still subject to completion, says Rafferty has contractually agreed to waive fees through September 1, 2028, excluding items such as taxes, swap financing, and brokerage. The fee table still carries blanks. The amendment is proposed to become effective 75 days after filing.
The SK hynix series would be the inverse companion to a fund Direxion already listed. The Direxion Daily SK Hynix Bull 2X ETF SKHL began trading Wednesday, July 15, seeking 200% of SK hynix ADRs (Nasdaq: SKHY) each day. This week's series, the Direxion Daily SK Hynix Bear 2X ETF, would seek −200%.
None of the six has commenced operations. The Trillions sleeve would point at publicly listed companies with market capitalizations of at least $1 trillion, equal-weighted and reconstituted quarterly. The prospectus says that index was concentrated in information technology and semiconductors.
Other 485APOS
Wedbush Series Trust filed two. The first, accepted Monday evening and dated Tuesday, September 1, adds the Dan IVES Wedbush 2x Daily AI Revolution ETF, which would seek, for a single day only, twice the return of the Solactive Dan IVES Wedbush AI Revolution Index. The second adds the Wedbush Analog Economy ETF, which would track a Solactive analog-economy index.
Harbor ETF Trust on Friday added China AI Labs Ecosystem ETF. iShares Trust late Thursday (accepted 5:56 p.m., filing date Friday, September 4) added iShares MSCI USA Select Screened ETF. EA Series Trust on Tuesday added U.S. Equity Haven ETF. Advisors' Inner Circle Fund III filed for GQG Global Equity ETF. American Beacon Select Funds filed two, including American Beacon CIFC Active CLO ETF. Tidal Trust IV filed for Sector Rotation Long/Short ETF.
Tidal Trust II's two 485APOS, dated Sunday, August 31, add Defiance Daily Target 2X Long and 2X Short CBRS ETFs and Defiance Daily Target 2X Long XE ETF.
Not every 485APOS was an ETF product. Pacific Life Insurance Co. filed one. American Century ETF Trust's amendment was labeled for Avantis mutual funds.
Supplements, one merger, no deregistrations
Most of the 60 Forms 497 were housekeeping. Innovator ETFs Trust accounted for nine of them, the week's largest batch from a single trust. Yorkville America Investment Trust, SPDR Series Trust, and PGIM Rock ETF Trust each filed supplements alongside products that listed during the week, including Yorkville's MANGOS Plus index fund FRUT, State Street's UC Investments 90/10 endowment strategy fund UCBG, and T. Rowe Price's securitized-income fund TSCZ. A handful of 497s came from variable-annuity registrants.
Two supplements were not routine. EA Series Trust filed a Form 497 on the planned reorganization of the Guru Favorite Stocks ETF GFGF into the Alpha Architect U.S. Equity ETF AAUS. The board approved that combination in July; a July 24 supplement said it was expected after the close of trading on or about Friday, October 23, and that an information statement would go to shareholders around Saturday, September 5. This week's 497 is that paperwork moving forward, not a new decision.
Northern Lights Fund Trust II filed a Form 497 on its Beacon funds. The Beacon Tactical Risk ETF BTR would stop trading Wednesday, September 23, with liquidation around Wednesday, September 30. Tidal Trust II filed two 497s, including one on a Defiance series.
The empty N-8F tray is the week's other fact. Nothing on the docket was a deregistration application. Funds can wind down by 497 and still sit, for a time, on the 1940 Act register.
Tidal Financial Group and Defiance said on Friday, August 21, that they would close eight daily-reset funds, among them 2x longs on Lemonade, Zeta, DraftKings, MP Materials, and Rocket, 2x shorts on Oklo and Robinhood, and a 2x long drone-and-aerial fund. Those funds' last session was Thursday, August 27. Shareholders still holding on Tuesday, September 8, will be redeemed at net asset value. This week that same family filed more daily 2x paper, on CBRS and XE, and a pre-IPO leaders fund that would take swap exposure to companies that have not listed. The 2x shorts on ByteDance and Canva are still series on a registration statement. The eight funds are already gone from the tape.
Frequently asked
Do these ByteDance and Canva funds exist yet?
No — they are series on preliminary registration statements with blank tickers and exchanges, and none has listed.
What does a Form 485APOS actually mean?
It is an intention, not a launch; Direxion's, for instance, is proposed to become effective 75 days after filing.
Did any funds formally deregister during the week?
No deregistration applications arrived, though funds can wind down by supplement and still sit on the register for a time.
What is the Trillions index Direxion wants to lever?
It tracks publicly listed companies with market capitalizations of at least $1 trillion, equal-weighted and reconstituted quarterly, and the prospectus says it was concentrated in tech and semiconductors.