Anthropic Stock

When it Lists, and How to Trade it With Leverage

3x leveraged ETP listing in:

IPO day in:

First European 3x session in:

days

hours

minutes

CET

Get ETP Listing Alerts Anthropic IPO Product Details

Where the Launch Stands

Admitted to trading on the London Stock Exchange at a $10 issue price. Also in GBP and EUR. Other European exchanges as indicated below”

Pre-IPO capacity

$0 of $25m

0% used. Creations close at $25m or at the end of Wed 18 Nov. Live figure from creations

See the Timeline

The pre-IPO cash pool of $25 million is full. You can still buy existing units on exchange, but with no new units being created the price may be above the value of the cash the ETP holds.

Pre-IPO capacity

$0m of $25m

Creations are paused until IPO day.

See the Timeline

Anthropic’s shares begin trading on Nasdaq. Once Anthropic’s opening auction on Nasdaq ends, the ETP buys shares worth 3x the cash pool and we publish by RNS the Execution Price. The first regular trading session on European exchanges / LSE with 3x exposure to Anthropic share price is (a) on this date if Anthropic’ s opening auction uncrosses during Regular Trading Hours or (b) otherwise on the next trading day. Note: some German exchanges offer trading until 22.00 CET, so some European investors may be able to trade the ETP with 3x exposure to the Execution Price.

See What Happens Today

The ETP bought its position on Anthropic’s first trading day and now targets 3x Anthropic’s daily return, rebalanced at each US close. First exposure is 3x to the Execution Price and from today, to the previous days’ closing price.

IPO Day, live

Execution Price

$##.##

Published

[20 Nov, 18:52 CET]

The ETP Lists Before the IPO, then Switches to 3x on IPO Day

Leveraged ETFs and ETPs on a newly listed stock usually arrive days after its IPO. This ETP lists and collects cash before Anthropic’s shares trade, with no leverage during that time. Its 3x position is bought on Anthropic’s first trading day.

Day 1

Exposure on IPO Day

The ETP buys its 3x position shortly after Anthropic’s Nasdaq opening auction, so holders from the cash phase are exposed from Anthropic’s first trading day.

$25m

Limited Pre-IPO Capacity

Creations close when the cash pool reaches $25m or at the end of the day before the IPO, whichever comes first.

09:00–17:30
(or 22:00) CET

Trade in European Hours

From Anthropic’s IPO, trade the 3x ETP (a) from 09:00 to 22:00 CET in Quotrix, Borse Stuttgart and Gettex and (b) from the next business day, from 09:00 to 17:30 CET on LSE and other European exchanges, starting hours before Wall Street opens.

How it Works, Step by Step

All times in CET. Dates are illustrative until Anthropic publishes its timetable; we confirm each one by RNS.

| 09:00 CET

Cash, no Anthropic exposure

The ETP lists in Europe, holding cash

Admitted to trading at a $10 issue price.

For you: buy and sell on exchange; units track cash plus interest, not Anthropic.
Until the pool closes | each business day

Cash, no Anthropic exposure

The cash pool builds, up to $25m

No management fee; the cash earns the Fed Funds rate minus 1% (2.88% a year).

For you: if capacity is reached, you can still buy existing units, but the price may sit above the cash value.
| end of day Cash, no Anthropic exposure

Cash, no Anthropic exposure

The pool is fixed and IPO day confirmed

An RNS confirms the switch date. The cash at this point sets the size of the 3x purchase.

For you: the IPO offer price is set around now, but the ETP does not buy at that price.
| about 17:30 – 19:00 CET

Switch to 3x Example

Anthropic’s shares open on Nasdaq; the ETP buys 3x its cash

With $20m in the cash pool, the ETP buys $60m of shares: $20m of its own cash and $40m funded on margin. We execute as quickly as we can after the open of trading and publish the Execution Price by RNS.

For you: any jump from offer price to opening price is not captured.
| 22:00 CET, US close 3x

3x

First reset to 3x

Day one is measured from the Execution Price to the US close, times three, less fees. Creations reopen (if closed).

For you: you are 3x exposed from the Execution Price; intraday highs are not locked in.
| 09:00 CET

3x

Daily 3x, like all our other leveraged ETPs

The first LSE and Borsa Italiana session with 3x exposure.

For you: over more than one day, returns compound and can differ a lot from three times Anthropic’s return.

Anthropic’s IPO Day in European Time

Nasdaq trades 15:30–22:00 CET. Large tech IPOs usually open late in the New York morning, after the LSE and Borsa Italiana have closed.

LSE, Borsa Italiana Main European sessions

09:00–17:30 CET

German venues Stuttgart, Quotrix, gettex

Extended hours, to ~22:00 CET

Nasdaq New York

15:30–22:00 CET

Anthropic Expected on IPO day

Open 3x to close

Most likely: LSE and Borsa Italiana have closed

The ETP buys after the opening auction and holds 3x into the US close. German venues with extended hours may still be open, but trading is suspended until the Execution Price is published. On the LSE and Borsa Italiana, the first session with 3x exposure is 09:00 CET on the next business day, Mon 23 Nov.

If IPO day is a Friday

3x exposure is held through the US session and the weekend, and you cannot trade it until Monday’s European open. Gaps can be large in either direction.

Anthropic IPO: where things stand, in CET

The three milestones that decide when the ETP switches to 3x, in European time. Last reviewed: 10 November 2026. Reported dates are press reports, not announcements by Leverage Shares. For US-listed Anthropic ETFs, see the US Anthropic IPO tracker.

Public Form S-1

Filed publicly on 26 October.

Source: Edgar (EDGAR Search Results)

26 Oct confirmed

Roadshow And Pricing

Anthropic launched its IPO roadshow on 10 November 2026. The offering is 825 million Class A shares (about 801 million from Anthropic and 24 million from existing stockholders) at an expected price of $70–$78 each. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT.

Source: Anthropic, 10 Nov 2026 (Confirmed); Edgar (EDGAR Search Results)

10 Nov confirmed

Anthropic’s First Trading Day

Reported

Mid-November on Nasdaq, before the US Thanksgiving holiday on 26 November. This is the day the ETP switches to 3x. Open expected around 17:30–19:00 CET.

Source: Bloomberg, 1 Oct 2026 (Reported), Bloomberg, 13 Sep 2026 (Reported)

CET Before
26 Nov reported

IPO Day Hypothetical Calculator

See how the offer price, opening price, our Execution Price and the US close combine. Illustrative only, before fees. Not a forecast.

Opening Price vs Offer

−50% 0 +100%

This jump happens before anyone can buy on the exchange, including this ETP.

Execution Price vs opening

−10% 0 +10%

The price the ETP pays for its shares, compared with the first trade.

US Close vs Opening

−50% 0 +50%

Where the share price ends the first trading day.

US Close Cash Pool Before IPO Day

$1m $25m

Sets how many shares the ETP buys. It does not change your percentage return.

IPO-day return of the ETP at the US close, before fees

Risks to Understand Before you Invest

No exposure before the IPO

Until the opening auction the ETP holds cash only. It does not move with Anthropic news or the IPO price range.

IPO delay or cancellation

The IPO may be postponed or never happen. The cash phase could last longer, and the ETP may be redeemed early in some cases.

Execution Price risk

The ETP buys in a fast-moving new market. Its Execution Price may differ widely from the opening price.

Price above cash value

When creations are paused, demand can push the exchange price above the ETP’s assets. That premium can disappear when creations reopen.

Trading halts and gaps

Exchanges can halt trading, including on IPO day. If the LSE and Borsa Italiana have closed when we buy, you hold 3x through the US session and may not trade until the next session.

Leverage and total loss

Returns reset daily and compound. A fall of more than 16.67% triggers the airbag after a loss of about 50%. You can lose all you invest, but not more.

Where to Buy

Through any broker with access to the exchanges below. No margin account needed. Live prices, the factsheet and all documents are on the 3x Long Anthropic ETP product page.

Listings & Tickers

Exchange	Base Currency	Trading Currency	Exchange Code	ISIN	SEDOL	BBG Ticker	WKN	Listing Date
London Stock Exchange	USD	USD	ANT3	XS3556798455	BWJHR48	ANT3 LN	N/A	12 Nov 2026
London Stock Exchange	USD	GBP	3ANT	XS3556798455	BWJHR59	3ANT LN	N/A	12 Nov 2026
London Stock Exchange	USD	EUR	ANTE	XS3556798455	C0QLWS7	ANTE LN	N/A	12 Nov 2026
Borse Stuttgart	USD	EUR	N/A	XS3556798455	N/A	N/A	N/A	12 Nov 2026
Gettex	USD	EUR	N/A	XS3556798455	N/A	N/A	N/A	12 Nov 2026
Quotrix	USD	EUR	N/A	XS3556798455	N/A	N/A	N/A	12 Nov 2026

Questions from Investors

Expand All

Units in an ETP whose only asset is cash. The cash earns the Fed Funds rate minus 1%, and no management fee is charged. You have no exposure to Anthropic until the opening auction ends.

No. The ETP does not take part in the IPO allocation or the opening auction. It buys on the exchange once the first price is known. Any rise from the offer price to the opening price is not captured.

Shortly after Anthropic’s Nasdaq opening auction. The ETP buys shares worth up to three times its cash, executing as quickly as it can after the open, and publishes the Execution Price by RNS. IPO-day performance is measured from that price.

Large Nasdaq IPOs usually open after the LSE and Borsa Italiana close at 17:30 CET. German venues with extended hours may still be open, but trading will be suspended while the Execution Price is being determined and until it is published. On the LSE and Borsa Italiana, the first session with 3x exposure is the next business day from 09:00 CET.

Creations pause so the first purchase stays small enough to complete quickly after Anthropic opens. Creations reopen on IPO day. You can still trade existing units on exchanges, but the price may rise above the cash value.

The ETP stays in cash, keeps earning interest and charges no management fee. You can sell on exchange whenever it is trading. The issuer may redeem the ETP early in certain cases, particularly if the IPO is delayed for an extended period of time or without a new date in the near future.

None during the cash phase. From IPO day, an annual management fee of 0.75% applies, plus margin interest on the borrowed amount. See the KID for total costs.

Through margin borrowing and/or other financial arrangements. It has physical ownership of the underlying and does not use swaps or other derivatives.

An exchange traded product, not an ETF. ETPs are structured as debt securities and lie outside the remit of UCITS. It trades on exchange like a share.

Leveraged ETPs are designed for short-term trading. Over more than one day, returns may differ from 3x Anthropic’s return because of daily rebalancing and compounding.

You cannot lose more than you invest, but you can lose all of it. The airbag, triggering at a 16.67% intraday fall, is designed to cushion the largest moves.

Through any broker with access to the exchanges in Listings & Tickers. You do not need a margin account.

No. Leverage Shares is not affiliated with, sponsored or endorsed by Anthropic, PBC.

Get Alerts at Every Phase

We’ll email you when the ETP lists, when capacity is nearly reached, when IPO day is confirmed, and when the Execution Price is published.

Alerts are information only, not an invitation to invest.