Themes files 2x daily ETFs on SB Energy and Canva before either stock lists
Themes ETF Trust on Thursday, September 3, 2026, filed two Form 485APOS amendments proposing five Leverage Shares daily series on SB Energy and Canva, with fees and tickers blank under a 75-day clock.
Two days after SB Energy, Inc. publicly filed to list on Nasdaq, Themes ETF Trust registered a 2x long and a 2x short on that stock. A second amendment the same day registered three daily funds on Canva, Inc., a design-software company that has not gone public. None of the five series has a ticker, an exchange, a filled-in management fee, or a date when shares would trade.
The papers are post-effective amendments to the trust’s existing N-1A, filed under Rule 485(a)(2). That election puts effectiveness 75 days after filing, not immediately.
A 2x book that launches and closes at the same time
The U.S. single-stock long leveraged category now holds 179 funds, and scale inside it is uneven.
NVDL holds $3.97 billion; COTG holds $7.8 million
- $4.0B
- $315M
- $8M
The GraniteShares 2x Long NVDA Daily ETF NVDL is one end of that spread. Themes’ own Leverage Shares 2X Long SPCX Daily ETF SPCH, a fund that seeks twice SpaceX’s daily move, listed June 15. The Leverage Shares 2X Long COST Daily ETF COTG listed last September.
Reuters reported on August 25 that 63 U.S. leveraged single-stock funds had shut in 2026, against three in 2025, and that average leveraged-ETF assets had fallen to $63.3 million from $272.2 million at the end of 2024. Themes has been on both sides of that ledger. On July 17 the trust’s board said it would liquidate 13 ETFs for lack of assets, including the Natural Monopoly ETF, the US Infrastructure ETF, the US R&D Champions ETF, and the 2x Long ABNB Daily ETF; those funds ceased trading July 28.
What the two amendments actually register
The first filing adds two series: Leverage Shares 2X Long SBE Daily ETF and Leverage Shares 2X Short SBE Daily ETF. The long fund seeks 200% of the daily percentage change in SB Energy common stock; the short fund seeks −200%. Exposure is described as resetting daily, typically at the close. Under normal circumstances the long fund would invest at least 80% of net assets in that stock and in instruments that, together, provide 200% daily exposure.
The second filing adds three series: Leverage Shares 2X Long Canva Daily ETF, Leverage Shares 2X Short Canva Daily ETF, and Leverage Shares 1X Short Canva Daily ETF. Those funds seek +200%, −200%, and −100% of Canva’s daily performance. Only the Canva package includes a 1x short. The SBE package does not.
Ticker and listing-exchange fields are blank placeholders on all five. So are the management-fee and total-expense lines. Distribution, or 12b-1, fees are listed as none; other expenses are shown as 0.00%. The adviser would pay substantially all specified fund expenses. Swap costs, brokerage, and intermediary fees sit outside that table, so a completed expense ratio would still not be the full cost of the exposure. Listed Leverage Shares 2x products price at 0.75% and 0.99%. Thursday’s tables commit to neither.
The funds are written as short-term trading vehicles. They do not seek their stated multiple for any period other than a single trading day.
SB Energy is in registration, not on the tape
SB Energy, a SoftBank-backed data-center and power company, announced on Tuesday, September 1, that it had publicly filed a Form S-1. It has applied to list on the Nasdaq Global Select Market and Nasdaq Texas under SBE. The number of shares and the price range have not been set. SoftBank said the next day that the company had applied to list. The common stock is not trading: a quote for SBE does not exist.
The ETF prospectus nonetheless describes the underlying as the “publicly traded” common stock of SB Energy, Inc., and then leaves the exchange and ticker as blanks. That is the distance the paper is asking the reader to live with. The daily 2x objective has nothing to reset against until SB Energy lists and trades.
The 75-day ETF clock and the IPO calendar are not the same clock, and neither document ties one to the other. Rule 485 lets the filing become effective on the 75th day or on a later date the registrant designates, and a follow-on amendment can push that date again. Themes used that delay in August, moving a prior amendment to Friday, August 28. Effectiveness is also not a listing. The papers put the proposed offering “as soon as practical after the effective date,” and the trust may not sell the shares until the registration is effective. If the 75 days run out and SBE still has no quote, there is still nothing for a daily 2x to reset against. The trust can delay effectiveness, or sit on an effective registration and not sell shares until the stock trades. Thursday’s papers do not say which it will do.
A late-August filing from the same trust registered 2x funds on Lyntris Inc. after that stock had already traded. Thursday’s SBE papers do not wait.
Canva still has no public share
The Canva prospectus names Canva, Inc. as the underlying, describes the company’s design platform, and does not state a ticker. Nasdaq Private Market still carries Canva as a pre-IPO name, with a share-price estimate updated August 17, and there is no listed Canva common stock for a daily fund to track. The Canva short prospectus writes that, on the first day of trading, the 2x inverse strategy would be based on the IPO price, and that the fund may hold cash while it seeks the exposure.
Themes has been putting private names into the same registration statement for months. An August 20 amendment added FormLabs series; an April 24 filing added SambaNova series; the issuer’s live Leverage Shares page still shows Anthropic entries marked subject to completion.
GraniteShares on Wednesday filed 2x OpenAI and Anthropic amendments. Thursday’s papers do not say when, or whether, Canva will have a public share.
The papers do not sell shares, set a fee, or name a listing venue. They reserve daily 2x and inverse sleeves on a SoftBank IPO that has not priced and on a private software company that has not filed to list. SPCH is the evidence that the reservation can be worth something once the underlying trades. Until SB Energy and Canva do, these five series are file numbers, not funds, from a trust that is still filing faster than some of its listed series can gather assets.
Frequently asked
What did Themes actually file?
Two post-effective amendments adding a 2x long and 2x short on SB Energy, plus 2x long, 2x short and 1x short funds on Canva.
Can these funds launch soon?
The filings become effective 75 days out at the earliest, and effectiveness is not a listing — the trust can delay again or hold an effective registration without selling shares.
Is SB Energy or Canva publicly traded?
No: SB Energy has publicly filed to list on Nasdaq but has no quote, and Canva is still a pre-IPO name with no listed common stock.
What will these funds cost?
The filings leave the management fee and expense lines blank; other listed Leverage Shares 2x products price at 0.75% and 0.99%, and swap, brokerage and intermediary costs sit outside the expense table anyway.