Themes files 2x long and short Aggreko ETFs ahead of an unpriced NYSE IPO

Themes ETF Trust has spent this month registering daily 2x funds on companies that do not yet trade. ByteDance, Canva, SB Energy, and DayOne each got the same paper: a 2x long and a 2x short, written to start around an IPO. On Friday it added Aggreko Inc., eighteen days after that company publicly filed to list ordinary shares on the New York Stock Exchange.

Friday’s post-effective amendment is proposed to become effective 75 days after filing under Rule 485(a)(2), not immediately. The trust says it would offer the shares “as soon as practical after the effective date of this Registration Statement.” As of Monday morning, Aggreko still had no public quote under AGKO.

Leverage Shares 2X Long and Short AGKO Daily ETFs

The amendment adds two new series: Leverage Shares 2X Long AGKO Daily ETF and Leverage Shares 2X Short AGKO Daily ETF. Tickers, listing exchange, prospectus date, and management fees are left blank. Distribution fees are none, other expenses 0.00%, and there is no stated waiver. Themes Management Company, LLC is the adviser. The funds are newly organized and had not operated as of the prospectus date.

The long fund’s objective is to magnify 200% of the daily performance of what the paper calls the “publicly traded common stock of Aggreko Inc. (NYSE: AGKO).” The short fund’s objective is -200% of that same daily move. Each prospectus warns that a holding period longer or shorter than one trading day should not be expected to deliver that multiple, because each day’s leveraged result compounds on the last.

The funds “expect to commence operations on or about the same date as the Underlying Security commences trading in connection with its initial public offering.” That is a second clock, independent of the 75-day one. If Aggreko lists before this amendment is effective, the ETFs cannot open with it. If this amendment goes effective and Aggreko has still not priced, the funds have nothing to track.

A volatility table in the same paper lists AGKO’s five-year annualized historical volatility as N/A. The footnote still reads that AGKO “commenced trading in [September 2026]” and therefore lacks a full calendar year of that figure. The brackets are doing the work the listing has not: as of Monday morning, those shares have not printed.

The prospectus puts Aggreko in the capital goods industry and flags issuer-specific risk on top of that. It does not, and cannot, describe a trading market that does not exist.

Aggreko Inc. is still in F-1 registration

Aggreko’s own registration statement is the other document this filing is written around. On August 24 the company publicly filed a Form F-1 for a proposed initial public offering of ordinary shares and said it intends to list them on the NYSE as AGKO. The company said then that the timing, the number of shares, and the price range had not been determined, and that the offering remains subject to market conditions. Goldman Sachs, J.P. Morgan, and BofA Securities are the joint lead bookrunning managers named in that announcement. That F-1 is not effective.

The F-1 describes a Cayman Islands holding company with principal offices in Glasgow. It says Aggreko provides temporary and semi-permanent modular power, temperature control, oil-free compressed air, and related services. For the year ended January 3, 2026, it reported $3.4 billion of net revenue. Data centers accounted for 11% of that net revenue, or $391 million, up from $96 million in the year ended December 30, 2023. A pre-IPO reorganization described in the same filing would have TDR Capital and I Squared Capital contribute their shares of the operating company into Aggreko Inc.

There is no U.S.-listed fund that holds AGKO, because there is no AGKO listing to hold. The two series would be daily reset products on a stock with no public trading history, which is the point of the N/A in the volatility table.

A 2x shelf that has been growing and shrinking

etf.net currently classifies 179 U.S.-listed single-stock long leveraged ETFs. Friday’s filing would add one more long, plus a matching short, if and when both this amendment and Aggreko’s F-1 become effective and the shares actually list.

Reuters reported on August 25 that 63 U.S. leveraged single-stock funds had closed so far in 2026, against three in 2025, and that average assets in leveraged ETFs had fallen to $63.3 million from $272.2 million at the end of 2024.

On July 17 the Themes ETF Trust board announced it would close 13 funds because of “their inability to attract sufficient investment assets,” with trading to halt on July 28. The board said liquidation was “in the best interest of the Funds and their shareholders.” The trust has kept registering new daily 2x series through that.

The last time the brackets filled in, the 2x daily SpaceX fund SPCH began trading on Monday, June 15, after SpaceX listed on Friday, June 12. It now has $332 million in assets, with that 2x exposure carried in total-return swaps on SpaceX Class A shares.