GraniteShares

Anthropic
2x Long & 2x Short Daily ETFs

AIL seeks 2x the daily move of Anthropic. ANS seeks 2x the inverse.

LAUNCHING SOON

GraniteShares Anthropic Bull & Bear Daily ETFs (AIL & ANS)

AIL and ANS, the Anthropic ETFs

AIL and ANS are the GraniteShares 2x Long and 2x Short Anthropic Daily ETFs. AIL seeks 2x the daily move of Anthropic stock and ANS seeks 2x the inverse, before fees and expenses. Both are expected to begin trading on Nasdaq on or shortly after the first day of trading in Anthropic (ANT).

Bull Listing exchange
Nasdaq
AIL
GraniteShares 2x Long Anthropic Daily ETF
+200%Seeks 200% of Anthropic's daily move
  • TickerAIL
  • UnderlyingAnthropic, PBC (ANT)
  • Leverage factor2x
  • Daily resetYes
  • Expense ratio1.33%
  • CUSIP38747T443
  • NAVAvailable after launch
  • Closing priceAvailable after launch
View the AIL fund page
Bear Listing exchange
Nasdaq
ANS
GraniteShares 2x Short Anthropic Daily ETF
-200%Seeks 200% of the inverse of Anthropic's daily move
  • TickerANS
  • UnderlyingAnthropic, PBC (ANT)
  • Leverage factor-2x
  • Daily resetYes
  • Expense ratio2.03%
  • CUSIP38747T435
  • NAVAvailable after launch
  • Closing priceAvailable after launch
View the ANS fund page

Fund data will be available when the funds begin trading. Advised by GraniteShares Advisors LLC. Portfolio managers Jeff Klearman, Ryan Dofflemeyer and Jeroen Visser.

Launch board

Where ANT, AIL and ANS stand

AIL and ANS are ready. Their prospectus is effective, and they are expected to begin trading on Nasdaq on or shortly after Anthropic's first trading day.

Status board
TickerSecurityStatusNext
ANT Anthropic, PBCClass A common stock, Nasdaq Global Select Pre-listingS-1 filed 26 Oct 2026 Price range and roadshowFirst trading day not yet set
AIL GraniteShares 2x Long Anthropic Daily ETFSeeks 2x the daily move of ANT. Nasdaq. EffectiveProspectus dated 6 Nov 2026 Begins tradingOn or shortly after ANT's first trade
ANS GraniteShares 2x Short Anthropic Daily ETFSeeks 2x the inverse of ANT's daily move. Nasdaq. EffectiveProspectus dated 6 Nov 2026 Begins tradingOn or shortly after ANT's first trade

The road to AIL and ANS trading

2 of 6 done
  1. Anthropic files its S-1 publicly26 Oct 2026, Nasdaq listing proposed as ANT
  2. AIL and ANS prospectus effectiveDated 6 Nov 2026
  3. 3
    ANT price range and share count setNot yet announced
  4. 4
    ANT pricedNot yet announced
  5. 5
    ANT begins trading on NasdaqNot yet scheduled

After ANT lists, the dates traders watch

Most of these are set by market rules and Anthropic's filing, counted from ANT's first trading day.

Day +2
Options can list

Exchange rules allow options on a new listing from the second business day, if market value at the offer price is at least $3 billion.2

Business days after
Day +10
Research quiet period ends

Underwriting banks can begin publishing research, so the first analyst reports often arrive together.3

Calendar days after
Day +15
Nasdaq-100 fast entry

A new listing ranked in the index's top 40 by market value can be added after 15 trading days. Not guaranteed.4

Trading days after
Day +27
Early lock-up windows begin

The first of more than 20 staggered releases over about a year, around days 27, 48, 62 and 76.1

Calendar days after
2027
First annual report

The first public results test whether the Q2 2026 operating profit of $974 million held.1

Early 2027

Dates are estimates based on public rules and Anthropic's filing, and may change. Options listing and index inclusion are decided by third parties and are not guaranteed.

  1. Anthropic PBC, Form S-1, filed 26 October 2026, SEC EDGAR.
  2. Cboe EDGX Options Exchange rule on options on IPO securities, SEC Release No. 34-98357, with equivalent rules at US options exchanges.
  3. FINRA Rule 2241, quiet period provisions.
  4. Nasdaq-100 Index methodology, fast entry rule, in effect from 1 May 2026.

Two ways to read the S-1

The bull and bear case, from the S-1

Anthropic's S-1 gives traders on both sides something to point to. Here are four numbers each side is watching, all drawn from the same filing.

The bull caseWhat supporters point to
$16.3B
Revenue growth

First-half 2026 revenue, up from $1.2 billion a year earlier and well above the $4.6 billion reported for all of 2025.

$974M
An operating profit in Q2

Q2 2026 operating income, after an operating loss of $1.7 billion in Q1 2026.

11,900+
Large customers

Customers paying $100,000 or more a year. About 1,900 pay $1 million or more, and about 250 pay $10 million or more.

$131.7B
Cash on hand

Cash and short-term investments as of 30 June 2026, before any IPO proceeds.

The bear caseWhat critics point to
$5.6B
Rising compute costs

Q2 2026 compute cost, up from $3.4 billion in Q1, with compute arrangements of up to $120.5 billion through 2029.

$693M
Still loss-making for the half

First-half 2026 operating loss. The net loss was $80.7 billion, of which about $72.4 billion was a non-cash revaluation.

Few
Customer and supplier concentration

The S-1 says much of its revenue comes through a limited number of customers and channels, and compute from a few suppliers.

<50%
Public shareholders hold under half the vote

Founders hold 50.1% of the vote through a Class F share, and Anthropic expects to be a controlled company.

Whichever way traders read the filing, AIL and ANS are designed for a view on a single day. AIL seeks 2x the daily move of Anthropic. ANS seeks 2x the inverse.

These points summarize disclosures in Anthropic's Form S-1, filed 26 October 2026 on SEC EDGAR. They are presented for information only, are not a recommendation, and do not represent a GraniteShares view on Anthropic stock.

Key features of AIL and ANS

The reasons traders reach for a leveraged single stock ETF instead of trading Anthropic directly.

Simple

Trade AIL or ANS in a standard brokerage account. No borrowing Anthropic stock and no collateral to post, whether you are positioning long or short.

High conviction

Act on a strong daily view on Anthropic in a single trade. AIL seeks 2x the daily move. ANS seeks 2x the inverse.

Control

No margin calls and no stock to borrow, unlike shorting Anthropic directly. Your loss is limited to the amount you invest, and with 2x leverage that full amount is at risk.

Anthropic 2x ETF

Frequently Asked Questions

What to know about the GraniteShares 2x Long Anthropic Daily ETF (AIL) and the GraniteShares 2x Short Anthropic Daily ETF (ANS).

Is there an Anthropic ETF? +
GraniteShares offers two, AIL and ANS. AIL seeks 2x the daily move of Anthropic stock and ANS seeks 2x the inverse, before fees and expenses. They are expected to begin trading on Nasdaq on or shortly after Anthropic's first trading day.
What are the tickers for the GraniteShares Anthropic ETFs? +
AIL is the GraniteShares 2x Long Anthropic Daily ETF. ANS is the GraniteShares 2x Short Anthropic Daily ETF.
What are the GraniteShares 2x Anthropic Daily ETFs? +
AIL seeks daily investment results, before fees and expenses, of 200% of the daily performance of Anthropic. ANS seeks daily results of 200% of the inverse of the daily performance of Anthropic. There is no guarantee the funds will meet their objectives.
What is the difference between AIL and ANS? +
AIL is the bull. It seeks 2x the daily move of Anthropic. ANS is the bear. It seeks 2x the inverse of the daily move. They are a matched pair, launching together on equal terms.
Can I buy AIL or ANS today? +
Not yet. The funds' prospectus is effective, but AIL and ANS are expected to begin trading only on or shortly after the first day of trading in Anthropic's Class A common stock. Sign up on this page to get an alert when they launch.
When will AIL and ANS begin trading? +
AIL and ANS are expected to begin trading on Nasdaq on or shortly after Anthropic (ANT) begins trading on the Nasdaq Global Select Market. GraniteShares will confirm the launch date once Anthropic's listing date is set.
How might AIL and ANS behave right after Anthropic lists? +
Early trading can be different. Listed options on Anthropic may not be available at first, and swap counterparties may limit how much they provide on a newly listed stock. As a result, the funds' performance in their first days may differ significantly from 2x or -2x the daily move, and shares may trade at a premium or discount to net asset value.
When is the Anthropic IPO? +
Anthropic publicly filed its Form S-1 on 26 October 2026 and plans to list on the Nasdaq Global Select Market under the ticker ANT. It has not yet set a price range or a listing date.
What is ANT stock? +
ANT is the proposed ticker for Anthropic's Class A common stock on the Nasdaq Global Select Market, as set out in its Form S-1 filed 26 October 2026.
How can I invest in Anthropic before the IPO? +
Anthropic is a private company and its shares do not trade on public exchanges before a listing. AIL and ANS are not a pre-IPO investment. They seek daily results tied to Anthropic's stock once it is publicly listed.
When can options on Anthropic stock start trading? +
Under US options exchange rules, options on a newly listed stock can begin trading as early as the second business day after the IPO day, if market capitalization at the offering price is at least $3 billion. Each exchange decides whether and when to list.
Could Anthropic join the Nasdaq-100? +
Possibly. Nasdaq's fast entry rule allows a newly listed company whose market capitalization ranks within the top 40 of the index to be added after 15 trading days, with at least five trading days' notice. Inclusion is decided by Nasdaq and is not guaranteed.
When do Anthropic's lock-ups expire? +
Anthropic's S-1 describes more than 20 staggered lock-up release windows over about a year. Some employee shares may be sold from the first trading day, with further releases around days 27, 48, 62 and 76.
Can I short Anthropic with an ETF? +
ANS seeks 2x the inverse of Anthropic's daily move. On a day Anthropic falls, ANS seeks to rise by twice that move, and the reverse when Anthropic rises. It is a daily objective that resets each day.
What is a single stock leveraged ETF, and how does it work? +
A single stock leveraged ETF seeks a multiple of the daily move of one company rather than an index. AIL seeks 2x the daily move of Anthropic and ANS seeks 2x the inverse. The funds seek this mainly through swap agreements, and the leverage resets at the end of each trading day.
What does 2x daily mean? +
It means the fund seeks twice the move of Anthropic for a single day. If Anthropic rises 3% on a day, AIL seeks about 6% that day. If Anthropic falls 3%, AIL seeks about a 6% decline. The objective is set each day and then resets.
Do the funds hold Anthropic stock? +
The funds aim to obtain their exposure mainly through swap agreements with financial institutions. If swap capacity is limited, AIL may use options on Anthropic stock or buy the stock directly, and ANS may use options on Anthropic stock.
Why can a leveraged ETF lose value over time even when the stock recovers? +
Because the objective resets each day, results over more than one day depend on the path of the market, not just its start and end points. In choppy or volatile markets, daily compounding can pull a fund below 2x the move of the stock over the same period. This effect is often called volatility decay, and it is why these funds are built for short holding periods.
Can I hold these overnight or for the long term? +
These funds are built for short holding periods, typically a single day, and should be monitored actively. Held longer, results may differ significantly from 2x because of daily compounding. Holding overnight also carries gap risk, since news outside market hours can move the price before the next open.
What is the expense ratio? +
The expense ratio is 1.33% for AIL and 2.03% for ANS, as set out in the prospectus. Leveraged and inverse ETFs generally cost more than standard index ETFs.
Who should consider these funds? +
Investing in the funds involves a high degree of risk. They are not suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged or daily inverse results, including the impact of compounding.
Where can I read the prospectus? +
The prospectus for AIL and ANS, dated 6 November 2026, is linked on this page and on each fund page, along with each fund's summary prospectus. It should be read carefully before investing.
Are these funds affiliated with Anthropic? +
No. GraniteShares is not affiliated with Anthropic, and these funds are not sponsored, endorsed, sold, or promoted by Anthropic. The Anthropic name is used for identification only.
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All performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. For the fund's most recent month end performance, please call 1(844) 476-8747.

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