Anthropic ETFs: The Data Behind AIL 2x Long and ANS 2x Short

Note: Please go through the Preliminary Prospectus and risk information before investing.The information in this prospectus is not complete and may be changed. The securities may not be sold untilthe registration statement filed with the Securities and Exchange Commission is effective. The prospectus isnot an offer to sell these securities and is not soliciting an offer to buy these securities in any state where theoffer is not permitted.

GraniteShares has filed a matched pair of Anthropic ETFs. AIL seeks 2x the daily move of Anthropic, and ANS seeks 2x the inverse. Here is the financial backdrop, the field of Anthropic ETFs forming ahead of the IPO, and how daily leveraged and inverse funds behave.

Anthropic ETF at a glance

Anthropic is not publicly traded yet, so there is no Anthropic stock ticker and no Anthropic ETF trading today. GraniteShares has filed two Anthropic ETFs. AIL, the GraniteShares 2x Long Anthropic Daily ETF, seeks 2x the daily move of Anthropic. ANS, the GraniteShares 2x Short Anthropic Daily ETF, seeks 2x the inverse. Both are in registration, not yet effective, and contingent on the Anthropic IPO.

The Anthropic backdrop AIL and ANS are built on

An Anthropic ETF is only as interesting as Anthropic itself, so the case for AIL and ANS starts with the company. Anthropic, the artificial intelligence company behind Claude, has climbed from a reported 4.1 billion valuation in early 2023 to a reported 965 billion dollars after its Series H closed in late May 2026. Underwriters are reported to be weighing an Anthropic IPO that could value the company between 1.5 and 2 trillion dollars.

Anthropic valuation milestones behind the ETFs

Anthropic reported valuation anchors. Round-by-round history and sourcing are set out in full in the GraniteShares Anthropic IPO article referenced below.

When is the Anthropic IPO expected?

The confidential draft registration filed on June 1, 2026 started the SEC review clock. A public preliminary prospectus is expected shortly after Labor Day, followed by an institutional roadshow and pricing. Reporting points to an Anthropic IPO on Nasdaq around October 2026, with Goldman Sachs, JPMorgan, and Morgan Stanley named as lead underwriters. Anthropic has not set a share price, share count, or firm listing date, and the company retains the option not to proceed.

Why traders may use a Leveraged or Inverse Anthropic ETF

Single-stock leveraged and inverse ETFs have only been permitted to trade in the United States since 2022, and the category has grown quickly since. The appeal is access. Once Anthropic is listed and the funds are effective, AIL and ANS are designed to let a trader act on a daily view in a single ticker, held in a standard brokerage account, without borrowing stock or posting collateral. AIL seeks 2x the daily move of Anthropic and ANS seeks 2x the inverse, each for a single trading day.

That convenience comes with real trade-offs. The same leverage and daily reset that make these Anthropic ETFs efficient for short-term trading also make them unsuitable for buy-and-hold use, for the reasons set out in the mechanics and risk sections below.

Anthropic measured against OpenAI

Anthropic is not the only frontier lab that public market investors want to reach. The comparison that matters most is OpenAI, which is reported to have moved its own listing consideration toward a 2027 window. On reported figures, Anthropic's revenue run rate reached about 65 billion dollars in July 2026, while OpenAI was tracking to more than 40 billion dollars annualized as of mid August 2026. On both valuation and run rate, that leaves Anthropic as the larger and nearer-term listing among pure-play frontier labs.

What the AIL and ANS Anthropic ETFs are designed to do

The two Anthropic ETFs are built as mirror images so that a trader can take a leveraged long or a leveraged short view on the same underlying. AIL seeks daily results that correspond to 200 percent of Anthropic's daily move, before fees and expenses. ANS seeks daily results that correspond to negative 200 percent of that same daily move, before fees and expenses. Each fund seeks its stated result for a single trading day only.

How to buy or short Anthropic once it lists

One of the most common searches around this company is how to buy Anthropic stock. The honest answer today is that you cannot buy it on a retail brokerage. Anthropic is a private public benefit corporation with no public ticker and no listing on any exchange, so no brokerage lists its shares and no Anthropic ETF is trading yet. The routes below are the realistic ones, framed for what is and is not possible now. None of this is investment advice.

Indirect access through diversified AI funds

Some diversified artificial intelligence funds hold small private allocations to late-stage AI companies, and a fraction of that can include Anthropic. Any single company sits at a low weight, so the effect on returns is diluted. Check each fund's holdings and prospectus before relying on this.

Pre IPO secondary marketplaces

Existing Anthropic shareholders sometimes sell on private secondary marketplaces. Access is generally limited to accredited investors, pricing is opaque, and liquidity is thin. This route is not open to most retail investors.

A leveraged long Anthropic ETF, AIL

Once Anthropic is publicly listed and AIL is effective, the fund is designed to let a trader seek 2x the daily move of Anthropic in a standard brokerage account, without borrowing stock or posting margin. It seeks its result for a single day and carries the risks set out below.

An inverse Anthropic ETF, ANS

For traders asking how to short Anthropic, ANS is designed, once effective and once Anthropic trades, to seek 2x the inverse of Anthropic's daily move. It offers a way to seek a bearish daily result without a short sale, again for a single day and with the risks below.

How daily leveraged and inverse ETFs work

The single most important feature of a leveraged or inverse Anthropic ETF is the word daily. Each fund is engineered to deliver its stated multiple over one trading day and then rebalance. That daily reset is what lets the fund keep offering a steady 2x or negative 2x each morning, and it is also why returns over any period longer than a day can look very different from twice the underlying's move over that same period.

For Illustrative Purposes

Why compounding pulls results away from a clean 2x

In a market that trends smoothly in one direction, daily compounding can work in a holder's favour, since each day's gain is applied to a larger base. In a market that chops up and down, the same compounding tends to erode value, because a recovery has to make up ground on a smaller base after a fall. The steadier or more volatile the underlying, the wider the gap can grow between the fund and a simple doubling of the underlying over the same window. This effect will apply to AIL and ANS alike and grows with both the holding period and the level of volatility.

For this reason, both Anthropic ETFs are designed for knowledgeable investors who intend to actively monitor and manage their positions, typically over very short periods. They are not designed to be bought and held.

The risks to weigh before trading AIL or ANS

Leveraged and inverse single stock funds sit at the higher risk end of the ETF market. The features that make them useful for short-term trading are the same ones that can work sharply against a holder. The points below are structural to how the funds are built.

Key risk considerations for a leveraged Anthropic ETF

• Daily objective, not a long-term one. Each fund seeks its multiple for a single day. Held longer, results may differ significantly from 200 percent or negative 200 percent of the underlying's move over the same period.
• Compounding and volatility. In volatile or sideways markets, daily compounding may reduce returns relative to the stated multiple, and that drag tends to increase with volatility and time.
• Amplified single-day moves. Leverage cuts both ways. As a structural matter, a 2x long fund could lose most or all of its value from a single-day decline approaching 50 percent in the underlying, and a 2x short fund faces the same from a single-day rise approaching 50 percent.
• Single stock concentration. Each fund tracks one company. There is no diversification to soften a company-specific shock, and a newly listed stock can be especially volatile.
• Derivatives and counterparties. The funds seek their results through swaps, options, and other instruments rather than by holding the stock, which brings counterparty, liquidity, and correlation risk.
• Contingent on the listing. The funds depend on Anthropic becoming publicly traded and on meeting applicable requirements. If the Anthropic IPO does not proceed as expected, the funds may not launch.
• No track record. Because the funds are new, they have no performance history, and a new single stock reference has only a short trading history to draw on.

Anthropic ETF launch status today

As of September 4, 2026, AIL and ANS are in registration and not yet effective. GraniteShares announced the filing on September 3, 2026. The funds are contingent on Anthropic becoming publicly traded, which reporting suggests could occur around October 2026, though timing is not set and is not guaranteed. Fees, the listing venue, and the launch date will be confirmed in the preliminary prospectus.

Because the funds are pre-effective, this article does not carry fund flows, assets, net asset value, or performance figures for AIL or ANS. None exist yet. As single-stock funds, they also do not carry a sector allocation. Those data points will become available only once the funds are effective and trading, at which point this page can be updated with live figures.

Frequently asked questions about Anthropic ETFs

Is there an Anthropic ETF?

No Anthropic ETF is trading yet. GraniteShares has filed two, AIL and ANS, and other issuers have filed as well, but all are in registration and not yet effective as of September 4, 2026. A registration statement has been filed with the SEC but has not become effective, so shares may not be sold until it does.

How can I buy Anthropic stock right now?

You cannot buy Anthropic stock on a retail brokerage. Anthropic is a private company with no public ticker. Realistic routes today are indirect access through diversified AI funds or, for accredited investors, pre IPO secondary marketplaces. Once Anthropic lists and the funds are effective, AIL is designed to seek 2x the daily move and ANS 2x the inverse. This is not investment advice.

What are the AIL and ANS tickers, and what do they seek?

AIL is the GraniteShares 2x Long Anthropic Daily ETF, which seeks 200 percent of Anthropic's daily move before fees and expenses. ANS is the GraniteShares 2x Short Anthropic Daily ETF, which seeks negative 200 percent of that same daily move. Each fund resets daily.

When is the Anthropic IPO?

Reporting points to a Nasdaq listing in late September or early October 2026, with a public preliminary prospectus expected shortly after Labor Day. Anthropic has not set a share price, share count, or firm date, and the timing is not guaranteed.

How do I short Anthropic?

You cannot short Anthropic while it is private. Once it lists and ANS is effective, ANS is designed to seek 2x the inverse of Anthropic's daily move, offering a way to seek a bearish daily result without a short sale. It seeks that result for a single day and carries leverage and compounding risk.

Do AIL and ANS hold Anthropic stock?

No. Each fund seeks its daily result through derivatives and other financial instruments rather than by investing in the underlying stock. That is why they can seek a negative multiple as well as a positive one.

Why can a longer holding period differ from a clean 2x?

Daily reset means each day compounds on the last. In a steadily trending market, that can help a holder, and in a choppy market, it can erode value. The gap from a simple doubling of the underlying tends to widen with both time and volatility.

Are these Anthropic ETFs suitable for long-term investors?

They are not designed for buy-and-hold use. They are built for knowledgeable investors who intend to actively monitor and manage daily positions, and who understand the risks of leverage and compounding.

Is GraniteShares affiliated with Anthropic?

No. Anthropic is not affiliated with GraniteShares, is not the issuer or sponsor of the funds, and has not participated in preparing or approving this material.

Risk factors and important disclosure

This material must be preceded or accompanied by a Prospectus. Carefully consider the Fund's investment objectives risk factors, charges and expenses before investing. Please read the prospectus before investing.

The Fund is not suitable for all investors. The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by most ETFs and mutual funds. Investments in the ETFs are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged and inverse (2X & -2X) investment results, understand the risks associated with the use of leverage and inverse and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Stock's performance is flat, and it is possible that the Fund will lose money even if the Underlying Stock's performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

The Fund seeks daily leveraged investment results and are intended to be used as short-term trading vehicles. This Fund attempts to provide daily investment results that correspond to the respective long leveraged and inverse multiple of the performance of its underlying stock (a leverage and inverse Fund).

Investors should note that such Leverage Long and Inverse Fund pursues daily leveraged investment objectives, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its underlying stock. The volatility of the underlying security may affect a Fund's return as much as, or more than, the return of the underlying security.

Because of daily rebalancing and the compounding of each day's return over time, the return of the Fund for periods longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ from 200% and -200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock's performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock's performance increases over a period longer than a single day.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the securities of the Underlying Stock and the sector in which it operates. These and other risks can be found in the prospectus.

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