Themes files five daily ETFs on Cohere and SymphonyAI, contingent on IPOs
Themes ETF Trust filed two 485APOS amendments on Friday, September 18, 2026, proposing five daily leveraged and inverse ETFs on Cohere and SymphonyAI under a 75-day Rule 485(a)(2) clock, with tickers and fees left blank.
The shares are not for sale. The two prospectuses Themes ETF Trust sent the SEC on Friday are marked subject to completion, dated September 18, 2026, and they say the information “is not complete and may be changed.” The trust, which already runs the Leverage Shares daily single-stock lineup, “may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective.” What the paper does is reserve a daily long and short book on two artificial-intelligence companies that still have no listed common stock.
That is the same move Themes made two days earlier on Altera and Stratolaunch. Friday’s batch names Cohere and SymphonyAI.
The same week, the sponsor is liquidating three funds for want of assets and registering five more. Monday, September 21, is the last exchange session for a combined $7.8 million in the U.S. cash-flow fund LGCF, the small-cap cash-flow fund SMCF, and the lithium-and-battery-metal miners fund LIMI, a closure the desk followed through last creation day. Morningstar counted 63 U.S. leveraged single-stock fund closures in 2026, against three in 2025, Reuters reported in late August. The two long series would join a single-stock long-leveraged category that already holds 383 U.S. funds. The three short series would join an inverse category of 58.
What the two amendments propose
The first filing lists three series: Leverage Shares 2X Long Cohere Daily ETF, Leverage Shares 2X Short Cohere Daily ETF, and Leverage Shares 1X Short Cohere Daily ETF. The second lists Leverage Shares 2X Long SymphonyAI Daily ETF and Leverage Shares 2X Short SymphonyAI Daily ETF. Tickers, series numbers, and the listing exchange are left blank.
The funds “seek daily leveraged or daily inverse leveraged investment results and are intended to be used as short-term trading vehicles.” The 2x long series would aim, before fees and expenses, for 200% of the day’s percentage change in the underlying common stock. The 2x short series would aim for −200%. The extra Cohere series would aim for −100%. Each prospectus states that the fund “does not seek to achieve its stated investment objective for a period of time different than a trading day.”
A 75-day clock on stock that does not trade
Both covers check effectiveness 75 days after filing under Rule 485(a)(2), the clock a new series of an existing trust typically runs unless the SEC interrupts it. The proposed public offering is “as soon as practical after the effective date of this Registration Statement.” The papers also describe operations as expected on or about the underlying security’s initial public offering. The SymphonyAI 2x short prospectus states the arithmetic that comes with a −200% daily objective: if the underlying stock rose 50% or more in a session, the fund could lose all or substantially all of its value that day.
Neither Cohere nor SymphonyAI has a public common stock for a swap book to track. The registration can go effective on the 75-day calendar and still have nothing to hold.
A blank in a fee table is not a sale. It is a space a later amendment is supposed to fill. The Cohere filing does not state a management fee, a waiver, or a series number; empty fields are not evidence of a zero fee. The SymphonyAI short-fund table shows a management fee of “[0. ]%,” other expenses of 0.00%, and total annual fund operating expenses of “[0. ]%.” Leverage Shares daily single-stock funds already in the trust, including the 2x daily long SpaceX fund SPCH, carry a 0.75% expense ratio. Friday’s paper does not lock that number in.
Two private AI companies
Cohere, a Toronto enterprise-AI company built around its Command models, sells to businesses rather than consumers. SymphonyAI, a Palo Alto firm, builds industry-specific software for retail, financial services, industrial customers, and others; its own site still describes it as privately held. Friday’s prospectuses treat both as future common stocks. They do not underwrite an offering, set a valuation, or say when either company will list.
Other issuers have been running the same pre-listing play on better-known AI names. GraniteShares’ proposed 2x long and 2x short Anthropic funds remained in registration, not effective, as of early September. ProShares has posted pending 2x long and 2x short Anthropic products and states that those registration statements are not yet effective. Themes has already shown the other end of the conveyor: SPCH listed in June, once SpaceX common stock was there to track, and held $338.5 million as of Monday.
Leverage Shares, the brand on Friday’s series, has described the practice on other pre-listing filings. “When a high-profile IPO is expected, ETF issuers often move early to prepare products for launch as soon as trading begins,” Violeta Todorova wrote for the firm on September 14, about its Anthropic series. Direxion Chief Product Officer Mo Sparks, announcing that firm’s Anthropic pair in late August, said “active traders will want to move on it fast” with products “built to give them a focused pair of 2X daily tools to trade either direction from the first days of public trading.” The SEC, in a July request for comment on novel ETFs, noted that Rule 485(a) lets a new series become effective automatically so funds can “launch efficiently and respond to market opportunities” without Commission or staff action.
Friday’s paper still has no ticker, no fee, and no listing date. The five series wait on two IPOs the prospectuses do not schedule; the three thematic funds have their last session on Monday.
Frequently asked
Can I buy these funds?
No, the prospectuses are marked subject to completion and the trust may not sell the shares until the registration statement is effective.
What would the funds do?
They would seek 200% of the underlying stock's daily move for the long series, -200% for the 2x short series, and -100% for an extra Cohere series, before fees, as short-term trading vehicles.
What do they cost?
The filings don't say; the fee tables are blank or bracketed, though existing Leverage Shares single-stock funds in the trust carry a 0.75% expense ratio.
How risky is the 2x short version?
The SymphonyAI short prospectus says that if the underlying stock rose 50% or more in one session, the fund could lose all or substantially all of its value that day.