Themes files 2x ETFs on Figure AI, HNUC and ProEnergy before any of them list
On Monday, September 21, 2026, Themes ETF Trust filed three 485APOS prospectuses for six daily ETFs seeking 200% or -200% of Figure AI, HNUC and ProEnergy, none of which trade.
On Monday, Themes ETF Trust asked the SEC to register 2x long and 2x short daily ETFs on Figure AI, HNUC and ProEnergy, and three of its funds traded for the last time after the board said they could not attract enough assets. The 2x long SpaceX ETF SPCH held $339 million as of Tuesday; the three that stopped trading Monday held $7.81 million combined. The new prospectuses are marked subject to completion and are not an offering.
Figure AI, HNUC and ProEnergy
The proposed names are Leverage Shares 2X Long Figure AI Daily ETF and Leverage Shares 2X Short Figure AI Daily ETF; Leverage Shares 2X Long HNUC Daily ETF and Leverage Shares 2X Short HNUC Daily ETF; and Leverage Shares 2X Long PROENERGY Daily ETF and Leverage Shares 2X Short PROENERGY Daily ETF. Themes Management Company, LLC would be the adviser.
The HNUC pair would be a 2x product on a listing that is not, at the moment, happening. On Tuesday, September 8, Holtec Nuclear, the Camden, New Jersey nuclear-services company, said it had launched a roadshow for 50 million Class A shares and that it expected the offering price to be between $15 and $18, intending to list on Nasdaq as HNUC. Reuters reported that Holtec suspended that offering on Wednesday, September 16, citing market conditions. A quote for HNUC still does not exist.
The Figure AI filing points at “the publicly traded common stock of Figure AI, Inc.,” then leaves the exchange and ticker as placeholders. Figure, which describes itself as building a general-purpose humanoid robot, remains private and has not filed for an IPO.
ProEnergy is the third name. Bloomberg reported last week, citing people familiar with the matter, that the gas-turbine and dispatchable-power company, backed by Energy Capital Partners, is seeking a U.S. IPO that could value it at as much as $50 billion. That is an unnamed-source report, not a company filing, and ProEnergy is not listed.
The proposed 2x funds
Each long fund would seek, before fees and expenses, 200% of the daily percentage change in the named common stock. Each short fund would seek -200%. The funds would not try to hit that objective over any period other than one trading day. They would reposition at the end of every session and get the exposure through swap agreements with major financial institutions. At least 80% of net assets, plus borrowings, would sit in the stock and in instruments that, together, deliver that daily long or short multiple.
The prospectuses say a 50% one-day drop in the stock can take the long fund to zero, not counting financing and operating costs. None of Figure AI, HNUC or ProEnergy has a public price whose swings anyone can watch.
The three forms are post-effective amendments dated Monday, September 21, with tickers, listing venues, and management fees left blank.
Remaining holders of the three funds that closed Monday are due cash on or about Friday, September 25. The HNUC pair is already a registration on a listing Holtec has suspended.
Frequently asked
Can you buy these ETFs now?
No: the prospectuses are marked subject to completion and are not an offering, with tickers, listing venues and management fees left blank.
Why can't the funds track their targets?
None of Figure AI, HNUC or ProEnergy has a public price: Figure AI and ProEnergy are private, and Holtec suspended the offering that would have created HNUC.
What would the funds actually hold?
Swap agreements with major financial institutions, repositioned at the end of every session, plus the stock itself, targeting 200% or -200% of one day's move.
How risky is the long version?
The prospectuses say a 50% one-day drop in the stock can take the long fund to zero, before financing and operating costs.