Key takeaways

  • ProShares announces two leveraged Anthropic ETFs ahead of IPO
  • Bullish and bearish funds target double daily stock movements
  • Anthropic's proposed $1.5 trillion valuation faces investor scrutiny

ProShares is preparing to launch two leveraged exchange-traded funds tied to Anthropic, allowing investors to amplify bets on the artificial intelligence company in either direction as its anticipated $1.5 trillion IPO faces growing uncertainty.

According to ProShares' November 6 announcement, the proposed products will target twice Anthropic's daily stock performance, either positively or negatively. Neither fund has launched, and both depend on the Claude developer completing its public listing.

ProShares Targets Both Sides of Anthropic's IPO

The ProShares Ultra Anthropic ETF, trading under the proposed ticker ANTU, would seek 200% of Anthropic's daily return. Its counterpart, ProShares UltraShort Anthropic (ANTY), would target negative 200%, potentially benefiting when the underlying stock declines.

For example, a 5% daily increase in Anthropic shares would theoretically translate into a 10% gain for ANTU and a 10% loss for ANTY, before fees and tracking differences. A 5% stock decline would reverse those outcomes.

ProShares is joining an increasingly competitive market. Direxion has announced its own bullish and bearish Anthropic ETFs, while Leverage Shares and GraniteShares have also prepared products linked to the anticipated listing.

Unlike conventional diversified funds, these products concentrate exposure in one company. Daily resetting also means investors holding leveraged ETFs for extended periods may experience returns that differ substantially from simply doubling the stock's cumulative performance, a risk already familiar in leveraged ETF markets.

Anthropic's $1.5 Trillion IPO Faces Valuation Pressure

The announcement comes as Anthropic's IPO valuation faces renewed scrutiny following a broader technology selloff.

Investors have discussed valuations around $1.5 trillion, below earlier expectations approaching $2 trillion. Some prospective buyers are reportedly considering even lower levels, potentially complicating the company's expected November debut.

Anthropic's growth remains substantial. Third-quarter revenue approached $17 billion, but the company has also disclosed approximately $895.4 billion in future computing and infrastructure commitments, highlighting the costs behind its expansion.

These obligations have become particularly important as AI stock valuations face pressure despite strong demand for computing infrastructure. Investors are increasingly weighing revenue growth against financing requirements and long-term profitability.

Leveraged ETF Launches Depend on Anthropic's Listing

Anthropic has filed to list on Nasdaq under ANT, but its final offering price and trading date remain unsettled. The company has not formally announced an IPO postponement.

ProShares' ANTU and ANTY registration statements are also not yet effective, meaning the funds cannot currently be offered for sale. Their timing remains contingent on regulatory effectiveness and the underlying stock becoming publicly traded.

The situation highlights a growing divide between demand for sophisticated AI investment products and uncertainty surrounding the companies themselves.

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Ethan Mercer

Ethan Mercer is a financial journalist covering crypto, stocks, and the global economy. He studied Economics and Finance and later moved into market reporting, with a particular interest in Bitcoin, equities, monetary policy, and investor sentiment. His work focuses on explaining daily market moves and the broader trends behind them.

https://coinpaper.com/38474/pro-shares-plans-2-bullish-and-bearish-anthropic-et-fs-as-1-5-t-ipo-faces-uncertainty