Themes files 2x DayOne ETFs as its SpaceX 2x is down 49%
Themes ETF Trust on Tuesday, September 8 proposed 2x, -2x and 1x short DayOne daily funds that would begin on IPO day; its live SpaceX 2x held $307 million and is down 49% from the June 15 close.
Leverage Shares 2X Long SPCX Daily ETF SPCH, a 2x daily fund on Space Exploration Technologies, began on June 14 and held $307 million as of Wednesday, with an expense ratio of 0.75%. From the June 15 close through Tuesday it is down 49%. That is the live version of the product Themes ETF Trust keeps registering ahead of IPOs that have not happened: real assets, a stated fee, and a path that is not twice the stock over any stretch longer than a day.
The SpaceX 2x fell 49% as SpaceX itself dropped 20%
- Total return
- SPCH
- Total return −49%
- SpaceX
- Total return −20%
Tuesday it queued three more. The trust filed for Leverage Shares 2X Long DayOne Daily ETF, Leverage Shares 2X Short DayOne Daily ETF and Leverage Shares 1X Short DayOne Daily ETF. Each series “expects to commence operations on or about the same date as the Underlying Security commences trading in connection with its initial public offering,” and the first day’s result would be measured from the IPO price. Tickers, the listing venue and the management fee are still blank. The paper is marked subject to completion.
The underlying in view is DayOne Data Centers Limited, the Singapore-headquartered hyperscale platform. The prospectus names only DayOne and does not describe a listed company. Day One Biopharmaceuticals already trades; these series are not written for a name that has a ticker today.
Three DayOne daily funds, still incomplete
The long fund would seek, before fees and expenses, 200% of DayOne’s daily percentage change. The 2x short would seek -200%. The 1x short would seek -100%. None of the three seeks that result for any period other than a single trading day. The prospectus says the funds are intended to be used as short-term trading vehicles.
Under normal circumstances each series would put at least 80% of net assets, including borrowings, into DayOne common stock and financial instruments that, together, deliver the stated daily exposure. The adviser, Themes Management Company, LLC, would rebalance at the close of each session and would use total-return swaps with major financial institutions to obtain the leverage or the short. If the underlying moved 50% or more against either 2x fund in one session, holders of that fund could lose the entire investment.
The fee table leaves management fees and total annual fund operating expenses as bracketed placeholders. Swap costs sit outside that table.
DayOne Data Centers has not listed
On December 31, 2024, GDS International ceased to be a consolidated subsidiary of GDS Holdings, the Nasdaq-listed China data-center operator, which then held about 35.6%. On January 1, 2025, GDSI rebranded itself as DayOne. In a January 5, 2026 press release filed with the SEC, DayOne said it had agreed more than $2.0 billion of Series C equity financing led by Coatue. On January 13, GDS said DayOne would repurchase $385 million of GDS’s DayOne shares at the Series C price.
Reuters reported in May that DayOne was considering a dual listing in Singapore and the United States. On August 11, Bloomberg, citing people familiar with the matter, reported that DayOne Data Centers had confidentially filed for a U.S. IPO, was aiming to list as soon as the next quarter, and had been considering raising around $5 billion; Bloomberg had previously reported a possible valuation of about $20 billion. DayOne did not immediately comment. None of that is in Tuesday’s prospectus, and none of it is a listing.
GDS Holdings is the listed stock with a disclosed DayOne stake. GDS said the remaining equity interest implied by the Series C price was more than $2.2 billion. GDS itself closed Tuesday at $32, a $6.24 billion company.
Themes has used this IPO-day form before
The same commence-on-IPO sentence appeared in the trust’s August 21 amendment for three daily funds on Vantage Data Centers, another unlisted operator, and in last week’s ByteDance prospectus. In each case the paper leaves the exchange and ticker blank and ties the first session to the IPO price.
When the assets do not show up, this issuer has been willing to take the funds down. On July 17 the board of Themes ETF Trust said it would liquidate 13 series, including several Leverage Shares 2x single-stock funds, “due to their inability to attract sufficient investment assets.” Those funds ceased trading on July 28.
Reuters reported on August 25 that 63 U.S. leveraged single-stock funds had shut in 2026, against three in 2025. The launch calendar has not stopped.
For these three to trade, DayOne has to list, this amendment has to become effective with a completed fee table, and an exchange has to take the shares. Holders of the trust’s existing funds are not being repriced or merged. If that IPO session arrives, SPCH is the working example of what followed: a ticker, a fee, real assets, and a fund that still resets every day.
Frequently asked
Can you buy the DayOne funds now?
No: DayOne Data Centers has not listed, and the funds would start only on or about the day the stock begins trading in its IPO.
What is still missing from the filing?
Tickers, the listing venue and the management fee are blank, and the fee table carries bracketed placeholders.
How has the SpaceX version done?
The 2x SpaceX fund is down 49% from the June 15 close while SpaceX itself fell 20%, and it held $307 million with a 0.75% expense ratio.
What happens if the underlying moves sharply in one day?
If the stock moves 50% or more against either 2x fund in a single session, holders of that fund could lose the entire investment.