Themes files five daily ETFs on Altera and Stratolaunch before either lists

On Wednesday, Themes ETF Trust said its board will liquidate three funds that could not attract enough assets, two of them holding $5.9 million combined. The same day, it asked the SEC to register five daily leveraged and inverse ETFs on Altera and Stratolaunch. Neither company has a listed share. Trading in Themes US Cash Flow Champions ETF DLGCF, Themes US Small Cap Cash Flow Champions ETF CSMCF and Themes Lithium & Battery Metal Miners ETF LIMI is set to end at the close on Monday, September 21.

GraniteShares had already registered 2x products on both names on Tuesday, a day before Themes filed.

The paper is a registration, not a launch. Tickers, the listing venue and the management fee are blank, and the trust may not sell shares until the registration statement is effective.

Blank tickers and a 75-day clock

Post-Effective Amendment No. 450 proposes three series: the Leverage Shares 2X Long Altera Daily ETF, the Leverage Shares 2X Short Altera Daily ETF and the Leverage Shares 1X Short Altera Daily ETF. Amendment No. 451 proposes a 2x long and a 2x short on Stratolaunch. Both amendments are dated September 16, marked “Subject to Completion,” and say the information is not complete and may change.

Each fund, the prospectuses say, seeks daily leveraged or inverse results and is intended as a short-term trading vehicle. The 1x short on Altera would target the inverse of that stock’s daily move without the extra leverage; GraniteShares’ Tuesday filing did not include a 1x product on either name.

The trust asked for effectiveness 75 days after filing under Rule 485(a)(2), which would fall on November 30 unless the SEC delays the amendments or the trust files again. The public offering would begin as soon as practical after the effective date.

Altera’s S-1, Stratolaunch’s missing listing

Altera, the programmable-chip company, said at 9 a.m. Eastern on Tuesday that its parent had confidentially submitted a draft registration statement relating to a proposed public offering of its common stock. The number of shares and the price range have not been set, and the offering remains subject to SEC review and market conditions. Silver Lake’s purchase of a 51% stake, which closed in September 2025, valued Altera at $8.75 billion; Intel retained 49%. The ETF filing identifies Altera common stock as the underlying security. That stock does not yet trade.

The Stratolaunch amendment is written against “publicly traded common stock of Stratolaunch, LLC.” Stratolaunch does not have a listed share. Reuters reported on September 10, citing a person familiar with the matter, that the hypersonic-flight company, backed by Cerberus Capital Management and Elliott Investment Management, is preparing a U.S. IPO that could raise up to $500 million as soon as October.

Themes filed the same factory paper earlier this month on ByteDance, Canva, SB Energy, DayOne and Aggreko: a 2x long and a 2x short, written ahead of a listing. Wednesday’s Altera triplet and Stratolaunch pair are that template pointed at two more names.

The SpaceX funds that did open

Themes already took this paper through a listing on SpaceX. Leverage Shares 2X Long SPCX Daily ETF ASPCH holds $290 million as of Thursday, at a 0.75% expense ratio. Leverage Shares 2X Short SPCX Daily ETF ASSPC holds $131 million at the same fee. Combined that is $421 million. Defiance Daily Target 2X Long SPCX ETF SPCU holds $63.4 million at 1.31%. GraniteShares 2x Long SpaceX Daily ETF DSPAL holds $37.3 million at 1.50%. Those are live products on a listed stock. Wednesday’s paper has neither.

The U.S. market already lists 383 single-stock long leveraged ETFs. “The market for these is saturated and there’s only so much money out there chasing this kind of product,” Morningstar analyst Daniel Sotiroff said in August. “A few firms at the top end up commanding the lion’s share of the money, and then there’s a long tail of also-rans who are struggling to attract assets.”

The five proposed funds cannot be sold until the registration is effective, and they have nothing to track until Altera and Stratolaunch list. A prospectus with blank tickers is not a holding.