Thirteen single-stock leveraged ETFs from Leverage Shares are closing, and holders are about to find out what it costs when a niche fund shuts down on the issuer’s schedule instead of yours.
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The Board of Trustees of the Themes ETF Trust has decided to liquidate and close thirteen single-stock leveraged ETFs sold under the Leverage Shares brand, citing the funds’ “inability to attract sufficient investment assets.”
Themes ETF Trust said the funds are set to stop trading at the close of regular trading on October 19, 2026, and to liquidate on or about October 22, 2026. If you own one, the issuer now sets the date your position turns into cash, and that cash may come with a tax bill.
Each fund offered aggressive exposure to a single stock. Too few investors signed up to keep the funds open.
Every Closing Fund and the Stock It Tracked
According to Themes ETF Trust, each fund sought 2X the daily return of one underlying stock. Here is each fund and the ticker it tracked:
- Leverage Shares 2X Long GLXY Daily ETF (NASDAQ:GLGG), tracking GLXY, per Themes ETF Trust
- Leverage Shares 2X Long BLSH Daily ETF (NASDAQ:BLSG), tracking BLSH, per Themes ETF Trust
- Leverage Shares 2X Long GEMI Daily ETF (NASDAQ:GEMG), tracking GEMI, per Themes ETF Trust
- Leverage Shares 2X Long NU Daily ETF (NASDAQ:NUG), tracking NU, per Themes ETF Trust
- Leverage Shares 2x Long NEM Daily ETF (NASDAQ:NEMG), tracking NEM, per Themes ETF Trust
- Leverage Shares 2X Long OPEN Daily ETF (NASDAQ:OPEG), tracking OPEN, per Themes ETF Trust
- Leverage Shares 2X Long PBR Daily ETF (NASDAQ:PBRG), tracking PBR, per Themes ETF Trust
- Leverage Shares 2X Long VALE Daily ETF (NASDAQ:VALG), tracking VALE, per Themes ETF Trust
- Leverage Shares 2X Long ALB Daily ETF (NASDAQ:ALBG), tracking ALB, per Themes ETF Trust
- Leverage Shares 2x Long UEC Daily ETF (NASDAQ:UECG), tracking UEC, per Themes ETF Trust
- Leverage Shares 2x Long FCX Daily ETF (NASDAQ:FCXG), tracking FCX, per Themes ETF Trust
- Leverage Shares 2x Long CRML Daily ETF (NASDAQ:CRMU), tracking CRML, per Themes ETF Trust
- Leverage Shares 2X Long HON Daily ETF (CBOE:HONG), tracking HON, per Themes ETF Trust
Twelve of the funds traded on NASDAQ, and HONG traded on CBOE.
Still Holding Shares? Here’s What Happens Next
Themes ETF Trust said that from the closing date through October 22, 2026, shareholders may only be able to sell to certain broker-dealers, with no guarantee of any market for the shares.
The supply of new shares was cut off first. Themes ETF Trust said the funds would not accept creation orders after October 16, 2026. Creation orders are the mechanism by which large institutional traders request new ETF shares from a fund—a process that helps keep an ETF’s market price close to the value of its holdings.
Ahead of liquidation, the funds raise cash and cut their exposure, so they stop following their stated objectives. On or about the liquidation date, each fund distributes cash pro rata, meaning in proportion to the shares each investor still holds.
According to the release, the distributions are taxable events and may include accrued capital gains and dividends. Net asset value—the per-share value of a fund’s holdings—will be reduced to reflect the costs of closing. And no dividend will be paid before liquidation.
Why a Flat Stock Can Still Cost You Money
These funds reset their leverage every day, a process called daily rebalancing. Profits and losses then compound on a shifting base, so results drift away from a simple doubling the longer you hold.
The release spells out the consequence: over periods longer than a day, returns will very likely differ from twice the underlying stock’s return. A fund can lose money if its stock goes nowhere, and it can even lose money while the stock rises.
Small Funds Carry a Risk Most Buyers Overlook
Themes Management Company LLC advises the trust, and Leverage Shares licenses its trademark to Themes Management, with the two operating as affiliates under common control.
Themes ETF Trust said Themes ETFs was established by the co-founders of Leverage Shares in 2023 to offer thematic and sector-based products in the U.S. Leverage Shares, launched in 2017, offers 160+ exchange-traded products across various European exchanges.
That brand reach didn’t carry over to these U.S. funds. An ETF needs enough assets to cover its operating costs and stay open, and leveraged funds linked to a single, narrower name start with a smaller pool of potential buyers. When one closes, holders exit on the issuer’s timetable rather than their own, often with a tax bill attached.
Anyone holding a niche leveraged fund should check its total assets and daily trading volume and treat closure as a real risk. For remaining holders of these funds, the last scheduled step is the cash distribution Themes ETF Trust set for on or about October 22, 2026.
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