2026-03-05195203_LeverageShares2xCappedAcceleratedCOINMonthlyETF_TF_TSRSemiAnnual
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Leverage Shares 2X Capped Accelerated COIN Monthly ETF
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COIO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Capped Accelerated COIN Monthly ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-coin-monthly-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Capped Accelerated COIN Monthly ETF
$30
0.77%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$156,591
Number of Holdings
6
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
U.S. Treasury Bills
91.8%
Money Market Funds
82.2%
Purchased Options
19.2%
Written Options
-14.4%
Cash & Other
-78.8%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-coin-monthly-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Capped Accelerated COIN Monthly ETF  PAGE 1  TSR-SAR-88340C206
 
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Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
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MSOO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Capped Accelerated MSTR Monthly ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-mstr-monthly-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Capped Accelerated MSTR Monthly ETF
$29
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$300,685
Number of Holdings
6
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
U.S. Treasury Bills
92.9%
Money Market Funds
79.7%
Purchased Options
19.1%
Written Options
-14.1%
Cash & Other
-77.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-mstr-monthly-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF  PAGE 1  TSR-SAR-88340C305
 
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Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
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NVDO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Capped Accelerated NVDA Monthly ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-mstr-monthly-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Capped Accelerated NVDA Monthly ETF
$37
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,376,027
Number of Holdings
6
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
U.S. Treasury Bills
94.7%
Money Market Funds
87.6%
Purchased Options
13.3%
Written Options
-8.3%
Cash & Other
-87.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-mstr-monthly-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF  PAGE 1  TSR-SAR-88340C404
 
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Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
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PLOO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Capped Accelerated PLTR Monthly ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-pltr-monthly-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Capped Accelerated PLTR Monthly ETF
$34
0.77%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$417,681
Number of Holdings
6
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
100.1%
U.S. Treasury Bills
93.7%
Purchased Options
16.9%
Written Options
-11.9%
Cash & Other
-98.8%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-pltr-monthly-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF  PAGE 1  TSR-SAR-88340C503
 
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Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
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TSLO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Capped Accelerated TSLA Monthly ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-tsla-monthly-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Capped Accelerated TSLA Monthly ETF
$36
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,059,058
Number of Holdings
6
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
U.S. Treasury Bills
95.2%
Money Market Funds
90.3%
Purchased Options
12.5%
Written Options
-7.4%
Cash & Other
-90.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-capped-accelerated-tsla-monthly-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF  PAGE 1  TSR-SAR-88340C602
 
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Leverage Shares 2X Long AAL Daily ETF
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AALG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long AAL Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-aal-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long AAL Daily ETF
$32
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,075,441
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
15.8%
Total Return Swaps
15.2%
Cash & Other
69.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-aal-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long AAL Daily ETF  PAGE 1  TSR-SAR-882927312
 
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Leverage Shares 2X Long ABNB Daily ETF
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ABNG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ABNB Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-abnb-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2x Long ABNB Daily ETF
$37
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$536,518
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
24.3%
Money Market Funds
10.0%
Cash & Other
65.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-abnb-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ABNB Daily ETF  PAGE 1  TSR-SAR-882927130
 
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Leverage Shares 2X Long ADBE Daily ETF
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ADBG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ADBE Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-adbe-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long ADBE Daily ETF
$28
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$37,554,420
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.2%
Total Return Swaps
2.6%
Cash & Other
87.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-adbe-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ADBE Daily ETF  PAGE 1  TSR-SAR-882927387
 
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Leverage Shares 2X Long ALB Daily ETF
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ALBG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ALB Daily ETF for the period of January 12, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-alb-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long ALB Daily ETF
$32
1.02%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,534,449
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
13.5%
Money Market Funds
8.2%
Cash & Other
78.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-alb-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ALB Daily ETF  PAGE 1  TSR-SAR-88340W848
 
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Leverage Shares 2X Long AMD Daily ETF
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AMDG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long AMD Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-amd-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long AMD Daily ETF
$49
0.80%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$24,251,473
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
10.7%
Money Market Funds
3.2%
Cash & Other
86.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-amd-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long AMD Daily ETF  PAGE 1  TSR-SAR-882927627
 
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Leverage Shares 2X Long ARM Daily ETF
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ARMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ARM Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-arm-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long ARM Daily ETF
$42
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$65,539,154
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
23.4%
Money Market Funds
9.5%
Cash & Other
67.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-arm-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ARM Daily ETF  PAGE 1  TSR-SAR-882927577
 
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Leverage Shares 2X Long ASML Daily ETF
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ASMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ASML Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-asml-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long ASML Daily ETF
$49
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$28,838,128
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
29.2%
Money Market Funds
12.7%
Cash & Other
58.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-asml-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ASML Daily ETF  PAGE 1  TSR-SAR-882927668
 
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Leverage Shares 2X Long AVGO Daily ETF
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AVGG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long AVGO Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-avgo-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long AVGO Daily ETF
$41
0.79%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$39,965,716
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
21.1%
Money Market Funds
9.0%
Cash & Other
69.9%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-avgo-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long AVGO Daily ETF  PAGE 1  TSR-SAR-882927437
 
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Leverage Shares 2X Long AXP Daily ETF
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AXPG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long AXP Daily ETF for the period of February 18, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-axp-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long AXP Daily ETF
$13
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$686,468
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
17.6%
Total Return Swaps
6.9%
Cash & Other
75.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-axp-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long AXP Daily ETF  PAGE 1  TSR-SAR-88340W731
 
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Leverage Shares 2X Long BA Daily ETF
image
BOEG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BA Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-ba-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long BA Daily ETF
$40
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,618,521
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
22.2%
Money Market Funds
14.2%
Cash & Other
63.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-ba-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BA Daily ETF  PAGE 1  TSR-SAR-882927643
 
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Leverage Shares 2X Long BBAI Daily ETF
image
BAIG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BBAI Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-bbai-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long BBAI Daily ETF
$24
0.81%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$14,670,119
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
5.0%
Total Return Swaps
-1.5%
Cash & Other
96.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-bbai-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BBAI Daily ETF  PAGE 1  TSR-SAR-882927270
 
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Leverage Shares 2X Long BE Daily ETF
image
BEG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BE Daily ETF for the period of December 15, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-be-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long BE Daily ETF
$100
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$19,782,810
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
12.3%
Money Market Funds
1.8%
Cash & Other
85.9%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-be-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BE Daily ETF  PAGE 1  TSR-SAR-88340F209
 
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Leverage Shares 2X Long BIDU Daily ETF
image
BIDG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BIDU Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-bidu-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long BIDU Daily ETF
$27
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,641,071
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
19.8%
Money Market Funds
10.2%
Cash & Other
70.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-bidu-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BIDU Daily ETF  PAGE 1  TSR-SAR-88340F704
 
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Leverage Shares 2X Long BLSH Daily ETF
image
BLSG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BLSH Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-blsh-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long BLSH Daily ETF
$27
0.77%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,647,838
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
17.2%
Total Return Swaps
-3.3%
Cash & Other
86.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-blsh-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BLSH Daily ETF  PAGE 1  TSR-SAR-88340C834
 
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Leverage Shares 2X Long BMNR Daily ETF
image
BMNG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BMNR Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-bmnr-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long BMNR Daily ETF
$22
0.80%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$34,528,419
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
15.6%
Money Market Funds
6.8%
Cash & Other
77.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-bmnr-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BMNR Daily ETF  PAGE 1  TSR-SAR-88340C685
 
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Leverage Shares 2X Long BULL Daily ETF
image
BULG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long BULL Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-bull-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long BULL Daily ETF
$26
0.82%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$7,957,592
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.9%
Total Return Swaps
7.9%
Cash & Other
81.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-bull-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long BULL Daily ETF  PAGE 1  TSR-SAR-88340C347
 
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Leverage Shares 2X Long CIFR Daily ETF
image
CIFG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CIFR Daily ETF for the period of December 10, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-cifr-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long CIFR Daily ETF
$23
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$2,646,145
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
15.4%
Money Market Funds
6.1%
Cash & Other
78.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-cifr-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CIFR Daily ETF  PAGE 1  TSR-SAR-88340F837
 
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Leverage Shares 2X Long CMG Daily ETF
image
CMGG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CMG Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-cmg-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long CMG Daily ETF
$35
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$547,886
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
8.7%
Money Market Funds
8.7%
Cash & Other
82.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-cmg-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CMG Daily ETF  PAGE 1  TSR-SAR-882927320
 
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Leverage Shares 2X Long CNC Daily ETF
image
CNCG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CNC Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-cnc-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long CNC Daily ETF
$36
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$845,155
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
13.7%
Total Return Swaps
3.2%
Cash & Other
83.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-cnc-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CNC Daily ETF  PAGE 1  TSR-SAR-88340F803
 
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Leverage Shares 2X Long COIN Daily ETF
image
COIG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long COIN Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-coin-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long COIN Daily ETF
$25
0.82%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$7,638,426
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
12.0%
Money Market Funds
11.4%
Cash & Other
76.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-coin-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long COIN Daily ETF  PAGE 1  TSR-SAR-882927635
 
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Leverage Shares 2X Long COST Daily ETF
image
COTG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long COST Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-cost-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long COST Daily ETF
$40
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,892,173
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
12.8%
Total Return Swaps
12.3%
Cash & Other
74.9%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-cost-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long COST Daily ETF  PAGE 1  TSR-SAR-882927247
 
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Leverage Shares 2X Long CRCL Daily ETF
image
CRCG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CRCL Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-crcl-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long CRCL Daily ETF
$25
0.78%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$133,814,637
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
8.1%
Total Return Swaps
-1.3%
Cash & Other
93.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-crcl-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CRCL Daily ETF  PAGE 1  TSR-SAR-88340C701
 
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Leverage Shares 2X Long CRM Daily ETF
image
CRMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CRM Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-crm-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long CRM Daily ETF
$26
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$30,220,493
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
11.9%
Total Return Swaps
-3.6%
Cash & Other
91.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-crm-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CRM Daily ETF  PAGE 1  TSR-SAR-882927338
 
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Leverage Shares 2X Long CRML Daily ETF
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CRMU (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CRML Daily ETF for the period of February 9, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-crml-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long CRML Daily ETF
$17
0.89%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,213,293
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
22.2%
Money Market Funds
11.2%
Cash & Other
66.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-crml-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CRML Daily ETF  PAGE 1  TSR-SAR-88340W301
 
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Leverage Shares 2X Long CRWV Daily ETF
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CRWG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long CRWV Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-crwv-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long CRWV Daily ETF
$27
0.77%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$141,059,076
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
6.2%
Total Return Swaps
3.8%
Cash & Other
90.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-crwv-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long CRWV Daily ETF  PAGE 1  TSR-SAR-88340C875
 
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Leverage Shares 2X Long DNN Daily ETF
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DNNG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long DNN Daily ETF for the period of February 9, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-dnn-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long DNN Daily ETF
$15
0.76%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$307,780
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
13.6%
Total Return Swaps
6.9%
Cash & Other
79.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-dnn-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long DNN Daily ETF  PAGE 1  TSR-SAR-88340W624
 
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Leverage Shares 2X Long DUOL Daily ETF
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DUOG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long DUOL Daily ETF for the period of December 10, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-duol-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long DUOL Daily ETF
$18
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$5,608,736
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
26.1%
Money Market Funds
7.8%
Cash & Other
66.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-duol-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long DUOL Daily ETF  PAGE 1  TSR-SAR-88340F738
 
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Leverage Shares 2X Long FCX Daily ETF
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FCXG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long FCX Daily ETF for the period of February 18, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-fcx-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long FCX Daily ETF
$13
0.76%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,405,605
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.0%
Total Return Swaps
-8.0%
Cash & Other
98.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-fcx-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long FCX Daily ETF  PAGE 1  TSR-SAR-88340W822
 
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Leverage Shares 2X Long FIG Daily ETF
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FIGG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long FIG Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-fig-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long FIG Daily ETF
$21
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$9,568,125
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
2.2%
Total Return Swaps
-0.4%
Cash & Other
98.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-fig-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long FIG Daily ETF  PAGE 1  TSR-SAR-88340C859
 
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Leverage Shares 2X Long FUTU Daily ETF
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FUTG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long FUTU Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-futu-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long FUTU Daily ETF
$29
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$7,562,810
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.7%
Total Return Swaps
10.6%
Cash & Other
78.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-futu-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long FUTU Daily ETF  PAGE 1  TSR-SAR-882927163
 
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Leverage Shares 2X Long GEMI Daily ETF
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GEMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long GEMI Daily ETF for the period of November 4, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-gemi-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long GEMI Daily ETF
$19
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$637,354
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
16.7%
Total Return Swaps
11.2%
Cash & Other
72.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-gemi-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long GEMI Daily ETF  PAGE 1  TSR-SAR-88340C354
 
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Leverage Shares 2X Long GEV Daily ETF
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GEVG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long GEV Daily ETF for the period of December 15, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-gev-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long GEV Daily ETF
$45
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$10,332,052
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
18.4%
Money Market Funds
9.9%
Cash & Other
71.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-gev-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long GEV Daily ETF  PAGE 1  TSR-SAR-88340F308
 
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Leverage Shares 2X Long GLW Daily ETF
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GLWG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long GLW Daily ETF for the period of March 9, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-glw-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long GLW Daily ETF
$13
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$26,890,468
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
13.7%
Money Market Funds
12.8%
Cash & Other
73.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-glw-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long GLW Daily ETF  PAGE 1  TSR-SAR-88340W681
 
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Leverage Shares 2X Long GLXY Daily ETF
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GLGG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long GLXY Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-glxy-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long GLXY Daily ETF
$26
0.79%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,848,769
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
33.3%
Money Market Funds
4.5%
Cash & Other
62.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-glxy-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long GLXY Daily ETF  PAGE 1  TSR-SAR-88340C883
 
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Leverage Shares 2X Long GRAB Daily ETF
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GRAG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long GRAB Daily ETF for the period of December 10, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-grab-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long GRAB Daily ETF
$22
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,252,873
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
9.2%
Total Return Swaps
2.5%
Cash & Other
88.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-grab-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long GRAB Daily ETF  PAGE 1  TSR-SAR-88340F746
 
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Leverage Shares 2X Long HOOD Daily ETF
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HOOG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long HOOD Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-hood-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long HOOD Daily ETF
$28
0.95%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$64,682,894
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
11.0%
Total Return Swaps
-3.2%
Cash & Other
92.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-hood-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long HOOD Daily ETF  PAGE 1  TSR-SAR-882927460
 
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Leverage Shares 2X Long HUT Daily ETF
image
HUTG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long HUT Daily ETF for the period of January 12, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-hut-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long HUT Daily ETF
$23
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,213,274
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
6.5%
Money Market Funds
4.7%
Cash & Other
88.8%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-hut-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long HUT Daily ETF  PAGE 1  TSR-SAR-88340W780
 
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Leverage Shares 2X Long IREN Daily ETF
image
IREG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long IREN Daily ETF for the period of December 15, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-iren-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long IREN Daily ETF
$29
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$10,157,634
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
7.6%
Money Market Funds
2.8%
Cash & Other
89.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-iren-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long IREN Daily ETF  PAGE 1  TSR-SAR-88340F100
 
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Leverage Shares 2X Long KLAC Daily ETF
image
KLAG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long KLAC Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-klac-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long KLAC Daily ETF
$40
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$5,135,269
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.6%
Total Return Swaps
3.5%
Cash & Other
85.9%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-klac-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long KLAC Daily ETF  PAGE 1  TSR-SAR-88340F753
 
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Leverage Shares 2X Long LAC Daily ETF
image
LACG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long LAC Daily ETF for the period of December 10, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-lac-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long LAC Daily ETF
$28
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,890,057
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
28.0%
Money Market Funds
6.4%
Cash & Other
65.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-lac-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long LAC Daily ETF  PAGE 1  TSR-SAR-88340F662
 
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Leverage Shares 2X Long LULU Daily ETF
image
LULG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long LULU Daily ETF for the period of November 4, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-lulu-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long LULU Daily ETF
$30
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,475,385
Number of Holdings
3
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
-3.3%
Cash & Other
103.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-lulu-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long LULU Daily ETF  PAGE 1  TSR-SAR-88340C727
 
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Leverage Shares 2X Long MP Daily ETF
image
MPG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long MP Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-mp-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long MP Daily ETF
$33
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,077,761
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
18.6%
Money Market Funds
14.2%
Cash & Other
67.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-mp-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long MP Daily ETF  PAGE 1  TSR-SAR-88340C842
 
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Leverage Shares 2X Long NBIS Daily ETF
image
NBIG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NBIS Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-nbis-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long NBIS Daily ETF
$31
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$27,432,352
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
4.3%
Total Return Swaps
0.7%
Cash & Other
95.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-nbis-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long NBIS Daily ETF  PAGE 1  TSR-SAR-88340C677
 
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Leverage Shares 2X Long NEM Daily ETF
image
NEMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NEM Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-nem-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2x Long NEM Daily ETF
$40
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,829,197
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
17.2%
Total Return Swaps
12.9%
Cash & Other
69.9%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-nem-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long NEM Daily ETF  PAGE 1  TSR-SAR-882927189
 
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Leverage Shares 2X Long NET Daily ETF
image
NETG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NET Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-net-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long NET Daily ETF
$30
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,677,365
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
12.6%
Total Return Swaps
5.2%
Cash & Other
82.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-net-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long NET Daily ETF  PAGE 1  TSR-SAR-88340C826
 
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Leverage Shares 2X Long NIO Daily ETF
image
NIOG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NIO Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-nio-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long NIO Daily ETF
$34
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,089,430
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
10.8%
Money Market Funds
5.1%
Cash & Other
84.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-nio-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long NIO Daily ETF  PAGE 1  TSR-SAR-88340F506
 
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Leverage Shares 2X Long NU Daily ETF
image
NUG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NU Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-nu-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long NU Daily ETF
$30
0.76%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$496,883
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
9.7%
Total Return Swaps
2.2%
Cash & Other
88.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-nu-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long NU Daily ETF  PAGE 1  TSR-SAR-88340C818
 
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Leverage Shares 2X Long NVDA Daily ETF
image
NVDG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long NVDA Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-nvda-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long NVDA Daily ETF
$35
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$26,858,602
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
11.2%
Total Return Swaps
-3.2%
Cash & Other
92.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-nvda-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long NVDA Daily ETF  PAGE 1  TSR-SAR-882927676
 
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Leverage Shares 2X Long OKTA Daily ETF
image
OKTG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long OKTA Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-okta-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long OKTA Daily ETF
$28
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$907,694
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
19.1%
Money Market Funds
6.1%
Cash & Other
74.8%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-okta-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long OKTA Daily ETF  PAGE 1  TSR-SAR-88340C792
 
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Leverage Shares 2X Long ONDS Daily ETF
image
ONDG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ONDS Daily ETF for the period of January 12, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-onds-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long ONDS Daily ETF
$16
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$14,640,138
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
10.7%
Money Market Funds
7.3%
Cash & Other
82.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-onds-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ONDS Daily ETF  PAGE 1  TSR-SAR-88340W798
 
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Leverage Shares 2X Long OPEN Daily ETF
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OPEG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long OPEN Daily ETF for the period of December 10, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-open-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long OPEN Daily ETF
$21
0.76%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,450,860
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
12.7%
Money Market Funds
10.9%
Cash & Other
76.4%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-open-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long OPEN Daily ETF  PAGE 1  TSR-SAR-88340F845
 
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Leverage Shares 2X Long ORLY Daily ETF
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ORLG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long ORLY Daily ETF for the period of January 14, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-orly-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long ORLY Daily ETF
$22
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$154,498
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
14.9%
Money Market Funds
12.2%
Cash & Other
72.9%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-orly-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long ORLY Daily ETF  PAGE 1  TSR-SAR-88340W541
 
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Leverage Shares 2X Long OSCR Daily ETF
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OSCG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long OSCR Daily ETF for the period of November 4, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-oscr-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long OSCR Daily ETF
$33
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,183,979
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
23.2%
Money Market Funds
15.6%
Cash & Other
61.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-oscr-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long OSCR Daily ETF  PAGE 1  TSR-SAR-88340C784
 
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Leverage Shares 2X Long PANW Daily ETF
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PANG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PANW Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-panw-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long PANW Daily ETF
$29
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$5,196,156
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
20.2%
Total Return Swaps
18.8%
Cash & Other
61.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-panw-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long PANW Daily ETF  PAGE 1  TSR-SAR-882927429
 
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Leverage Shares 2X Long PBR Daily ETF
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PBRG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PBR Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-pbr-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long PBR Daily ETF
$61
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$2,853,806
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
24.4%
Money Market Funds
16.9%
Cash & Other
58.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pbr-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long PBR Daily ETF  PAGE 1  TSR-SAR-88340F712
 
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Leverage Shares 2X Long PLTR Daily ETF
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PLTG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PLTR Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-pltr-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long PLTR Daily ETF
$26
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$25,610,823
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
12.6%
Total Return Swaps
8.2%
Cash & Other
79.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pltr-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long PLTR Daily ETF  PAGE 1  TSR-SAR-882927395
 
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Leverage Shares 2X Long PLUG Daily ETF
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PLUL (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PLUG Daily ETF for the period of January 12, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-plug-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long PLUG Daily ETF
$27
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,355,903
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
40.6%
Total Return Swaps
-11.6%
Cash & Other
71.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-plug-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long PLUG Daily ETF  PAGE 1  TSR-SAR-88340W640
 
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Leverage Shares 2X Long PYPL Daily ETF
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PYPG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long PYPL Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-pypl-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long PYPL Daily ETF
$28
0.77%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$24,961,163
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
13.8%
Total Return Swaps
10.6%
Cash & Other
75.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-pypl-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long PYPL Daily ETF  PAGE 1  TSR-SAR-882927452
 
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Leverage Shares 2X Long RTX Daily ETF
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RTXG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long RTX Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-rtx-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long RTX Daily ETF
$35
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,153,231
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.4%
Total Return Swaps
-4.7%
Cash & Other
94.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-rtx-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long RTX Daily ETF  PAGE 1  TSR-SAR-882927494
 
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Leverage Shares 2X Long SATS Daily ETF
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SATG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long SATS Daily ETF for the period of December 15, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-sats-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long SATS Daily ETF
$31
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$18,224,084
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
11.2%
Total Return Swaps
8.1%
Cash & Other
80.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-sats-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long SATS Daily ETF  PAGE 1  TSR-SAR-88340F407
 
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Leverage Shares 2X Long SBUX Daily ETF
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SBU (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long SBUX Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-sbux-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long SBUX Daily ETF
$41
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$745,182
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
17.9%
Money Market Funds
14.7%
Cash & Other
67.4%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-sbux-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long SBUX Daily ETF  PAGE 1  TSR-SAR-88340C776
 
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Leverage Shares 2X Long SNAP Daily ETF
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SNAG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long SNAP Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-snap-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long SNAP Daily ETF
$23
0.81%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$2,790,889
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
12.2%
Total Return Swaps
10.6%
Cash & Other
77.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-snap-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long SNAP Daily ETF  PAGE 1  TSR-SAR-88340F605
 
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Leverage Shares 2X Long SPOT Daily ETF
image
SPOG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long SPOT Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-spot-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long SPOT Daily ETF
$24
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$4,133,584
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
9.5%
Total Return Swaps
1.5%
Cash & Other
89.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-spot-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long SPOT Daily ETF  PAGE 1  TSR-SAR-88340C750
 
image
Leverage Shares 2X Long TER Daily ETF
image
TERG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long TER Daily ETF for the period of November 14, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-ter-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long TER Daily ETF
$69
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$16,022,664
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
17.4%
Money Market Funds
7.3%
Cash & Other
75.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-ter-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long TER Daily ETF  PAGE 1  TSR-SAR-88340C693
 
image
Leverage Shares 2X Long TSLA Daily ETF
image
TSLG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long TSLA Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-tsla-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long TSLA Daily ETF
$34
0.84%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$43,520,172
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
10.6%
Total Return Swaps
7.9%
Cash & Other
81.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-tsla-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long TSLA Daily ETF  PAGE 1  TSR-SAR-882927684
 
image
Leverage Shares 2X Long TSM Daily ETF
image
TSMG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long TSM Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-tsm-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long TSM Daily ETF
$48
0.75%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$24,081,449
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
11.0%
Total Return Swaps
4.7%
Cash & Other
84.3%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-tsm-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long TSM Daily ETF  PAGE 1  TSR-SAR-882927585
 
image
Leverage Shares 2X Long UEC Daily ETF
image
UECG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long UEC Daily ETF for the period of February 9, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-uec-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long UEC Daily ETF
$14
0.78%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,559,834
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
15.8%
Money Market Funds
8.5%
Cash & Other
75.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-uec-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long UEC Daily ETF  PAGE 1  TSR-SAR-88340W715
 
image
Leverage Shares 2X Long UNH Daily ETF
image
UNHG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long UNH Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-unh-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2X Long UNH Daily ETF
$38
0.76%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$170,753,042
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
23.2%
Money Market Funds
15.4%
Cash & Other
61.4%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-unh-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long UNH Daily ETF  PAGE 1  TSR-SAR-882927122
 
image
Leverage Shares 2X Long UPS Daily ETF
image
UPSG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long UPS Daily ETF for the period of December 10, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-ups-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long UPS Daily ETF
$31
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$858,011
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
12.0%
Money Market Funds
10.5%
Cash & Other
77.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-ups-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long UPS Daily ETF  PAGE 1  TSR-SAR-88340F795
 
image
Leverage Shares 2X Long USAR Daily ETF
image
USGG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long USAR Daily ETF for the period of January 12, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-usar-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long USAR Daily ETF
$27
0.76%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$14,414,292
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
27.0%
Money Market Funds
7.8%
Cash & Other
65.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-usar-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long USAR Daily ETF  PAGE 1  TSR-SAR-88340W509
 
image
Leverage Shares 2X Long UUUU Daily ETF
image
UUUG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long UUUU Daily ETF for the period of January 12, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-uuuu-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long UUUU Daily ETF
$21
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$17,096,653
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Total Return Swaps
9.3%
Money Market Funds
8.0%
Cash & Other
82.7%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-uuuu-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long UUUU Daily ETF  PAGE 1  TSR-SAR-88340W707
 
image
Leverage Shares 2X Long VALE Daily ETF
image
VALG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long VALE Daily ETF for the period of December 17, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-vale-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long VALE Daily ETF
$34
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$887,548
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
19.9%
Total Return Swaps
13.7%
Cash & Other
66.4%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-vale-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long VALE Daily ETF  PAGE 1  TSR-SAR-88340F696
 
image
Leverage Shares 2X Long World Stock Daily ETF
image
WLDU (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long World Stock Daily ETF for the period of March 9, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-world-stock-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long World Stock Daily ETF
$11
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$2,542,449
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
20.7%
Total Return Swaps
14.2%
Cash & Other
65.1%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-world-stock-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long World Stock Daily ETF  PAGE 1  TSR-SAR-88340C487
 
image
Leverage Shares 2X Long XPEV Daily ETF
image
XPEG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long XPEV Daily ETF for the period of January 14, 2026, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-xpev-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Leverage Shares 2X Long XPEV Daily ETF
$17
0.75%
* Amount shown reflects the expenses of the Fund from inception date through April 30, 2026. Expenses would be higher if the Fund had been in operations for the full year.
** Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$1,291,887
Number of Holdings
4
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
5.1%
Total Return Swaps
1.3%
Cash & Other
93.6%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-xpev-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long XPEV Daily ETF  PAGE 1  TSR-SAR-88340W616
 
image
Leverage Shares 2X Long XYZ Daily ETF
image
XYZG (Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC )
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about the Leverage Shares 2X Long XYZ Daily ETF for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://leverageshares.com/us/etfs/leverage-shares-2x-long-xyz-daily-etf. You can also request this information by contacting us at 1-866-584-3637.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Leverage Shares 2x Long XYZ Daily ETF
$34
0.80%
* Percentage shown is annualized.
KEY FUND STATISTICS (as of April 30, 2026)
Net Assets
$3,578,006
Number of Holdings
5
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Security Type
(%)
Money Market Funds
24.3%
Total Return Swaps
14.2%
Cash & Other
61.5%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://leverageshares.com/us/etfs/leverage-shares-2x-long-xyz-daily-etf.
The Fund is distributed by ALPS Distributors, Inc.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Themes Management Company documents not be householded, please contact Themes Management Company at 1-866-584-3637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Themes Management Company or your financial intermediary.
Leverage Shares 2X Long XYZ Daily ETF  PAGE 1  TSR-SAR-882927478
 
(b) Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual reports.

 

Item 6. Investments.

 

(a) Schedule of Investments is within the financial statements filed under Item 7(a) of this Form.

 

(b) Not applicable.
 

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

 

(a)  

 


 
Themes ETF Trust
 Leverage Shares 2X Capped Accelerated COIN
Monthly ETF | COIO
 Leverage Shares 2X Capped Accelerated MSTR
Monthly ETF | MSOO
 Leverage Shares 2X Capped Accelerated NVDA
Monthly ETF | NVDO
 Leverage Shares 2X Capped Accelerated PLTR
Monthly ETF | PLOO
 Leverage Shares 2X Capped Accelerated TSLA
Monthly ETF | TSLO
Leverage Shares 2X Long AAL Daily ETF | AALG
Leverage Shares 2X Long ABNB Daily ETF | ABNG
Leverage Shares 2X Long ADBE Daily ETF | ADBG
Leverage Shares 2X Long ALB Daily ETF | ALBG
Leverage Shares 2X Long AMD Daily ETF | AMDG
Leverage Shares 2X Long ARM Daily ETF | ARMG
Leverage Shares 2X Long ASML Daily ETF | ASMG
Leverage Shares 2X Long AVGO Daily ETF | AVGG
Leverage Shares 2X Long AXP Daily ETF | AXPG
Leverage Shares 2X Long BA Daily ETF | BOEG
Leverage Shares 2x Long BBAI Daily ETF | BAIG
Leverage Shares 2X Long BE Daily ETF | BEG
Leverage Shares 2X Long BIDU Daily ETF | BIDG
Leverage Shares 2X Long BLSH Daily ETF | BLSG
Leverage Shares 2X Long BMNR Daily ETF | BMNG
Leverage Shares 2x Long BULL Daily ETF | BULG
Leverage Shares 2X Long CIFR Daily ETF | CIFG
Leverage Shares 2X Long CMG Daily ETF | CMGG
Leverage Shares 2X Long CNC Daily ETF | CNCG
Leverage Shares 2X Long COIN Daily ETF | COIG
Leverage Shares 2x Long COST Daily ETF | COTG
Leverage Shares 2x Long CRCL Daily ETF | CRCG
Leverage Shares 2X Long CRM Daily ETF | CRMG
Leverage Shares 2X Long CRML Daily ETF | CRMU
Leverage Shares 2x Long CRWV Daily ETF | CRWG
Leverage Shares 2X Long DNN Daily ETF | DNNG
Leverage Shares 2X Long DUOL Daily ETF | DUOG
Leverage Shares 2X Long FCX Daily ETF | FCXG
Leverage Shares 2X Long FIG Daily ETF | FIGG
Leverage Shares 2x Long FUTU Daily ETF | FUTG
Leverage Shares 2X Long GEMI Daily ETF | GEMG
Leverage Shares 2X Long GEV Daily ETF | GEVG
Leverage Shares 2X Long GLW Daily ETF | GLWG
Leverage Shares 2x Long GLXY Daily ETF | GLGG
Leverage Shares 2X Long GRAB Daily ETF | GRAG
Leverage Shares 2X Long HOOD Daily ETF | HOOG
Leverage Shares 2X Long HUT Daily ETF | HUTG
Leverage Shares 2X Long IREN Daily ETF | IREG
Leverage Shares 2X Long KLAC Daily ETF | KLAG
Leverage Shares 2X Long LAC Daily ETF | LACG
Leverage Shares 2X Long LULU Daily ETF | LULG
Leverage Shares 2X Long MP Daily ETF | MPG
Leverage Shares 2X Long NBIS Daily ETF | NBIG
Leverage Shares 2X Long NEM Daily ETF | NEMG
Leverage Shares 2X Long NET Daily ETF | NETG
Leverage Shares 2X Long NIO Daily ETF | NIOG
Leverage Shares 2X Long NU Daily ETF | NUG
Leverage Shares 2X Long NVDA Daily ETF | NVDG
Leverage Shares 2X Long OKTA Daily ETF | OKTG
Leverage Shares 2X Long ONDS Daily ETF | ONDG
Leverage Shares 2X Long OPEN Daily ETF | OPEG
Leverage Shares 2X Long ORLY Daily ETF | ORLG
Leverage Shares 2X Long OSCR Daily ETF | OSCG
Leverage Shares 2X Long PANW Daily ETF | PANG
Leverage Shares 2X Long PBR Daily ETF | PBRG
Leverage Shares 2X Long PLTR Daily ETF | PLTG
Leverage Shares 2X Long PLUG Daily ETF | PLUX
Leverage Shares 2X Long PYPL Daily ETF | PYPG
Leverage Shares 2X Long RTX Daily ETF | RTXG
Leverage Shares 2X Long SATS Daily ETF | SATG
Leverage Shares 2X Long SBUX Daily ETF | SBU
Leverage Shares 2X Long SNAP Daily ETF | SNAG
Leverage Shares 2X Long SPOT Daily ETF | SPOG
Leverage Shares 2X Long TER Daily ETF | TERG
Leverage Shares 2X Long TSLA Daily ETF | TSLG
Leverage Shares 2X Long TSM Daily ETF | TSMG
Leverage Shares 2X Long UEC Daily ETF | UECG
Leverage Shares 2X Long UNH Daily ETF | UNHG
Leverage Shares 2X Long UPS Daily ETF | UPSG
Leverage Shares 2X Long USAR Daily ETF | USGG
Leverage Shares 2X Long UUUU Daily ETF | UUUG
Leverage Shares 2X Long VALE Daily ETF | VALG
Leverage Shares 2X Long World Stock Daily ETF | WLDU
Leverage Shares 2X Long XPEV Daily ETF | XPEG
Leverage Shares 2X Long XYZ Daily ETF | XYZG
Semi-Annual Financial Statements and Additional Information
April 30, 2026
TABLE OF CONTENTS
 
 
 
 
 
 
 
Page
Schedules of Investments
 
 
 
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
1
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
2
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
3
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
4
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
5
Leverage Shares 2X Long AAL Daily ETF
 
 
6
Leverage Shares 2X Long ABNB Daily ETF
 
 
7
Leverage Shares 2X Long ADBE Daily ETF
 
 
8
Leverage Shares 2X Long ALB Daily ETF
 
 
9
Leverage Shares 2X Long AMD Daily ETF
 
 
10
Leverage Shares 2X Long ARM Daily ETF
 
 
11
Leverage Shares 2X Long ASML Daily ETF
 
 
12
Leverage Shares 2X Long AVGO Daily ETF
 
 
13
Leverage Shares 2X Long AXP Daily ETF
 
 
14
Leverage Shares 2X Long BA Daily ETF
 
 
15
Leverage Shares 2x Long BBAI Daily ETF
 
 
16
Leverage Shares 2X Long BE Daily ETF
 
 
17
Leverage Shares 2X Long BIDU Daily ETF
 
 
18
Leverage Shares 2X Long BLSH Daily ETF
 
 
19
Leverage Shares 2X Long BMNR Daily ETF
 
 
20
Leverage Shares 2x Long BULL Daily ETF
 
 
21
Leverage Shares 2X Long CIFR Daily ETF
 
 
22
Leverage Shares 2X Long CMG Daily ETF
 
 
23
Leverage Shares 2X Long CNC Daily ETF
 
 
24
Leverage Shares 2X Long COIN Daily ETF
 
 
25
Leverage Shares 2x Long COST Daily ETF
 
 
26
Leverage Shares 2x Long CRCL Daily ETF
 
 
27
Leverage Shares 2X Long CRM Daily ETF
 
 
28
Leverage Shares 2X Long CRML Daily ETF
 
 
29
Leverage Shares 2x Long CRWV Daily ETF
 
 
30
Leverage Shares 2X Long DNN Daily ETF
 
 
31
Leverage Shares 2X Long DUOL Daily ETF
 
 
32
Leverage Shares 2X Long FCX Daily ETF
 
 
33
Leverage Shares 2X Long FIG Daily ETF
 
 
34
Leverage Shares 2x Long FUTU Daily ETF
 
 
35
Leverage Shares 2X Long GEMI Daily ETF
 
 
36
Leverage Shares 2X Long GEV Daily ETF
 
 
37
Leverage Shares 2X Long GLW Daily ETF
 
 
38
Leverage Shares 2x Long GLXY Daily ETF
 
 
39
Leverage Shares 2X Long GRAB Daily ETF
 
 
40
Leverage Shares 2X Long HOOD Daily ETF
 
 
41
Leverage Shares 2X Long HUT Daily ETF
 
 
42
Leverage Shares 2X Long IREN Daily ETF
 
 
43
Leverage Shares 2X Long KLAC Daily ETF
 
 
44
Leverage Shares 2X Long LAC Daily ETF
 
 
45
 
 
 
 

TABLE OF CONTENTS

TABLE OF CONTENTS(Continued)
 
 
 
 
 
 
 
Page
 
 
 
 
Leverage Shares 2X Long LULU Daily ETF
 
 
46
Leverage Shares 2X Long MP Daily ETF
 
 
47
Leverage Shares 2X Long NBIS Daily ETF
 
 
48
Leverage Shares 2X Long NEM Daily ETF
 
 
49
Leverage Shares 2X Long NET Daily ETF
 
 
50
Leverage Shares 2X Long NIO Daily ETF
 
 
51
Leverage Shares 2X Long NU Daily ETF
 
 
52
Leverage Shares 2X Long NVDA Daily ETF
 
 
53
Leverage Shares 2X Long OKTA Daily ETF
 
 
54
Leverage Shares 2X Long ONDS Daily ETF
 
 
55
Leverage Shares 2X Long OPEN Daily ETF
 
 
56
Leverage Shares 2X Long ORLY Daily ETF
 
 
57
Leverage Shares 2X Long OSCR Daily ETF
 
 
58
Leverage Shares 2X Long PANW Daily ETF
 
 
59
Leverage Shares 2X Long PBR Daily ETF
 
 
60
Leverage Shares 2X Long PLTR Daily ETF
 
 
61
Leverage Shares 2X Long PLUG Daily ETF
 
 
62
Leverage Shares 2X Long PYPL Daily ETF
 
 
63
Leverage Shares 2X Long RTX Daily ETF
 
 
64
Leverage Shares 2X Long SATS Daily ETF
 
 
65
Leverage Shares 2X Long SBUX Daily ETF
 
 
66
Leverage Shares 2X Long SNAP Daily ETF
 
 
67
Leverage Shares 2X Long SPOT Daily ETF
 
 
68
Leverage Shares 2X Long TER Daily ETF
 
 
69
Leverage Shares 2X Long TSLA Daily ETF
 
 
70
Leverage Shares 2X Long TSM Daily ETF
 
 
71
Leverage Shares 2X Long UEC Daily ETF
 
 
72
Leverage Shares 2X Long UNH Daily ETF
 
 
73
Leverage Shares 2X Long UPS Daily ETF
 
 
74
Leverage Shares 2X Long USAR Daily ETF
 
 
75
Leverage Shares 2X Long UUUU Daily ETF
 
 
76
Leverage Shares 2X Long VALE Daily ETF
 
 
77
Leverage Shares 2X Long World Stock Daily ETF
 
 
78
Leverage Shares 2X Long XPEV Daily ETF
 
 
79
Leverage Shares 2X Long XYZ Daily ETF
 
 
80
Statements of Assets and Liabilities
 
 
81
Statements of Operations
 
 
97
Statements of Changes in Net Assets
 
 
113
Financial Highlights
 
 
145
Notes to the Financial Statements
 
 
225
Form N-CSR Items
 
 
291
Supplemental Information
 
 
302
 
 
 
 

TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated COIN Monthly ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 19.2%(a)
Call Options - 19.2%
 
 
 
 
 
 
Coinbase Global, Inc.(b)(c)
 
 
 
 
 
 
Expiration: 05/29/2026; Exercise Price: $178.38
 
 
$150,216
 
 
8
 
 
$17,032
Expiration: 05/29/2026; Exercise Price: $187.77
 
 
150,216
 
 
8
 
 
13,072
TOTAL PURCHASED OPTIONS
(Cost $30,129)
 
 
 
 
 
 
30,104
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 91.8%
3.63%, 07/30/2026(d)
 
 
 
 
$145,000
 
 
143,699
TOTAL U.S. TREASURY BILLS
(Cost $143,717)
 
 
 
 
 
 
143,699
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 82.2%
First American Treasury Obligations Fund - Class X, 3.59%(e)(f)
 
 
 
 
128,724
 
 
128,724
TOTAL MONEY MARKET FUNDS
(Cost $128,724)
 
 
 
 
 
 
128,724
TOTAL INVESTMENTS - 193.2%
(Cost $302,570)
 
 
 
 
 
 
$302,527
Liabilities in Excess of Other Assets - (93.2)%
 
 
 
 
 
 
(145,936)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$156,591
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of April 30, 2026.
(e)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
Schedule of Written Options
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (14.4)%
Call Options - (8.7)%
 
 
 
 
 
 
Coinbase Global, Inc., Expiration: 05/29/2026; Exercise Price: $207.64(a)(b)
 
 
$(300,432)
 
 
(16)
 
 
$(13,664)
Put Options - (5.7)%
 
 
 
 
 
 
Coinbase Global, Inc., Expiration: 05/29/2026; Exercise Price: $178.38(a)(b)
 
 
(150,216)
 
 
(8)
 
 
(8,920)
TOTAL WRITTEN OPTIONS (Premiums received $22,547)
 
 
 
 
 
 
$(22,584)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 19.1%(a)
Call Options - 19.1%
 
 
 
 
 
 
Strategy, Inc.(b)(c)
 
 
 
 
 
 
Expiration: 05/29/2026; Exercise Price: $157.18
 
 
$297,810
 
 
18
 
 
$32,580
Expiration: 05/29/2026; Exercise Price: $165.45
 
 
297,810
 
 
18
 
 
24,714
TOTAL PURCHASED OPTIONS
(Cost $57,350)
 
 
 
 
 
 
57,294
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 92.9%
3.63%, 07/30/2026(d)
 
 
 
 
$282,000
 
 
279,469
TOTAL U.S. TREASURY BILLS
(Cost $279,504)
 
 
 
 
 
 
279,469
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 79.7%
First American Treasury Obligations Fund - Class X, 3.59%(e)(f)
 
 
 
 
239,661
 
 
239,661
TOTAL MONEY MARKET FUNDS
(Cost $239,661)
 
 
 
 
 
 
239,661
TOTAL INVESTMENTS - 191.7%
(Cost $576,515)
 
 
 
 
 
 
$576,424
Liabilities in Excess of Other Assets - (91.7)%
 
 
 
 
 
 
(275,739)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$300,685
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of April 30, 2026.
(e)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
Schedule of Written Options
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (14.1)%
 
 
 
 
 
 
Call Options - (8.6)%
 
 
 
 
 
 
Strategy, Inc., Expiration: 05/29/2026; Exercise Price: $181.85(a)(b)
 
 
$(595,620)
 
 
(36)
 
 
$(25,740)
Put Options - (5.5)%
 
 
 
 
 
 
Strategy, Inc., Expiration: 05/29/2026; Exercise Price: $157.18(a)(b)
 
 
(297,810)
 
 
(18)
 
 
(16,686)
TOTAL WRITTEN OPTIONS (Premiums received $42,342)
 
 
 
 
 
 
$(42,426)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 13.3%(a)
Call Options - 13.3%
Nvidia Corp.(b)(c)
 
 
 
 
 
 
Expiration: 05/29/2026; Exercise Price:
$189.59
 
 
$1,377,033
 
 
69
 
 
$111,711
Expiration: 05/29/2026; Exercise Price:
$199.57
 
 
1,377,033
 
 
69
 
 
71,070
TOTAL PURCHASED OPTIONS
(Cost $182,995)
 
 
 
 
 
 
182,781
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 94.7%
3.63%, 07/30/2026(d)
 
 
 
 
$1,315,000
 
 
1,303,197
TOTAL U.S. TREASURY BILLS
(Cost $1,303,362)
 
 
 
 
 
 
1,303,197
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 87.6%
First American Treasury Obligations Fund - Class X, 3.59%(e)(f)
 
 
 
 
1,205,867
 
 
1,205,867
TOTAL MONEY MARKET FUNDS
(Cost $1,205,867)
 
 
 
 
 
 
1,205,867
TOTAL INVESTMENTS - 195.6%
(Cost $2,692,224)
 
 
 
 
 
 
$2,691,845
Liabilities in Excess of Other Assets - (95.6)%
 
 
 
 
 
 
(1,315,818)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$1,376,027
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate show n is the annualized yield as of April 30, 2026.
(e)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
Schedule of Written Options
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (8.3)%
Call Options - (5.5)%
Nvidia Corp., Expiration: 05/29/2026; Exercise Price: $211.15(a)(b)
 
 
$(2,754,066)
 
 
(138)
 
 
$(76,038)
Put Options - (2.8)%
 
 
 
 
 
 
Nvidia Corp., Expiration: 05/29/2026; Exercise Price: $189.59(a)(b)
 
 
(1,377,033)
 
 
(69)
 
 
(37,881)
TOTAL WRITTEN OPTIONS (Premiums received $113,598)
 
 
 
 
 
 
$(113,919)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value  
PURCHASED OPTIONS - 16.9%(a)
Call Options - 16.9%
Palantir Technologies, Inc.(b)(c)
 
 
 
 
 
 
Expiration: 05/29/2026; Exercise Price: $132.15
 
 
$417,330
 
 
30
 
 
$40,950
Expiration: 05/29/2026; Exercise Price: $139.11
 
 
417,330
 
 
30
 
 
29,520
TOTAL PURCHASED OPTIONS
(Cost $70,563)
 
 
 
 
 
 
70,470
 
 
 
 
Shares
 
 
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 100.1%
First American Treasury Obligations Fund - Class X, 3.59%(d)(e)
 
 
 
 
417,989
 
 
417,989
TOTAL MONEY MARKET FUNDS
(Cost $417,989)
 
 
 
 
 
 
417,989
 
 
 
 
Par
 
 
U.S. TREASURY BILLS - 93.7%
3.63%, 07/30/2026(f)
 
 
 
 
$395,000
 
 
391,454
TOTAL U.S. TREASURY BILLS
(Cost $391,504)
 
 
 
 
 
 
391,454
TOTAL INVESTMENTS - 210.7%
(Cost $880,056)
 
 
 
 
 
 
$879,913
Liabilities in Excess of Other Assets - (110.7)%
 
 
 
 
 
 
(462,232)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$417,681
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
(e)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(f)
The rate shown is the annualized yield as of April 30, 2026.
Schedule of Written Options
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (11.9)%
Call Options - (7.4)%
 
Palantir Technologies, Inc., Expiration: 05/29/2026; Exercise Price: $150.52(a)(b)
 
 
$(834,660)
 
 
(60)
 
 
$(30,960)
Put Options - (4.5)%
 
 
 
 
 
 
Palantir Technologies, Inc., Expiration: 05/29/2026; Exercise Price: $132.15(a)(b)
 
 
(417,330)
 
 
(30)
 
 
(18,600)
TOTAL WRITTEN OPTIONS (Premiums received $49,421)
 
 
 
 
 
 
$(49,560)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
PURCHASED OPTIONS - 12.5%(a)
Call Options - 12.5%
Tesla, Inc.(b)(c)
 
 
 
 
 
 
Expiration: 05/29/2026; Exercise Price: $362.55
 
 
$1,068,564
 
 
28
 
 
$81,732
Expiration: 05/29/2026; Exercise Price: $381.63
 
 
1,068,564
 
 
28
 
 
50,428
TOTAL PURCHASED OPTIONS
(Cost $132,247)
 
 
 
 
 
 
132,160
 
 
 
 
Par
 
 
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 95.2%
3.63%, 07/30/2026(d)
 
 
 
 
$1,017,000
 
 
1,007,872
TOTAL U.S. TREASURY BILLS
(Cost $1,007,999)
 
 
 
 
 
 
1,007,872
 
 
 
 
Shares
 
 
MONEY MARKET FUNDS - 90.3%
 
 
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(e)(f)
 
 
 
 
956,513
 
 
956,513
TOTAL MONEY MARKET FUNDS
(Cost $956,513)
 
 
 
 
 
 
956,513
TOTAL INVESTMENTS - 198.0%
(Cost $2,096,759)
 
 
 
 
 
 
$2,096,545
Liabilities in Excess of Other Assets - (98.0)%
 
 
 
 
 
 
(1,037,487)
TOTAL NET
ASSETS - 100.0%
 
 
 
 
 
 
$1,059,058
 
 
 
 
 
 
 
 
 
 
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.
(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown is the annualized yield as of April 30, 2026.
(e)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
(f)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
Schedule of Written Options
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional
Amount
 
 
Contracts
 
 
Value
WRITTEN OPTIONS - (7.4)%
Call Options - (5.1)%
 
 
 
 
 
 
Tesla, Inc., Expiration: 05/29/2026; Exercise Price: $401.97(a)(b)
 
 
$(2,137,128)
 
 
(56)
 
 
$(54,096)
Put Options - (2.3)%
 
 
 
 
 
 
Tesla, Inc., Expiration: 05/29/2026; Exercise Price: $362.55(a)(b)
 
 
(1,068,564)
 
 
(28)
 
 
(24,696)
TOTAL WRITTEN OPTIONS (Premiums received $78,662)
 
 
 
 
 
 
$(78,792)
 
 
 
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
Exchange-traded.
(b)
100 shares per contract.
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

Leverage Shares 2X Long AAL Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 15.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
645,253
 
 
$645,253
TOTAL MONEY MARKET FUNDS
(Cost $645,253)
 
 
 
 
645,253
TOTAL INVESTMENTS - 15.8%
(Cost $645,253)
 
 
 
 
$645,253
Other Assets in Excess of
Liabilities - 84.2%
 
 
 
 
3,430,188
TOTAL NET ASSETS - 100.0%
 
 
 
 
$4,075,441
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
American Airlines Group, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
08/11/2026
 
 
$2,273,497
 
 
$124,608
American Airlines Group, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
08/11/2026
 
 
4,983,870
 
 
398,563
American Airlines Group, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 6.00%
 
 
Termination
 
 
05/11/2027
 
 
310,057
 
 
​7,775
American Airlines Group, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
08/09/2026
 
 
580,231
 
 
86,432
Net Unrealized Appreciation (Depreciation)
 
 
$617,378
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

Leverage Shares 2X Long ABNB Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
53,794
 
 
$53,794
TOTAL MONEY MARKET FUNDS
(Cost $53,794)
 
 
 
 
53,794
TOTAL INVESTMENTS - 10.0%
(Cost $53,794)
 
 
 
 
$53,794
Other Assets in Excess of
Liabilities - 90.0%
 
 
 
 
482,724
TOTAL NET ASSETS - 100.0%
 
 
 
 
$536,518
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Airbnb, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
12/22/2026
 
 
$174,046
 
 
$22,032
Airbnb, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
731,416
 
 
88,452
Airbnb, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
167,730
 
 
19,814
Net Unrealized Appreciation (Depreciation)
 
 
$130,298
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

Leverage Shares 2X Long ADBE Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,832,507
 
 
$3,832,507
TOTAL MONEY MARKET FUNDS
(Cost $3,832,507)
 
 
 
 
3,832,507
TOTAL INVESTMENTS - 10.2%
(Cost $3,832,507)
 
 
 
 
$3,832,507
Other Assets in Excess of
Liabilities - 89.8%
 
 
 
 
33,721,913
TOTAL NET ASSETS - 100.0%
 
 
 
 
$37,554,420
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Adobe, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/24/2027
 
 
$18,715,905
 
 
$(438,048)
Adobe, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
05/19/2027
 
 
50,136,230
 
 
1,097,052
Adobe, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
05/07/2027
 
 
6,238,635
 
 
333,569
Net Unrealized Appreciation (Depreciation)
 
 
$992,573
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

Leverage Shares 2X Long ALB Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 8.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
125,307
 
 
$125,307
TOTAL MONEY MARKET FUNDS
(Cost $125,307)
 
 
 
 
125,307
TOTAL INVESTMENTS - 8.2%
(Cost $125,307)
 
 
 
 
$125,307
Other Assets in Excess of
Liabilities - 91.8%
 
 
 
 
1,409,177
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,534,484
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Albemarle Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
03/31/2027
 
 
$76,713
 
 
$10,674
Albemarle Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
02/17/2027
 
 
2,284,474
 
 
167,409
Albemarle Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
05/11/2027
 
 
11,212
 
 
1,096
Albemarle Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
02/13/2027
 
 
695,335
 
 
28,441
Net Unrealized Appreciation (Depreciation)
 
 
$207,620
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

Leverage Shares 2X Long AMD Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 3.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
787,016
 
 
$787,016
TOTAL MONEY MARKET FUNDS
(Cost $787,016)
 
 
 
 
787,016
TOTAL INVESTMENTS - 3.2%
(Cost $787,016)
 
 
 
 
$787,016
Other Assets in Excess of
Liabilities - 96.8%
 
 
 
 
23,464,457
TOTAL NET ASSETS - 100.0%
 
 
 
 
$24,251,473
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Advanced Micro Devices, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
03/05/2027
 
 
$10,993,089
 
 
$538,971
Advanced Micro Devices, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/08/2027
 
 
29,564,466
 
 
1,648,217
Advanced Micro Devices, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/05/2027
 
 
7,914,698
 
 
412,880
Net Unrealized Appreciation (Depreciation)
 
 
$2,600,068
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

Leverage Shares 2X Long ARM Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 9.5%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
6,242,190
 
 
$6,242,190
TOTAL MONEY MARKET FUNDS
(Cost $6,242,190)
 
 
 
 
6,242,190
TOTAL INVESTMENTS - 9.5%
(Cost $6,242,190)
 
 
 
 
$6,242,190
Other Assets in Excess of
Liabilities - 90.5%
 
 
 
 
59,296,964
TOTAL NET ASSETS - 100.0%
 
 
 
 
$65,539,154
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
ARM Holdings PLC
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
03/03/2027
 
 
$28,292,246
 
 
$8,774,115
ARM Holdings PLC
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/03/2027
 
 
91,527,268
 
 
3,485,321
ARM Holdings PLC
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
03/03/2027
 
 
11,215,314
 
 
31,666
Net Unrealized Appreciation (Depreciation)
 
 
$12,291,102
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

Leverage Shares 2X Long ASML Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 12.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,650,167
 
 
$3,650,167
TOTAL MONEY MARKET FUNDS
(Cost $3,650,167)
 
 
 
 
3,650,167
TOTAL INVESTMENTS - 12.7%
(Cost $3,650,167)
 
 
 
 
$3,650,167
Other Assets in Excess of
Liabilities - 87.3%
 
 
 
 
25,187,961
TOTAL NET ASSETS - 100.0%
 
 
 
 
$28,838,128
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
ASML Holding NV
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.25%
 
 
Termination
 
 
03/08/2027
 
 
$10,795,303
 
 
$2,582,137
ASML Holding NV
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/17/2027
 
 
35,194,817
 
 
5,866,561
ASML Holding NV
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/09/2027
 
 
11,526,310
 
 
(27,837)
Net Unrealized Appreciation (Depreciation)
 
 
$8,420,861
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

Leverage Shares 2X Long AVGO Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 9.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,610,407
 
 
$3,610,407
TOTAL MONEY MARKET FUNDS
(Cost $3,610,407)
 
 
 
 
3,610,407
TOTAL INVESTMENTS - 9.0%
(Cost $3,610,407)
 
 
 
 
$3,610,407
Other Assets in Excess of
Liabilities - 91.0%
 
 
 
 
36,355,309
TOTAL NET ASSETS - 100.0%
 
 
 
 
$39,965,716
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Broadcom, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
06/16/2026
 
 
$22,284,501
 
 
$6,385,170
Broadcom, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
06/16/2026
 
 
48,405,183
 
 
2,069,478
Broadcom, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
06/16/2026
 
 
9,214,767
 
 
(30,308)
Net Unrealized Appreciation (Depreciation)
 
 
$ 8,424,340
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
13
 

TABLE OF CONTENTS

Leverage Shares 2X Long AXP Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 17.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
120,632
 
 
$120,632
TOTAL MONEY MARKET FUNDS
(Cost $120,632)
 
 
 
 
120,632
TOTAL INVESTMENTS - 17.6%
(Cost $120,632)
 
 
 
 
$120,632
Other Assets in Excess of
Liabilities - 82.4%
 
 
 
 
565,836
TOTAL NET ASSETS - 100.0%
 
 
 
 
$686,468
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
American Express Co.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/10/2027
 
 
$479,729
 
 
$11,419
American Express Co.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
03/24/2027
 
 
367,631
 
 
14,170
American Express Co.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/19/2027
 
 
524,956
 
 
21,754
Net Unrealized Appreciation (Depreciation)
 
 
$47,343
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
14
 

TABLE OF CONTENTS

Leverage Shares 2X Long BA Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 14.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
654,921
 
 
$654,921
TOTAL MONEY MARKET FUNDS
(Cost $654,921)
 
 
 
 
654,921
TOTAL INVESTMENTS - 14.2%
(Cost $654,921)
 
 
 
 
$654,921
Other Assets in Excess of
Liabilities - 85.8%
 
 
 
 
3,963,600
TOTAL NET ASSETS - 100.0%
 
 
 
 
$4,618,521
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Boeing Co.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
07/13/2026
 
 
$1,264,246
 
 
$132,614
Boeing Co.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
07/15/2026
 
 
6,632,480
 
 
865,388
Boeing Co.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
07/13/2026
 
 
1,338,680
 
 
28,757
Net Unrealized Appreciation (Depreciation)
 
 
$1,026,759
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

Leverage Shares 2X Long BBAI Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 5.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
729,243
 
 
$729,243
TOTAL MONEY MARKET FUNDS
(Cost $729,243)
 
 
 
 
729,243
TOTAL INVESTMENTS - 5.0%
(Cost $729,243)
 
 
 
 
$729,243
Other Assets in Excess of
Liabilities - 95.0%
 
 
 
 
13,940,876
TOTAL NET ASSETS - 100.0%
 
 
 
 
$14,670,119
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
BigBear.ai Holdings,
Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
09/22/2026
 
 
$1,979,254
 
 
$292,167
BigBear.ai Holdings,
Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 19.00%
 
 
Termination
 
 
05/19/2027
 
 
3,863,279
 
 
289,514
BigBear.ai Holdings,
Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
05/11/2027
 
 
1,558,166
 
 
​198,303
BigBear.ai Holdings,
Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 5.50%
 
 
Termination
 
 
09/22/2026
 
 
21,943,531
 
 
(988,049)
Net Unrealized Appreciation (Depreciation)
 
 
$(208,065)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
16
 

TABLE OF CONTENTS

Leverage Shares 2X Long BE Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 1.8%
 
 
 
 
First American Treasury Obligations Fund -
Class X, 3.59%(a)
 
 
364,235
 
 
$364,235
TOTAL MONEY MARKET FUNDS
(Cost $364,235)
 
 
 
 
364,235
TOTAL INVESTMENTS - 1.8%
(Cost $364,235)
 
 
 
 
$364,235
Other Assets in Excess of
Liabilities - 98.2%
 
 
 
 
19,418,575
TOTAL NET ASSETS - 100.0%
 
 
 
 
$19,782,810
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Bloom Energy Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
01/19/2027
 
 
$5,539,688
 
 
$150,798
Bloom Energy Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/20/2027
 
 
28,405,707
 
 
(437,420)
Bloom Energy Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
05/11/2027
 
 
19,552
 
 
9,422
Bloom Energy Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/18/2027
 
 
5,596,360
 
 
2,710,473
Net Unrealized Appreciation (Depreciation)
 
 
$2,433,273
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
17
 

TABLE OF CONTENTS

Leverage Shares 2X Long BIDU Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
166,821
 
 
$166,821
TOTAL MONEY MARKET FUNDS
(Cost $166,821)
 
 
 
 
166,821
TOTAL INVESTMENTS - 10.2%
(Cost $166,821)
 
 
 
 
$166,821
Other Assets in Excess of
Liabilities - 89.8%
 
 
 
 
1,474,250
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,641,071
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation (Depreciation)
Baidu, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/18/2027
 
 
$129,567
 
 
$6,069
Baidu, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
01/27/2027
 
 
3,021,410
 
 
311,362
Baidu, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
129,693
 
 
8,250
Net Unrealized Appreciation (Depreciation)
 
 
$325,681
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
18
 

TABLE OF CONTENTS

Leverage Shares 2X Long BLSH Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 17.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
284,358
 
 
$284,358
TOTAL MONEY MARKET FUNDS
(Cost $284,358)
 
 
 
 
284,358
TOTAL INVESTMENTS - 17.3%
(Cost $284,358)
 
 
 
 
$284,358
Other Assets in Excess of
Liabilities - 82.7%
 
 
 
 
1,363,480
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,647,838
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Bullish, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
09/09/2026
 
 
$292,408
 
 
$30,969
Bullish, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 5.25%
 
 
Termination
 
 
12/02/2026
 
 
209,779
 
 
14,362
Bullish, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
05/11/2027
 
 
9,697
 
 
(233)
Bullish, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
11/27/2026
 
 
2,783,493
 
 
(99,680)
Net Unrealized Appreciation (Depreciation)
 
 
$(54,582)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
19
 

TABLE OF CONTENTS

Leverage Shares 2X Long BMNR Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 6.8%
 
 
 
 
First American Treasury Obligations Fund -
Class X, 3.59%(a)
 
 
2,341,936
 
 
$2,341,936
TOTAL MONEY MARKET FUNDS
(Cost $2,341,936)
 
 
 
 
2,341,936
TOTAL INVESTMENTS - 6.8%
(Cost $2,341,936)
 
 
 
 
$2,341,936
Other Assets in Excess of
Liabilities - 93.2%
 
 
 
 
32,186,483
TOTAL NET ASSETS - 100.0%
 
 
 
 
$34,528,419
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
BitMine Immersion Technologies, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 17.50%
 
 
Termination
 
 
12/15/2026
 
 
$11,245,529
 
 
$232,929
BitMine Immersion Technologies, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
12/15/2026
 
 
11,802,314
 
 
506,848
BitMine Immersion Technologies, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
12,326
 
 
(68)
BitMine Immersion Technologies, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 8.50%
 
 
Termination
 
 
11/27/2026
 
 
46,025,066
 
 
4,663,751
Net Unrealized Appreciation (Depreciation)
 
 
$ 5,403,460
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
20
 

TABLE OF CONTENTS

Leverage Shares 2X Long BULL Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
871,319
 
 
$871,319
TOTAL MONEY MARKET FUNDS
(Cost $871,319)
 
 
 
 
871,319
TOTAL INVESTMENTS - 10.9%
(Cost $871,319)
 
 
 
 
$871,319
Other Assets in Excess of
Liabilities - 89.1%
 
 
 
 
7,086,273
TOTAL NET ASSETS - 100.0%
 
 
 
 
$7,957,592
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Webull Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
03/24/2027
 
 
$4,071,418
 
 
$723,325
Webull Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
09/09/2026
 
 
1,295,371
 
 
186,910
Webull Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
05/11/2027
 
 
372,235
 
 
​55,722
Webull Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
09/11/2026
 
 
10,183,318
 
 
(334,321)
Net Unrealized Appreciation (Depreciation)
 
 
$​631,636
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
21
 

TABLE OF CONTENTS

Leverage Shares 2X Long CIFR Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 6.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
162,325
 
 
$162,325
TOTAL MONEY MARKET FUNDS
(Cost $162,325)
 
 
 
 
162,325
TOTAL INVESTMENTS - 6.1%
(Cost $162,325)
 
 
 
 
$162,325
Other Assets in Excess of
Liabilities - 93.9%
 
 
 
 
2,483,820
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,646,145
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Cipher Digital, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 17.50%
 
 
Termination
 
 
01/11/2027
 
 
$273,640
 
 
$1,530
Cipher Digital, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
01/13/2027
 
 
1,147,760
 
 
277,812
Cipher Digital, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
05/11/2027
 
 
962,626
 
 
​(10,385)
Cipher Digital, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/11/2027
 
 
2,908,030
 
 
121,627
Net Unrealized Appreciation (Depreciation)
 
 
$390,584
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
22
 

TABLE OF CONTENTS

Leverage Shares 2X Long CMG Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 8.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
47,490
 
 
$47,490
TOTAL MONEY MARKET FUNDS
(Cost $47,490)
 
 
 
 
47,490
TOTAL INVESTMENTS - 8.7%
(Cost $47,490)
 
 
 
 
$47,490
Other Assets in Excess of
Liabilities - 91.3%
 
 
 
 
500,396
TOTAL NET ASSETS - 100.0%
 
 
 
 
$547,886
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Chipotle Mexican Grill, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
12/22/2026
 
 
$262,743
 
 
$12,086
Chipotle Mexican Grill, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
629,019
 
 
22,134
Chipotle Mexican Grill, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
203,158
 
 
13,547
Net Unrealized Appreciation (Depreciation)
 
 
$47,767
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
23
 

TABLE OF CONTENTS

Leverage Shares 2X Long CNC Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 13.7%
 
 
 
 
First American Treasury Obligations Fund -
Class X, 3.59%(a)
 
 
115,686
 
 
$115,686
TOTAL MONEY MARKET FUNDS
(Cost $115,686)
 
 
 
 
115,686
TOTAL INVESTMENTS - 13.7%
(Cost $115,686)
 
 
 
 
$115,686
Other Assets in Excess of
Liabilities - 86.3%
 
 
 
 
729,469
TOTAL NET ASSETS - 100.0%
 
 
 
 
$845,155
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/ Unrealized
Appreciation
(Depreciation)
Centene Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
01/18/2027
 
 
$206,116
 
 
$14,494
Centene Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/27/2027
 
 
1,203,622
 
 
(6,500)
Centene Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
279,188
 
 
19,219
Net Unrealized Appreciation (Depreciation)
 
 
$ 27,213
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
24
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG COIN DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 11.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
869,970
 
 
$869,970
TOTAL MONEY MARKET FUNDS
(Cost $869,970)
 
 
 
 
869,970
TOTAL INVESTMENTS - 11.4%
(Cost $869,970)
 
 
 
 
$869,970
Other Assets in Excess of Liabilities - 88.6%
 
 
 
 
6,768,456
TOTAL NET ASSETS - 100.0%
 
 
 
 
$7,638,426
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Coinbase Global, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
03/01/2027
 
 
$7,278,716
 
 
$246,354
Coinbase Global, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
03/03/2027
 
 
2,034,112
 
 
84,749
Coinbase Global, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
03/03/2027
 
 
5,959,820
 
 
588,386
Net Unrealized Appreciation (Depreciation)
 
 
$919,489
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
25
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG COST DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 12.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
625,925
 
 
$625,925
TOTAL MONEY MARKET FUNDS
(Cost $625,925)
 
 
 
 
625,925
TOTAL INVESTMENTS - 12.8%
(Cost $625,925)
 
 
 
 
$625,925
Other Assets in Excess of Liabilities - 87.2%
 
 
 
 
4,266,248
TOTAL NET ASSETS - 100.0%
 
 
 
 
$4,892,173
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Costco Wholesale Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
10/20/2026
 
 
$2,510,962
 
 
$318,013
Costco Wholesale Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
10/20/2026
 
 
6,105,442
 
 
63,776
Costco Wholesale Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
10/18/2026
 
 
1,166,710
 
 
220,644
Net Unrealized Appreciation (Depreciation)
 
 
$602,433
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
26
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG CRCL DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 8.1%
 
 
 
 
First American Treasury Obligations Fund -
Class X, 3.59%(a)
 
 
10,874,176
 
 
$10,874,176
TOTAL MONEY MARKET FUNDS
(Cost $10,874,176)
 
 
 
 
10,874,176
TOTAL INVESTMENTS - 8.1%
(Cost $10,874,176)
 
 
 
 
$10,874,176
Other Assets in Excess of
Liabilities - 91.9%
 
 
 
 
122,940,461
TOTAL NET ASSETS - 100.0%
 
 
 
 
$133,814,637
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Circle Internet Group, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 10.50%
 
 
Termination
 
 
09/09/2026
 
 
$31,030,976
 
 
$1,084,382
Circle Internet Group, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/10/2027
 
 
168,691,456
 
 
(8,407,221)
Circle Internet Group, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
05/07/2027
 
 
13,850,112
 
 
​(1,381,890)
Circle Internet Group, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 6.50%
 
 
Termination
 
 
09/11/2026
 
 
54,014,528
 
 
7,176,647
Net Unrealized Appreciation (Depreciation)
 
 
$(1,528,082)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
27
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG CRM DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 11.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,603,392
 
 
$3,603,392
TOTAL MONEY MARKET FUNDS
(Cost $3,603,392)
 
 
 
 
3,603,392
TOTAL INVESTMENTS - 11.9%
(Cost $3,603,392)
 
 
 
 
$3,603,392
Other Assets in Excess of
Liabilities - 88.1%
 
 
 
 
26,617,101
TOTAL NET ASSETS - 100.0%
 
 
 
 
$30,220,493
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Salesforce, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/05/2027
 
 
$14,716,423
 
 
$130,358
Salesforce, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/08/2027
 
 
42,428,103
 
 
(1,261,593)
Salesforce, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/05/2027
 
 
3,278,162
 
 
57,704
Net Unrealized Appreciation (Depreciation)
 
 
$(1,073,531)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
28
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG CRML DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 11.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
358,637
 
 
$358,637
TOTAL MONEY MARKET FUNDS
(Cost $358,637)
 
 
 
 
358,637
TOTAL INVESTMENTS - 11.2%
(Cost $358,637)
 
 
 
 
$358,637
Other Assets in Excess of Liabilities - 88.8%
 
 
 
 
2,854,656
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,213,293
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Critical Metals Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 40.00%
 
 
Termination
 
 
03/10/2027
 
 
$120,935
 
 
$26,768
Critical Metals Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 17.50%
 
 
Termination
 
 
03/17/2027
 
 
1,086,556
 
 
188,711
Critical Metals Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
547,237
 
 
​44,186
Critical Metals Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/18/2027
 
 
4,668,728
 
 
469,462
Net Unrealized Appreciation (Depreciation)
 
 
$729,127
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
29
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG CRWV DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 6.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
8,787,705
 
 
$8,787,705
TOTAL MONEY MARKET FUNDS
(Cost $8,787,705)
 
 
 
 
8,787,705
TOTAL INVESTMENTS - 6.2%
(Cost $8,787,705)
 
 
 
 
$8,787,705
Other Assets in Excess of
Liabilities - 93.8%
 
 
 
 
132,271,371
TOTAL NET ASSETS - 100.0%
 
 
 
 
$141,059,076
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
CoreWeave, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 6.00%
 
 
Termination
 
 
09/09/2026
 
 
$36,402,246
 
 
$5,226,812
CoreWeave, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.25%
 
 
Termination
 
 
03/10/2027
 
 
158,900,656
 
 
2,078,808
CoreWeave, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
05/11/2027
 
 
23,281,211
 
 
​2,386,884
CoreWeave, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
09/11/2026
 
 
63,528,858
 
 
(4,225,345)
Net Unrealized Appreciation (Depreciation)
 
 
$​5,467,159
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
30
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG DNN DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 13.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
41,856
 
 
$41,856
TOTAL MONEY MARKET FUNDS
(Cost $41,856)
 
 
 
 
41,856
TOTAL INVESTMENTS - 13.6%
(Cost $41,856)
 
 
 
 
$41,856
Other Assets in Excess of Liabilities - 86.4%
 
 
 
 
265,924
TOTAL NET ASSETS - 100.0%
 
 
 
 
$307,780
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Denison Mines Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
03/10/2027
 
 
$91,920
 
 
$313
Denison Mines Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 19.00%
 
 
Termination
 
 
03/17/2027
 
 
57,339
 
 
(2,462)
Denison Mines Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
05/11/2027
 
 
40,847
 
 
​(299)
Denison Mines Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
03/18/2027
 
 
424,747
 
 
24,426
Net Unrealized Appreciation (Depreciation)
 
 
$21,978
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
31
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG DUOL DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 7.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
439,919
 
 
$439,919
TOTAL MONEY MARKET FUNDS
(Cost $439,919)
 
 
 
 
439,919
TOTAL INVESTMENTS - 7.8%
(Cost $439,919)
 
 
 
 
$439,919
Other Assets in Excess of Liabilities - 92.2%
 
 
 
 
5,168,817
TOTAL NET ASSETS - 100.0%
 
 
 
 
$5,608,736
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Duolingo, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
01/11/2027
 
 
$5,505
 
 
$(4,367)
Duolingo, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.25%
 
 
Termination
 
 
01/13/2027
 
 
8,806,679
 
 
976,987
Duolingo, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
05/11/2027
 
 
12,111
 
 
2,092
Duolingo, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/11/2027
 
 
2,385,317
 
 
490,203
Net Unrealized Appreciation (Depreciation)
 
 
$1,464,915
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
32
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG FCX DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
140,459
 
 
$140,459
TOTAL MONEY MARKET FUNDS
(Cost $140,459)
 
 
 
 
140,459
TOTAL INVESTMENTS - 10.0%
(Cost $140,459)
 
 
 
 
$140,459
Other Assets in Excess of Liabilities - 90.0%
 
 
 
 
1,265,146
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,405,605
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Freeport-McMoRan,
Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/10/2027
 
 
$465,129
 
 
$(34,438)
Freeport-McMoRan,
Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
03/24/2027
 
 
1,030,969
 
 
6,977
Freeport-McMoRan,
Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/19/2027
 
 
1,313,051
 
 
(85,062)
Net Unrealized Appreciation (Depreciation)
 
 
$(112,523)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
33
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG FIG DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 2.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
210,626
 
 
$210,626
TOTAL MONEY MARKET FUNDS
(Cost $210,626)
 
 
 
 
210,626
TOTAL INVESTMENTS - 2.2%
(Cost $210,626)
 
 
 
 
$210,626
Other Assets in Excess of Liabilities - 97.8%
 
 
 
 
9,357,499
TOTAL NET ASSETS - 100.0%
 
 
 
 
$9,568,125
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Figma, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 7.50%
 
 
Termination
 
 
12/22/2026
 
 
$3,800,190
 
 
$(318,261)
Figma, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
05/19/2027
 
 
12,751,576
 
 
163,021
Figma, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
05/11/2027
 
 
8,655
 
 
(1,200)
Figma, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
11/20/2026
 
 
2,564,854
 
 
120,042
Net Unrealized Appreciation (Depreciation)
 
 
$(36,398)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
34
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG FUTU DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
809,697
 
 
$809,697
TOTAL MONEY MARKET FUNDS
(Cost $809,697)
 
 
 
 
809,697
TOTAL INVESTMENTS - 10.7%
(Cost $809,697)
 
 
 
 
$809,697
Other Assets in Excess of Liabilities - 89.3%
 
 
 
 
6,753,113
TOTAL NET ASSETS - 100.0%
 
 
 
 
$7,562,810
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Futu Holdings Ltd.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
11/25/2026
 
 
$3,592,358
 
 
$116,222
Futu Holdings Ltd.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
11/18/2026
 
 
10,431,125
 
 
504,200
Futu Holdings Ltd.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
11/20/2026
 
 
1,097,021
 
 
181,456
Net Unrealized Appreciation (Depreciation)
 
 
$801,878
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
35
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG GEMI DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 16.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
106,643
 
 
$106,643
TOTAL MONEY MARKET FUNDS
(Cost $106,643)
 
 
 
 
106,643
TOTAL INVESTMENTS - 16.7%
(Cost $106,643)
 
 
 
 
$106,643
Other Assets in Excess of Liabilities - 83.3%
 
 
 
 
530,711
TOTAL NET ASSETS - 100.0%
 
 
 
 
$637,354
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Gemini Space Station, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
09/09/2026
 
 
$5,155
 
 
$(1,511)
Gemini Space Station, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 11.00%
 
 
Termination
 
 
12/09/2026
 
 
120,377
 
 
1,091
Gemini Space Station, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
05/11/2027
 
 
13,107
 
 
(291)
Gemini Space Station, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
12/05/2026
 
 
1,135,650
 
 
72,323
Net Unrealized Appreciation (Depreciation)
 
 
$71,612
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
36
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG GEV DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 9.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,024,359
 
 
$1,024,359
TOTAL MONEY MARKET FUNDS
(Cost $1,024,359)
 
 
 
 
1,024,359
TOTAL INVESTMENTS - 9.9%
(Cost $1,024,359)
 
 
 
 
$1,024,359
Other Assets in Excess of
Liabilities - 90.1%
 
 
 
 
9,307,693
TOTAL NET ASSETS - 100.0%
 
 
 
 
$10,332,052
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
GE Vernova, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.75%
 
 
Termination
 
 
01/19/2027
 
 
$3,707,600
 
 
$707,268
GE Vernova, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
01/20/2027
 
 
16,502,179
 
 
1,072,216
GE Vernova, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/18/2027
 
 
444,219
 
 
118,572
Net Unrealized Appreciation (Depreciation)
 
 
$1,898,056
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
37
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG GLW DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 12.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,435,099
 
 
$3,435,099
TOTAL MONEY MARKET FUNDS
(Cost $3,435,099)
 
 
 
 
3,435,099
TOTAL INVESTMENTS - 12.8%
(Cost $3,435,099)
 
 
 
 
$3,435,099
Other Assets in Excess of
Liabilities - 87.2%
 
 
 
 
23,455,369
TOTAL NET ASSETS - 100.0%
 
 
 
 
$26,890,468
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Corning, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
04/20/2027
 
 
$11,332,560
 
 
$—
Corning, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
04/14/2027
 
 
28,848,099
 
 
1,914,751
Corning, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
04/10/2027
 
 
13,583,798
 
 
1,756,090
Net Unrealized Appreciation (Depreciation)
 
 
$3,670,841
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
38
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG GLXY DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 4.5%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
172,549
 
 
$172,549
TOTAL MONEY MARKET FUNDS
(Cost $172,549)
 
 
 
 
172,549
TOTAL INVESTMENTS - 4.5%
(Cost $172,549)
 
 
 
 
$172,549
Other Assets in Excess of
Liabilities - 95.5%
 
 
 
 
3,676,220
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,848,769
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Galaxy Digital, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
09/22/2026
 
 
$526,848
 
 
$109,865
Galaxy Digital, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
09/23/2026
 
 
4,879,765
 
 
1,130,235
Galaxy Digital, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
05/11/2027
 
 
14,626
 
 
4,497
Galaxy Digital, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
09/22/2026
 
 
2,272,032
 
 
36,754
Net Unrealized Appreciation (Depreciation)
 
 
$1,281,351
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
39
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG GRAB DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 9.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
115,309
 
 
$115,309
TOTAL MONEY MARKET FUNDS
(Cost $115,309)
 
 
 
 
115,309
TOTAL INVESTMENTS - 9.2%
(Cost $115,309)
 
 
 
 
$115,309
Other Assets in Excess of
Liabilities - 90.8%
 
 
 
 
1,137,564
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,252,873
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Grab Holdings Ltd.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
01/11/2027
 
 
$12,606
 
 
$(1,501)
Grab Holdings Ltd.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/13/2027
 
 
1,850,782
 
 
24,866
Grab Holdings Ltd.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/11/2027
 
 
640,996
 
 
7,766
Net Unrealized Appreciation (Depreciation)
 
 
$31,131
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
40
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG HOOD DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 11.0%
 
 
 
 
First American Treasury Obligations
Fund - Class X, 3.59%(a)
 
 
7,103,471
 
 
$7,103,471
TOTAL MONEY MARKET FUNDS
(Cost $7,103,471)
 
 
 
 
7,103,471
TOTAL INVESTMENTS - 11.0%
(Cost $7,103,471)
 
 
 
 
$7,103,471
Other Assets in Excess of
Liabilities - 89.0%
 
 
 
 
57,579,423
TOTAL NET ASSETS - 100.0%
 
 
 
 
$64,682,894
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Robinhood Markets, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
03/03/2027
 
 
$33,618,690
 
 
$(1,005,247)
Robinhood Markets, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
05/19/2027
 
 
57,095,612
 
 
405,060
Robinhood Markets, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
05/11/2027
 
 
3,002,704
 
 
​(255,387)
Robinhood Markets, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
05/07/2027
 
 
35,654,144
 
 
(1,131,497)
Net Unrealized Appreciation (Depreciation)
 
 
$(1,987,071)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
41
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG HUT DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 4.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
152,618
 
 
$152,618
TOTAL MONEY MARKET FUNDS
(Cost $152,618)
 
 
 
 
152,618
TOTAL INVESTMENTS - 4.7%
(Cost $152,618)
 
 
 
 
$152,618
Other Assets in Excess of Liabilities - 95.3%
 
 
 
 
3,060,656
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,213,274
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Hut 8 Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
03/31/2027
 
 
$15,156
 
 
$1,873
Hut 8 Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
02/17/2027
 
 
4,139,179
 
 
144,600
Hut 8 Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
05/11/2027
 
 
20,233
 
 
2,797
Hut 8 Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
02/13/2027
 
 
2,248,772
 
 
60,951
Net Unrealized Appreciation (Depreciation)
 
 
$210,221
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
42
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG IREN DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 2.8%
 
 
 
 
First American Treasury Obligations
Fund - Class X, 3.59%(a)
 
 
281,112
 
 
$281,112
TOTAL MONEY MARKET FUNDS
(Cost $281,112)
 
 
 
 
281,112
TOTAL INVESTMENTS - 2.8%
(Cost $281,112)
 
 
 
 
$281,112
Other Assets in Excess of
Liabilities - 97.2%
 
 
 
 
9,876,522
TOTAL NET ASSETS - 100.0%
 
 
 
 
$10,157,634
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
IREN Ltd.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
01/19/2027
 
 
$195,693
 
 
$25,496
IREN Ltd.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/20/2027
 
 
17,521,259
 
 
390,353
IREN Ltd.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
12,606
 
 
2,402
IREN Ltd.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.50%
 
 
Termination
 
 
01/18/2027
 
 
2,584,968
 
 
356,966
Net Unrealized Appreciation (Depreciation)
 
 
$775,217
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
43
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG KLAC DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
544,893
 
 
$544,893
TOTAL MONEY MARKET FUNDS
(Cost $544,893)
 
 
 
 
544,893
TOTAL INVESTMENTS - 10.6%
(Cost $544,893)
 
 
 
 
$544,893
Other Assets in Excess of
Liabilities - 89.4%
 
 
 
 
4,590,376
TOTAL NET ASSETS - 100.0%
 
 
 
 
$5,135,269
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
KLA Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
01/18/2027
 
 
$301,060
 
 
$89,443
KLA Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
01/27/2027
 
 
9,822,964
 
 
41,797
KLA Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
140,028
 
 
46,267
Net Unrealized Appreciation (Depreciation)
 
 
$177,507
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
44
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG LAC DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 6.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
120,551
 
 
$120,551
TOTAL MONEY MARKET FUNDS
(Cost $120,551)
 
 
 
 
120,551
TOTAL INVESTMENTS - 6.4%
(Cost $120,551)
 
 
 
 
$120,551
Other Assets in Excess of
Liabilities - 93.6%
 
 
 
 
1,769,506
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,890,057
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Lithium Americas Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 10.00%
 
 
Termination
 
 
01/11/2027
 
 
$42,975
 
 
$5,711
Lithium Americas Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 9.50%
 
 
Termination
 
 
01/13/2027
 
 
1,054,257
 
 
219,276
Lithium Americas Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
05/11/2027
 
 
18,204
 
 
​4,290
Lithium Americas Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/11/2027
 
 
2,663,814
 
 
2,573
Net Unrealized Appreciation (Depreciation)
 
 
$231,850
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
45
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG LULU DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
TOTAL INVESTMENTS - 0.00%
(Cost $—)
 
 
$—
Other Assets in Excess of Liabilities - 100.0%
 
 
4,475,385
TOTAL NET ASSETS - 100.0%
 
 
$4,475,385
 
 
 
 
Percentages are stated as a percent of net assets.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Lululemon Athletica, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
09/09/2026
 
 
$7,583,139
 
 
$(25,332)
Lululemon Athletica, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/09/2026
 
 
866,822
 
 
(72,747)
Lululemon Athletica, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
12/05/2026
 
 
499,163
 
 
(50,505)
Net Unrealized Appreciation (Depreciation)
 
 
$(148,584)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
46
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG MP DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 14.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
438,518
 
 
$438,518
TOTAL MONEY MARKET FUNDS
(Cost $438,518)
 
 
 
 
438,518
TOTAL INVESTMENTS - 14.2%
(Cost $438,518)
 
 
 
 
$438,518
Other Assets in Excess of
Liabilities - 85.8%
 
 
 
 
2,639,243
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,077,761
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
MP Materials Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
09/09/2026
 
 
$113,589
 
 
$11,022
MP Materials Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
12/02/2026
 
 
2,409,205
 
 
411,238
MP Materials Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
05/11/2027
 
 
12,416
 
 
2,179
MP Materials Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
11/27/2026
 
 
3,616,350
 
 
149,440
Net Unrealized Appreciation (Depreciation)
 
 
$573,879
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
47
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG NBIS DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 4.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,188,561
 
 
$1,188,561
TOTAL MONEY MARKET FUNDS
(Cost $1,188,561)
 
 
 
 
1,188,561
TOTAL INVESTMENTS - 4.3%
(Cost $1,188,561)
 
 
 
 
$1,188,561
Other Assets in Excess of
Liabilities - 95.7%
 
 
 
 
26,243,791
TOTAL NET ASSETS - 100.0%
 
 
 
 
$27,432,352
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Nebius Group NV
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
09/09/2026
 
 
$870,849
 
 
$302,988
Nebius Group NV
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.75%
 
 
Termination
 
 
12/02/2026
 
 
39,431,766
 
 
616,961
Nebius Group NV
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 10.00%
 
 
Termination
 
 
05/11/2027
 
 
11,197
 
 
1,070
Nebius Group NV
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
11/27/2026
 
 
14,538,340
 
 
(724,762)
Net Unrealized Appreciation (Depreciation)
 
 
$196,257
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
48
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG NEM DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 17.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
315,233
 
 
$315,233
TOTAL MONEY MARKET FUNDS
(Cost $315,233)
 
 
 
 
315,233
TOTAL INVESTMENTS - 17.2%
(Cost $315,233)
 
 
 
 
$315,233
Other Assets in Excess of
Liabilities - 82.8%
 
 
 
 
1,513,964
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,829,197
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Newmont Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
12/22/2026
 
 
$133,308
 
 
$27,233
Newmont Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
2,543,183
 
 
250,561
Newmont Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
12/17/2026
 
 
980,925
 
 
(42,311)
Net Unrealized Appreciation (Depreciation)
 
 
$235,483
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
49
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG NET DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares  
 
 
Value 
MONEY MARKET FUNDS - 12.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
588,950
 
 
$588,950
TOTAL MONEY MARKET FUNDS
(Cost $588,950)
 
 
 
 
588,950
TOTAL INVESTMENTS - 12.6%
(Cost $588,950)
 
 
 
 
$588,950
Other Assets in Excess of
Liabilities - 87.4%
 
 
 
 
4,088,415
TOTAL NET ASSETS - 100.0%
 
 
 
 
$4,677,365
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Cloudflare, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
12/22/2026
 
 
$338,201
 
 
$49,815
Cloudflare, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
8,136,079
 
 
(102,763)
Cloudflare, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
874,402
 
 
296,634
Net Unrealized Appreciation (Depreciation)
 
 
$243,686
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
50
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG NIO DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 5.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
157,764
 
 
$157,764
TOTAL MONEY MARKET FUNDS
(Cost $157,764)
 
 
 
 
157,764
TOTAL INVESTMENTS - 5.1%
(Cost $157,764)
 
 
 
 
$157,764
Other Assets in Excess of
Liabilities - 94.9%
 
 
 
 
2,931,666
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,089,430
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
NIO, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 14.00%
 
 
Termination
 
 
01/18/2027
 
 
$55,791
 
 
$13,591
NIO, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/27/2027
 
 
5,370,616
 
 
147,794
NIO, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
05/11/2027
 
 
10,665
 
 
3
NIO, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
739,035
 
 
172,044
Net Unrealized Appreciation (Depreciation)
 
 
$333,432
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
51
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG NU DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 9.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
48,335
 
 
$48,335
TOTAL MONEY MARKET FUNDS
(Cost $48,335)
 
 
 
 
48,335
TOTAL INVESTMENTS - 9.7%
(Cost $48,335)
 
 
 
 
$48,335
Other Assets in Excess of Liabilities - 90.3%
 
 
 
 
448,548
TOTAL NET ASSETS - 100.0%
 
 
 
 
$496,883
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
NU Holdings Ltd.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
12/22/2026
 
 
$224,440
 
 
$(7,144)
NU Holdings Ltd.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
556,003
 
 
10,694
NU Holdings Ltd.
 
 
Marex Capital Markets, Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
212,856
 
 
7,284
Net Unrealized Appreciation (Depreciation)
 
 
$10,834
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
52
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG NVDA DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 11.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,002,503
 
 
$3,002,503
TOTAL MONEY MARKET FUNDS
(Cost $3,002,503)
 
 
 
 
3,002,503
TOTAL INVESTMENTS - 11.2%
(Cost $3,002,503)
 
 
 
 
$3,002,503
Other Assets in Excess of
Liabilities - 88.8%
 
 
 
 
23,856,099
TOTAL NET ASSETS - 100.0%
 
 
 
 
$26,858,602
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
NVIDIA Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
02/22/2027
 
 
$7,174,542
 
 
$424,815
NVIDIA Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
02/24/2027
 
 
33,110,659
 
 
(2,588,600)
NVIDIA Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
02/15/2027
 
 
13,428,067
 
 
1,300,397
Net Unrealized Appreciation (Depreciation)
 
 
$(863,388)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
53
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG OKTA DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 6.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
55,157
 
 
$55,157
TOTAL MONEY MARKET FUNDS
(Cost $55,157)
 
 
 
 
55,157
TOTAL INVESTMENTS - 6.1%
(Cost $55,157)
 
 
 
 
$55,157
Other Assets in Excess of Liabilities - 93.9%
 
 
 
 
852,537
TOTAL NET ASSETS - 100.0%
 
 
 
 
$907,694
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Okta, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
12/22/2026
 
 
$182,652
 
 
$16,236
Okta, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
12/16/2026
 
 
1,056,362
 
 
100,196
Okta, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
05/11/2027
 
 
8,838
 
 
(289)
Okta, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
567,105
 
 
57,434
Net Unrealized Appreciation (Depreciation)
 
 
$173,577
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
54
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG ONDS DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 7.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,064,037
 
 
$1,064,037
TOTAL MONEY MARKET FUNDS
(Cost $1,064,037)
 
 
 
 
1,064,037
TOTAL INVESTMENTS - 7.3%
(Cost $1,064,037)
 
 
 
 
$1,064,037
Other Assets in Excess of
Liabilities - 92.7%
 
 
 
 
13,576,101
TOTAL NET ASSETS - 100.0%
 
 
 
 
$14,640,138
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Ondas, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 17.50%
 
 
Termination
 
 
03/31/2027
 
 
$100,400
 
 
$(6,703)
Ondas, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 11.00%
 
 
Termination
 
 
02/17/2027
 
 
6,640,115
 
 
420,462
Ondas, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
9,689
 
 
​568
Ondas, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
02/13/2027
 
 
22,505,664
 
 
1,151,150
Net Unrealized Appreciation (Depreciation)
 
 
$1,565,477
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
55
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG OPEN DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
158,517
 
 
$158,517
TOTAL MONEY MARKET FUNDS
(Cost $158,517)
 
 
 
 
158,517
TOTAL INVESTMENTS - 10.9%
(Cost $158,517)
 
 
 
 
$158,517
Other Assets in Excess of
Liabilities - 89.1%
 
 
 
 
1,292,343
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,450,860
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Opendoor Technologies, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 10.00%
 
 
Termination
 
 
01/11/2027
 
 
$131,810
 
 
$5,124
Opendoor Technologies, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
01/13/2027
 
 
361,315
 
 
7,556
Opendoor Technologies, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 15.00%
 
 
Termination
 
 
05/11/2027
 
 
21,229
 
 
1,516
Opendoor Technologies, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
01/11/2027
 
 
2,386,622
 
 
170,151
Net Unrealized Appreciation (Depreciation)
 
 
$184,347
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
56
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG ORLY DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 12.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
18,851
 
 
$18,851
TOTAL MONEY MARKET FUNDS
(Cost $18,851)
 
 
 
 
18,851
TOTAL INVESTMENTS - 12.2%
(Cost $18,851)
 
 
 
 
$18,851
Other Assets in Excess of Liabilities - 87.8%
 
 
 
 
135,647
TOTAL NET ASSETS - 100.0%
 
 
 
 
$154,498
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
O’Reilly Automotive, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
03/31/2027
 
 
$32,802
 
 
$1,446
O’Reilly Automotive, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
02/17/2027
 
 
231,503
 
 
23,999
O’Reilly Automotive, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
02/15/2027
 
 
44,730
 
 
(2,409)
Net Unrealized Appreciation (Depreciation)
 
 
$23,036
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
57
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG OSCR DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 15.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
184,337
 
 
$184,337
TOTAL MONEY MARKET FUNDS
(Cost $184,337)
 
 
 
 
184,337
TOTAL INVESTMENTS - 15.6%
(Cost $184,337)
 
 
 
 
$184,337
Other Assets in Excess of
Liabilities - 84.4%
 
 
 
 
999,642
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,183,979
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Oscar Health, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 5.00%
 
 
Termination
 
 
09/09/2026
 
 
$404,385
 
 
$—
Oscar Health, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
12/09/2026
 
 
335,492
 
 
47,008
Oscar Health, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
12,922
 
 
2,672
Oscar Health, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
12/05/2026
 
 
1,614,438
 
 
224,716
Net Unrealized Appreciation (Depreciation)
 
 
$274,396
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
58
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG PANW DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 20.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,048,072
 
 
$1,048,072
TOTAL MONEY MARKET FUNDS
(Cost $1,048,072)
 
 
 
 
1,048,072
TOTAL INVESTMENTS - 20.2%
(Cost $1,048,072)
 
 
 
 
$1,048,072
Other Assets in Excess of
Liabilities - 79.8%
 
 
 
 
4,148,084
TOTAL NET ASSETS - 100.0%
 
 
 
 
$5,196,156
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Palo Alto Networks, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
05/24/2027
 
 
$2,764,218
 
 
$(34,221)
Palo Alto Networks, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/24/2027
 
 
7,046,738
 
 
977,650
Palo Alto Networks, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
05/07/2027
 
 
572,031
 
 
35,329
Net Unrealized Appreciation (Depreciation)
 
 
$978,758
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
59
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG PBR DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 16.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
481,215
 
 
$481,215
TOTAL MONEY MARKET FUNDS
(Cost $481,215)
 
 
 
 
481,215
TOTAL INVESTMENTS - 16.9%
(Cost $481,215)
 
 
 
 
$481,215
Other Assets in Excess of
Liabilities - 83.1%
 
 
 
 
2,372,591
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,853,806
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Petroleo Brasileiro SA
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
01/18/2027
 
 
$55,141
 
 
$—
Petroleo Brasileiro SA
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
01/27/2027
 
 
4,163,273
 
 
682,785
Petroleo Brasileiro SA
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
1,486,717
 
 
274
Net Unrealized Appreciation (Depreciation)
 
 
$683,059
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
60
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG PLTR DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 12.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,217,038
 
 
$3,217,038
TOTAL MONEY MARKET FUNDS
(Cost $3,217,038)
 
 
 
 
3,217,038
TOTAL INVESTMENTS - 12.6%
(Cost $3,217,038)
 
 
 
 
$3,217,038
Other Assets in Excess of
Liabilities - 87.4%
 
 
 
 
22,393,785
TOTAL NET ASSETS - 100.0%
 
 
 
 
$25,610,823
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Palantir Technologies, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
05/27/2026
 
 
$8,611,605
 
 
$743,302
Palantir Technologies, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
05/27/2026
 
 
31,393,371
 
 
559,062
Palantir Technologies, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
05/25/2026
 
 
11,205,311
 
 
799,762
Net Unrealized Appreciation (Depreciation)
 
 
$2,102,126
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG PLUG DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 40.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)(b)
 
 
1,361,697
 
 
$1,361,697
TOTAL MONEY MARKET FUNDS
(Cost $1,361,697)
 
 
 
 
1,361,697
TOTAL INVESTMENTS - 40.6%
(Cost $1,361,697)
 
 
 
 
$1,361,697
Other Assets in Excess of
Liabilities - 59.4%
 
 
 
 
1,994,206
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,355,903
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
(b)
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/
Receive
Reference
Entity
 
 
Financing
Rate
 
 
Payment
Frequency*
 
 
Maturity
Date
 
 
Notional
Amount
 
 
Value/
Unrealized
Appreciation
(Depreciation)
Plug Power, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 20.00%
 
 
Termination
 
 
03/31/2027
 
 
$196,251
 
 
$17,620
Plug Power, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
03/31/2027
 
 
956,619
 
 
86,880
Plug Power, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
18,902
 
 
​1,506
Plug Power, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
02/13/2027
 
 
5,536,344
 
 
(496,692)
Net Unrealized Appreciation (Depreciation)
 
 
$(390,705)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG PYPL DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 13.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
3,455,840
 
 
$3,455,840
TOTAL MONEY MARKET FUNDS
(Cost $3,455,840)
 
 
 
 
3,455,840
TOTAL INVESTMENTS - 13.8%
(Cost $3,455,840)
 
 
 
 
$3,455,840
Other Assets in Excess of
Liabilities - 86.2%
 
 
 
 
21,505,323
TOTAL NET ASSETS - 100.0%
 
 
 
 
$24,961,163
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
PayPal Holdings, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
03/04/2027
 
 
$13,334,733
 
 
$2,288,737
PayPal Holdings, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/08/2027
 
 
30,937,734
 
 
(653,424)
PayPal Holdings, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
05/04/2026
 
 
5,616,432
 
 
1,020,709
Net Unrealized Appreciation (Depreciation)
 
 
$ 2,656,022
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG RTX DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
432,201
 
 
$432,201
TOTAL MONEY MARKET FUNDS
(Cost $432,201)
 
 
 
 
432,201
TOTAL INVESTMENTS - 10.4%
(Cost $432,201)
 
 
 
 
$432,201
Other Assets in Excess of
Liabilities - 89.6%
 
 
 
 
3,721,030
TOTAL NET ASSETS - 100.0%
 
 
 
 
$ 4,153,231
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
RTX Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
07/06/2026
 
 
$ 1,135,652
 
 
$(90,759)
RTX Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
07/08/2026
 
 
6,489,236
 
 
(126,761)
RTX Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
07/06/2026
 
 
677,870
 
 
22,865
Net Unrealized Appreciation (Depreciation)
 
 
$(194,655)
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Leverage Shares 2X Long SATS Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
MONEY MARKET FUNDS - 11.2%
 
 
 
 
First American Treasury Obligations Fund -
Class X, 3.59%(a)
 
 
2,049,750
 
 
$2,049,750
TOTAL MONEY MARKET FUNDS
(Cost $2,049,750)
 
 
 
 
2,049,750
TOTAL INVESTMENTS - 11.2%
(Cost $2,049,750)
 
 
 
 
$2,049,750
Other Assets in Excess of
Liabilities - 88.8%
 
 
 
 
16,174,334
TOTAL NET ASSETS - 100.0%
 
 
 
 
$18,224,084
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
EchoStar Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/19/2027
 
 
$1,188,301
 
 
$67,649
EchoStar Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/20/2027
 
 
30,913,928
 
 
1,276,089
EchoStar Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 10.00%
 
 
Termination
 
 
05/11/2027
 
 
10,097
 
 
24
EchoStar Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/18/2027
 
 
4,317,904
 
 
132,426
Net Unrealized Appreciation (Depreciation)
 
 
$1,476,188
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
65
 

TABLE OF CONTENTS

Leverage Shares 2X Long SBUX Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 14.7%
 
 
 
 
First American Treasury Obligations Fund -
Class X, 3.59%(a)
 
 
109,537
 
 
$109,537
TOTAL MONEY MARKET FUNDS
(Cost $109,537)
 
 
 
 
109,537
TOTAL INVESTMENTS - 14.7%
(Cost $109,537)
 
 
 
 
$109,537
Other Assets in Excess of Liabilities - 85.3%
 
 
 
 
635,645
TOTAL NET ASSETS - 100.0%
 
 
 
 
$745,182
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Starbucks Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/22/2026
 
 
$145,882
 
 
$12,390
Starbucks Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
1,022,754
 
 
65,448
Starbucks Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
12/17/2026
 
 
321,257
 
 
55,669
Net Unrealized Appreciation (Depreciation)
 
 
$ 133,507
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
66
 

TABLE OF CONTENTS

Leverage Shares 2X Long SNAP Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 12.2%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
340,376
 
 
$340,376
TOTAL MONEY MARKET FUNDS
(Cost $340,376)
 
 
 
 
340,376
TOTAL INVESTMENTS - 12.2%
(Cost $340,376)
 
 
 
 
$340,376
Other Assets in Excess of Liabilities - 87.8%
 
 
 
 
2,450,513
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,790,889
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Snap, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
01/18/2027
 
 
$34,423
 
 
$8,977
Snap, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.75%
 
 
Termination
 
 
01/27/2027
 
 
4,081,134
 
 
282,385
Snap, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
05/11/2027
 
 
12,686
 
 
​2,799
Snap, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
1,451,519
 
 
2,988
Net Unrealized Appreciation (Depreciation)
 
 
$297,149
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long SPOT Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 9.5%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
390,856
 
 
$390,856
TOTAL MONEY MARKET FUNDS
(Cost $390,856)
 
 
 
 
390,856
TOTAL INVESTMENTS - 9.5%
(Cost $390,856)
 
 
 
 
$390,856
Other Assets in Excess of Liabilities - 90.5%
 
 
 
 
3,742,728
TOTAL NET ASSETS - 100.0%
 
 
 
 
$4,133,584
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Spotify Technology SA
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
12/22/2026
 
 
$1,183,358
 
 
$(41,575)
Spotify Technology SA
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
6,203,473
 
 
157,491
Spotify Technology SA
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
877,471
 
 
(52,282)
Net Unrealized Appreciation (Depreciation)
 
 
$63,634
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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LEVERAGE SHARES 2X LONG TER DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 7.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,162,998
 
 
$1,162,998
TOTAL MONEY MARKET FUNDS
(Cost $1,162,998)
 
 
 
 
1,162,998
TOTAL INVESTMENTS - 7.3%
(Cost $1,162,998)
 
 
 
 
$1,162,998
Other Assets in Excess of
Liabilities - 92.7%
 
 
 
 
14,859,666
TOTAL NET ASSETS - 100.0%
 
 
 
 
$16,022,664
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Teradyne, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/22/2026
 
 
$532,379
 
 
$106,254
Teradyne, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
12/16/2026
 
 
27,779,854
 
 
2,412,600
Teradyne, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
05/11/2027
 
 
9,617
 
 
(417)
Teradyne, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
12/17/2026
 
 
3,704,324
 
 
271,023
Net Unrealized Appreciation (Depreciation)
 
 
 
 
 
 
$2,789,460
 
 
 
 
 
 
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Leverage Shares 2X Long TSLA Daily ETF
Schedule of Investments
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value  
MONEY MARKET FUNDS - 10.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
4,622,931
 
 
$4,622,931
TOTAL MONEY MARKET FUNDS
(Cost $4,622,931)
 
 
 
 
4,622,931
TOTAL INVESTMENTS - 10.6%
(Cost $4,622,931)
 
 
 
 
$4,622,931
Other Assets in Excess of
Liabilities - 89.4%
 
 
 
 
38,897,241
TOTAL NET ASSETS - 100.0%
 
 
 
 
$43,520,172
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
Schedule of Total Return Swap Contracts
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Tesla, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
02/22/2027
 
 
$20,608,020
 
 
$1,186,774
Tesla, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
05/19/2027
 
 
44,475,542
 
 
2,863,389
Tesla, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
02/15/2027
 
 
21,969,294
 
 
(626,625)
Net Unrealized Appreciation (Depreciation)
 
 
$3,423,538
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG TSM DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 11.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
2,660,547
 
 
$2,660,547
TOTAL MONEY MARKET FUNDS
(Cost $2,660,547)
 
 
 
 
2,660,547
TOTAL INVESTMENTS - 11.0%
(Cost $2,660,547)
 
 
 
 
$2,660,547
Other Assets in Excess of
Liabilities - 89.0%
 
 
 
 
21,420,902
TOTAL NET ASSETS - 100.0%
 
 
 
 
$24,081,449
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Taiwan Semiconductor Manufacturing Co. Ltd.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
03/08/2027
 
 
$11,634,263
 
 
$1,361,880
Taiwan Semiconductor Manufacturing Co. Ltd.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
03/17/2027
 
 
30,606,725
 
 
(646,148)
Taiwan Semiconductor Manufacturing Co. Ltd.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
03/22/2027
 
 
5,906,839
 
 
416,921
Net Unrealized Appreciation (Depreciation)
 
 
$1,132,653
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG UEC DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 8.5%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
132,747
 
 
$132,747
TOTAL MONEY MARKET FUNDS
(Cost $132,747)
 
 
 
 
132,747
TOTAL INVESTMENTS - 8.5%
(Cost $132,747)
 
 
 
 
$132,747
Other Assets in Excess of
Liabilities - 91.5%
 
 
 
 
1,427,087
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,559,834
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Uranium Energy Corp.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 12.00%
 
 
Termination
 
 
03/10/2027
 
 
$771,064
 
 
$3,311
Uranium Energy Corp.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 9.25%
 
 
Termination
 
 
03/17/2027
 
 
163,790
 
 
44,325
Uranium Energy Corp.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
19,833
 
 
935
Uranium Energy Corp.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/18/2027
 
 
2,163,517
 
 
197,284
Net Unrealized Appreciation (Depreciation)
 
 
$245,855
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG UNH DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 15.4%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
26,259,697
 
 
$26,259,697
TOTAL MONEY MARKET FUNDS
(Cost $26,259,697)
 
 
 
 
26,259,697
TOTAL INVESTMENTS - 15.4%
(Cost $26,259,697)
 
 
 
 
$​26,259,697
Other Assets in Excess of
Liabilities - 84.6%
 
 
 
 
144,493,345
TOTAL NET ASSETS - 100.0%
 
 
 
 
$170,753,042
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
UnitedHealth Group, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
08/21/2026
 
 
$111,977,580
 
 
$31,609,773
UnitedHealth Group, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
08/26/2026
 
 
174,408,647
 
 
7,433,364
UnitedHealth Group, Inc.
 
 
Marex Capital Markets
Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
08/22/2026
 
 
54,888,464
 
 
575,240
Net Unrealized Appreciation (Depreciation)
 
 
$39,618,377
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG UPS DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 10.5%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
89,804
 
 
$89,804
TOTAL MONEY MARKET FUNDS
(Cost $89,804)
 
 
 
 
89,804
TOTAL INVESTMENTS - 10.5%
(Cost $89,804)
 
 
 
 
$89,804
Other Assets in Excess of
Liabilities - 89.5%
 
 
 
 
768,207
TOTAL NET ASSETS - 100.0%
 
 
 
 
$858,011
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
United Parcel Service, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
01/11/2027
 
 
$488,512
 
 
$9,338
United Parcel Service, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
01/13/2027
 
 
1,028,595
 
 
78,266
United Parcel Service, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/11/2027
 
 
198,234
 
 
15,559
Net Unrealized Appreciation (Depreciation)
 
 
$103,163
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
74
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG USAR DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 7.8%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,124,563
 
 
$1,124,563
TOTAL MONEY MARKET FUNDS
(Cost $1,124,563)
 
 
 
 
1,124,563
TOTAL INVESTMENTS - 7.8%
(Cost $1,124,563)
 
 
 
 
$1,124,563
Other Assets in Excess of
Liabilities - 92.2%
 
 
 
 
13,289,729
TOTAL NET ASSETS - 100.0%
 
 
 
 
$14,414,292
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
USA Rare Earth, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 10.00%
 
 
Termination
 
 
03/31/2027
 
 
$597,310
 
 
$190,923
USA Rare Earth, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 11.00%
 
 
Termination
 
 
02/17/2027
 
 
4,364,207
 
 
1,177,422
USA Rare Earth, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
15,920
 
 
5,631
USA Rare Earth, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
02/13/2027
 
 
23,840,460
 
 
2,523,427
Net Unrealized Appreciation (Depreciation)
 
 
$3,897,403
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
75
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG UUUU DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 8.0%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
1,361,376
 
 
$1,361,376
TOTAL MONEY MARKET FUNDS
(Cost $1,361,376)
 
 
 
 
1,361,376
TOTAL INVESTMENTS - 8.0%
(Cost $1,361,376)
 
 
 
 
$1,361,376
Other Assets in Excess of
Liabilities - 92.0%
 
 
 
 
15,735,277
TOTAL NET ASSETS - 100.0%
 
 
 
 
$17,096,653
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Energy Fuels, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
03/31/2027
 
 
$627,560
 
 
$48,729
Energy Fuels, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 8.00%
 
 
Termination
 
 
02/17/2027
 
 
6,453,199
 
 
836,012
Energy Fuels, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 13.00%
 
 
Termination
 
 
05/11/2027
 
 
11,945
 
 
1,798
Energy Fuels, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
02/13/2027
 
 
27,071,640
 
 
699,629
Net Unrealized Appreciation (Depreciation)
 
 
$1,586,168
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
76
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG VALE DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 19.9%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
176,852
 
 
$176,852
TOTAL MONEY MARKET FUNDS
(Cost $176,852)
 
 
 
 
176,852
TOTAL INVESTMENTS - 19.9%
(Cost $176,852)
 
 
 
 
$176,852
Other Assets in Excess of
Liabilities - 80.1%
 
 
 
 
710,696
TOTAL NET ASSETS - 100.0%
 
 
 
 
$887,548
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Vale SA
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 7.50%
 
 
Termination
 
 
01/18/2027
 
 
$34,732
 
 
$7,251
Vale SA
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 1.25%
 
 
Termination
 
 
01/27/2027
 
 
1,090,934
 
 
94,609
Vale SA
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
01/27/2027
 
 
648,674
 
 
19,559
Net Unrealized Appreciation (Depreciation)
 
 
$121,419
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
77
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG WORLD STOCK DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 20.7%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
526,598
 
 
$526,598
TOTAL MONEY MARKET FUNDS
(Cost $526,598)
 
 
 
 
526,598
TOTAL INVESTMENTS - 20.7%
(Cost $526,598)
 
 
 
 
$526,598
Other Assets in Excess of
Liabilities - 79.3%
 
 
 
 
2,015,851
TOTAL NET ASSETS - 100.0%
 
 
 
 
$2,542,449
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Vanguard Total World Stock ETF
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
04/12/2027
 
 
$2,125,872
 
 
$164,529
Vanguard Total World Stock ETF
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.00%
 
 
Termination
 
 
04/14/2027
 
 
1,762,085
 
 
116,836
Vanguard Total World Stock ETF
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
04/10/2027
 
 
1,195,236
 
 
78,401
Net Unrealized Appreciation (Depreciation)
 
 
$359,766
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
78
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG XPEV DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 5.1%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
66,437
 
 
$66,437
TOTAL MONEY MARKET FUNDS
(Cost $66,437)
 
 
 
 
66,437
TOTAL INVESTMENTS - 5.1%
(Cost $66,437)
 
 
 
 
$66,437
Other Assets in Excess of
Liabilities - 94.9%
 
 
 
 
1,225,450
TOTAL NET ASSETS - 100.0%
 
 
 
 
$1,291,887
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
XPeng, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 7.00%
 
 
Termination
 
 
03/31/2027
 
 
$13,855
 
 
$(2,501)
XPeng, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 2.50%
 
 
Termination
 
 
02/17/2027
 
 
2,103,515
 
 
55,179
XPeng, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
02/15/2027
 
 
465,479
 
 
(35,496)
Net Unrealized Appreciation (Depreciation)
 
 
$17,182
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
79
 

TABLE OF CONTENTS

LEVERAGE SHARES 2X LONG XYZ DAILY ETF
SCHEDULE OF INVESTMENTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
MONEY MARKET FUNDS - 24.3%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.59%(a)
 
 
869,318
 
 
$869,318
TOTAL MONEY MARKET FUNDS
(Cost $869,318)
 
 
 
 
869,318
TOTAL INVESTMENTS - 24.3%
(Cost $869,318)
 
 
 
 
$869,318
Other Assets in Excess of
Liabilities - 75.7%
 
 
 
 
2,708,688
TOTAL NET ASSETS - 100.0%
 
 
 
 
$3,578,006
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
(a)
The rate shown represents the 7-day annualized yield as of April 30, 2026.
SCHEDULE OF TOTAL RETURN SWAP CONTRACTS
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reference Entity
 
 
Counterparty
 
 
Pay/ Receive Reference Entity
 
 
Financing
Rate
 
 
Payment Frequency*
 
 
Maturity Date
 
 
Notional Amount
 
 
Value/ Unrealized Appreciation (Depreciation)
Block, Inc.
 
 
Cantor Fitzgerald & Co.
 
 
Receive
 
 
OBFR + 4.00%
 
 
Termination
 
 
03/05/2027
 
 
$938,418
 
 
$175,837
Block, Inc.
 
 
Clear Street LLC
 
 
Receive
 
 
OBFR + 3.50%
 
 
Termination
 
 
03/08/2027
 
 
1,152,345
 
 
194,082
Block, Inc.
 
 
Jane Street Group, LLC
 
 
Receive
 
 
OBFR + 9.00%
 
 
Termination
 
 
05/11/2027
 
 
185,512
 
 
20,173
Block, Inc.
 
 
Marex Capital Markets Inc.
 
 
Receive
 
 
OBFR + 3.00%
 
 
Termination
 
 
03/05/2027
 
 
4,873,228
 
 
119,493
Net Unrealized Appreciation (Depreciation)
 
 
$509,585
 
 
 
 
*
Financing reset of swap contracts are effective on the last day of each month. Equity reset of swap contracts are effective on termination or periodically throughout the month.
There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2026.
OBFR - Overnight Bank Funding Rate was 3.64% as of April 30, 2026.
The accompanying notes are an integral part of these financial statements.
 
80
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Capped
Accelerated
COIN Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
MSTR Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
NVDA Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
PLTR Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
TSLA Monthly
ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$302,527
 
 
$576,424
 
 
$2,691,845
 
 
$879,913
 
 
$2,096,545
Receivable for swap contracts
 
 
50,570
 
 
217,360
 
 
544,510
 
 
49,854
 
 
182,150
Dividends receivable
 
 
28
 
 
46
 
 
137
 
 
49
 
 
100
Due from broker
 
 
​21
 
 
48
 
 
158
 
 
51
 
 
60
Total assets
 
 
​353,146
 
 
793,878
 
 
3,236,650
 
 
929,867
 
 
2,278,855
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Written options, at value
 
 
22,584
 
 
42,426
 
 
113,919
 
 
49,560
 
 
78,792
Payable for swap contracts
 
 
173,886
 
 
171,092
 
 
1,745,879
 
 
462,313
 
 
1,140,384
Payable to Adviser
 
 
85
 
 
171
 
 
825
 
 
313
 
 
621
Payable to custodian
 
 
​—
 
 
279,504
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
​196,555
 
 
493,193
 
 
1,860,623
 
 
512,186
 
 
1,219,797
NET ASSETS
 
 
​$156,591
 
 
$300,685
 
 
$1,376,027
 
 
$417,681
 
 
$1,059,058
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$550,436
 
 
$750,273
 
 
$1,375,753
 
 
$604,099
 
 
$1,163,142
Total distributable earnings/(accumulated losses)
 
 
​(393,845)
 
 
(449,588)
 
 
274
 
 
(186,418)
 
 
(104,084)
Total net assets
 
 
​$156,591
 
 
$300,685
 
 
$1,376,027
 
 
$417,681
 
 
$1,059,058
Net assets
 
 
$156,591
 
 
$300,685
 
 
$1,376,027
 
 
$417,681
 
 
$1,059,058
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
20,000
 
 
40,000
 
 
70,000
 
 
30,000
 
 
60,000
Net asset value per share
 
 
$7.83
 
 
$7.52
 
 
$19.66
 
 
$13.92
 
 
$17.65
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$302,570
 
 
$576,515
 
 
$2,692,224
 
 
$880,056
 
 
$2,096,759
Proceeds:
 
 
 
 
 
 
 
 
 
 
​
Written options premium received
 
 
$22,547
 
 
$42,342
 
 
$113,598
 
 
$49,421
 
 
$78,662
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
81
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long AAL
Daily ETF
 
 
Leverage
Shares 2X
Long ABNB
Daily ETF
 
 
Leverage
Shares 2X
Long ADBE
Daily ETF
 
 
Leverage
Shares 2X
Long ALB
Daily ETF
 
 
Leverage
Shares 2X
Long AMD
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$645,253
 
 
$53,794
 
 
$3,832,507
 
 
$125,307
 
 
$787,016
Segregated cash for swap contracts
 
 
2,871,839
 
 
373,635
 
 
34,346,533
 
 
1,152,124
 
 
22,478,617
Unrealized appreciation on swap contracts
 
 
​617,378
 
 
130,298
 
 
1,430,621
 
 
207,620
 
 
2,600,068
Dividends receivable
 
 
1,738
 
 
147
 
 
9,429
 
 
240
 
 
8,418
Receivable for capital shares sold
 
 
—
 
 
—
 
 
—
 
 
85,261
 
 
—
Receivable for swap contracts
 
 
​1,518
 
 
—
 
 
—
 
 
5,106
 
 
20,920
Total assets
 
 
​4,137,726
 
 
557,874
 
 
39,619,090
 
 
1,575,658
 
 
25,895,039
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
59,777
 
 
21,050
 
 
690,144
 
 
40,561
 
 
130,883
Payable to Adviser
 
 
2,508
 
 
306
 
 
20,278
 
 
648
 
 
15,890
Unrealized depreciation on swap contracts
 
 
—
 
 
—
 
 
438,048
 
 
—
 
 
—
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
916,200
 
 
—
 
 
1,496,793
Total liabilities
 
 
​62,285
 
 
21,356
 
 
2,064,670
 
 
41,209
 
 
1,643,566
NET ASSETS
 
 
​$4,075,441
 
 
$536,518
 
 
$37,554,420
 
 
$1,534,449
 
 
$24,251,473
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$4,163,499
 
 
$445,254
 
 
$62,622,308
 
 
$1,675,717
 
 
$8,376,929
Total distributable earnings/(accumulated losses)
 
 
​(88,058)
 
 
91,264
 
 
(25,067,888)
 
 
(141,268)
 
 
15,874,544
Total net assets
 
 
​$4,075,441
 
 
$536,518
 
 
$37,554,420
 
 
$1,534,449
 
 
$24,251,473
Net assets
 
 
$4,075,441
 
 
$536,518
 
 
$37,554,420
 
 
$1,534,449
 
 
$24,251,473
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
445,000
 
 
30,000
 
 
8,200,000
 
 
90,000
 
 
405,000
Net asset value per share
 
 
$9.16
 
 
$17.88
 
 
$4.58
 
 
$17.05
 
 
$59.88
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$645,253
 
 
$53,794
 
 
$3,832,507
 
 
$125,307
 
 
$787,016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
82
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long ARM
Daily ETF
 
 
Leverage
Shares 2X
Long ASML
Daily ETF
 
 
Leverage
Shares 2X
Long AVGO
Daily ETF
 
 
Leverage
Shares 2X
Long AXP
Daily ETF
 
 
Leverage
Shares 2X
Long BA
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$6,242,190
 
 
$3,650,167
 
 
$3,610,407
 
 
$120,632
 
 
$654,921
Segregated cash for swap contracts
 
 
41,475,451
 
 
22,879,939
 
 
25,794,189
 
 
535,510
 
 
2,995,018
Unrealized appreciation on swap contracts
 
 
12,291,102
 
 
8,448,698
 
 
8,454,648
 
 
47,343
 
 
1,026,759
Receivable for swap contracts
 
 
3,698,939
 
 
188,601
 
 
1,308,815
 
 
1,797
 
 
—
Receivable for capital shares sold
 
 
1,842,781
 
 
—
 
 
1,620,463
 
 
—
 
 
—
Dividends receivable
 
 
​9,442
 
 
12,503
 
 
12,319
 
 
299
 
 
1,592
Total assets
 
 
​65,559,905
 
 
35,179,908
 
 
40,800,841
 
 
705,581
 
 
4,678,290
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable to Adviser
 
 
20,751
 
 
21,320
 
 
24,935
 
 
346
 
 
2,659
Payable for swap contracts
 
 
—
 
 
2,788,184
 
 
59,676
 
 
18,767
 
 
57,110
Unrealized depreciation on swap contracts
 
 
—
 
 
27,837
 
 
30,308
 
 
—
 
 
—
Interest payable
 
 
—
 
 
50
 
 
—
 
 
—
 
 
—
Payable for capital shares redeemed
 
 
​—
 
 
3,504,389
 
 
720,206
 
 
—
 
 
—
Total liabilities
 
 
​20,751
 
 
6,341,780
 
 
835,125
 
 
19,113
 
 
59,769
NET ASSETS
 
 
​$65,539,154
 
 
$28,838,128
 
 
$39,965,716
 
 
$686,468
 
 
$4,618,521
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$40,709,206
 
 
$19,988,804
 
 
$28,361,365
 
 
$725,934
 
 
$3,838,942
Total distributable earnings/(accumulated losses)
 
 
​24,829,948
 
 
8,849,324
 
 
11,604,351
 
 
(39,466)
 
 
779,579
Total net assets
 
 
​$65,539,154
 
 
$28,838,128
 
 
$39,965,716
 
 
$686,468
 
 
$4,618,521
Net assets
 
 
$65,539,154
 
 
$28,838,128
 
 
$39,965,716
 
 
$686,468
 
 
$4,618,521
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
3,735,000
 
 
780,000
 
 
1,110,000
 
 
55,000
 
 
295,000
Net asset value per share
 
 
$17.55
 
 
$36.97
 
 
$36.01
 
 
$12.48
 
 
$15.66
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$6,242,190
 
 
$3,650,167
 
 
$3,610,407
 
 
$120,632
 
 
$654,921
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
83
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long BBAI
Daily ETF
 
 
Leverage
Shares 2X
Long BE
Daily ETF
 
 
Leverage
Shares 2X
Long BIDU
Daily ETF
 
 
Leverage
Shares 2X
Long BLSH
Daily ETF
 
 
Leverage
Shares 2X
Long BMNR
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$729,243
 
 
$364,235
 
 
$166,821
 
 
$284,358
 
 
$2,341,936
Segregated cash for swap contracts
 
 
14,624,706
 
 
19,870,644
 
 
1,187,715
 
 
1,509,615
 
 
32,452,100
Unrealized appreciation on swap contracts
 
 
​779,984
 
 
2,870,693
 
 
325,681
 
 
45,331
 
 
5,403,528
Dividends receivable
 
 
1,874
 
 
769
 
 
454
 
 
986
 
 
6,474
Receivable for capital shares sold
 
 
—
 
 
—
 
 
—
 
 
—
 
 
333,151
Receivable for swap contracts
 
 
​—
 
 
9,794
 
 
—
 
 
—
 
 
—
Total assets
 
 
​16,135,807
 
 
23,116,135
 
 
1,680,671
 
 
1,840,290
 
 
40,537,189
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Unrealized depreciation on swap contracts
 
 
988,049
 
 
437,420
 
 
—
 
 
99,913
 
 
68
Payable for capital shares redeemed
 
 
311,571
 
 
2,760,852
 
 
—
 
 
—
 
 
4,065,802
Payable for swap contracts
 
 
​158,320
 
 
128,880
 
 
38,707
 
 
91,398
 
 
1,918,660
Payable to Adviser
 
 
7,198
 
 
6,173
 
 
893
 
 
1,141
 
 
24,240
Interest payable
 
 
​550
 
 
—
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
​1,465,688
 
 
3,333,325
 
 
39,600
 
 
192,452
 
 
6,008,770
NET ASSETS
 
 
​$14,670,119
 
 
$19,782,810
 
 
$1,641,071
 
 
$1,647,838
 
 
$34,528,419
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$40,333,205
 
 
$3,777,439
 
 
$2,190,249
 
 
$2,261,984
 
 
$77,216,897
Total distributable earnings/(accumulated losses)
 
 
​(25,663,086)
 
 
16,005,371
 
 
(549,178)
 
 
(614,146)
 
 
(42,688,478)
Total net assets
 
 
​$14,670,119
 
 
$19,782,810
 
 
$1,641,071
 
 
$1,647,838
 
 
$34,528,419
Net assets
 
 
$14,670,119
 
 
$19,782,810
 
 
$1,641,071
 
 
$1,647,838
 
 
$34,528,419
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
424,000
 
 
215,000
 
 
110,000
 
 
320,000
 
 
1,270,750
Net asset value per share
 
 
$34.60
 
 
$92.01
 
 
$14.92
 
 
$5.15
 
 
$27.17
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$729,243
 
 
$364,235
 
 
$166,821
 
 
$284,358
 
 
$2,341,936
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
84
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long BULL
Daily ETF
 
 
Leverage
Shares 2X
Long CIFR
Daily ETF
 
 
Leverage
Shares 2X
Long CMG
Daily ETF
 
 
Leverage
Shares 2X
Long CNC
Daily ETF
 
 
Leverage
Shares 2X
Long COIN
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$871,319
 
 
$162,325
 
 
$47,490
 
 
$115,686
 
 
$869,970
Segregated cash for swap contracts
 
 
6,953,390
 
 
1,971,467
 
 
459,954
 
 
702,585
 
 
6,318,892
Unrealized appreciation on swap contracts
 
 
​965,957
 
 
​400,969
 
 
47,767
 
 
33,713
 
 
919,489
Dividends receivable
 
 
1,873
 
 
686
 
 
142
 
 
302
 
 
1,896
Receivable for capital shares sold
 
 
—
 
 
132,367
 
 
—
 
 
—
 
 
—
Receivable for swap contracts
 
 
​489
 
 
​18,208
 
 
882
 
 
—
 
 
—
Total assets
 
 
​8,793,028
 
 
​2,686,022
 
 
556,235
 
 
852,286
 
 
8,110,247
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Unrealized depreciation on swap contracts
 
 
334,321
 
 
​10,385
 
 
—
 
 
6,500
 
 
—
Payable for swap contracts
 
 
298,255
 
 
​27,450
 
 
8,024
 
 
124
 
 
467,788
Payable for capital shares redeemed
 
 
198,626
 
 
—
 
 
—
 
 
—
 
 
—
Payable to Adviser
 
 
​4,234
 
 
2,042
 
 
325
 
 
507
 
 
4,033
Total liabilities
 
 
​835,436
 
 
​39,877
 
 
8,349
 
 
7,131
 
 
471,821
NET ASSETS
 
 
​$7,957,592
 
 
$2,646,145
 
 
$547,886
 
 
$845,155
 
 
$7,638,426
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$26,607,838
 
 
$2,638,071
 
 
$602,680
 
 
$193,979
 
 
$15,626,441
Total distributable earnings/(accumulated losses)
 
 
​(18,650,246)
 
 
8,074
 
 
(54,794)
 
 
651,176
 
 
(7,988,015)
Total net assets
 
 
​$7,957,592
 
 
$2,646,145
 
 
$547,886
 
 
$845,155
 
 
$7,638,426
Net assets
 
 
$7,957,592
 
 
$2,646,145
 
 
$547,886
 
 
$845,155
 
 
$7,638,426
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
200,500
 
 
300,000
 
 
35,000
 
 
35,000
 
 
1,000,000
Net asset value per share
 
 
$39.69
 
 
$8.82
 
 
$15.65
 
 
$24.15
 
 
$7.64
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$871,319
 
 
$162,325
 
 
$47,490
 
 
$115,686
 
 
$869,970
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
85
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long COST
Daily ETF
 
 
Leverage
Shares 2X
Long CRCL
Daily ETF
 
 
Leverage
Shares 2X
Long CRM
Daily ETF
 
 
Leverage
Shares 2X
Long CRML
Daily ETF
 
 
Leverage
Shares 2X
Long CRWV
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$625,925
 
 
$10,874,176
 
 
$3,603,392
 
 
$358,637
 
 
$8,787,705
Segregated cash for swap contracts
 
 
3,657,075
 
 
126,014,971
 
 
29,920,233
 
 
2,363,628
 
 
140,099,069
Unrealized appreciation on swap contracts
 
 
602,433
 
 
8,261,029
 
 
188,062
 
 
​729,127
 
 
​9,692,504
Receivable for swap contracts
 
 
23,379
 
 
—
 
 
54,058
 
 
—
 
 
—
Dividends receivable
 
 
1,894
 
 
30,181
 
 
7,189
 
 
359
 
 
—
Receivable for capital shares sold
 
 
​—
 
 
1,091,645
 
 
—
 
 
160,665
 
 
671,234
Total assets
 
 
​4,910,706
 
 
146,272,002
 
 
33,772,934
 
 
​3,612,416
 
 
​159,250,512
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
15,508
 
 
​2,583,701
 
 
1,865,057
 
 
​130,553
 
 
​2,682,532
Payable to Adviser
 
 
3,025
 
 
83,711
 
 
13,613
 
 
795
 
 
104,041
Unrealized depreciation on swap contracts
 
 
—
 
 
​9,789,111
 
 
1,261,593
 
 
—
 
 
4,225,345
Interest payable
 
 
—
 
 
842
 
 
—
 
 
—
 
 
—
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
412,178
 
 
267,775
 
 
11,179,518
Total liabilities
 
 
​18,533
 
 
12,457,365
 
 
3,552,441
 
 
​399,123
 
 
​18,191,436
NET ASSETS
 
 
​$4,892,173
 
 
$133,814,637
 
 
$30,220,493
 
 
$3,213,293
 
 
$141,059,076
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$3,305,058
 
 
$214,417,577
 
 
$44,206,552
 
 
$2,553,985
 
 
$109,568,459
Total distributable earnings/(accumulated losses)
 
 
​1,587,115
 
 
(80,602,940)
 
 
(13,986,059)
 
 
659,308
 
 
31,490,617
Total net assets
 
 
​$4,892,173
 
 
$133,814,637
 
 
$30,220,493
 
 
$3,213,293
 
 
$141,059,076
Net assets
 
 
$4,892,173
 
 
$133,814,637
 
 
$30,220,493
 
 
$3,213,293
 
 
$141,059,076
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
320,000
 
 
5,824,500
 
 
5,500,000
 
 
300,000
 
 
3,048,500
Net asset value per share
 
 
$15.29
 
 
$22.97
 
 
$5.49
 
 
$10.71
 
 
$46.27
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$625,925
 
 
$10,874,176
 
 
$3,603,392
 
 
$358,637
 
 
$8,787,705
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
86
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long DNN
Daily ETF
 
 
Leverage
Shares 2X
Long DUOL
Daily ETF
 
 
Leverage
Shares 2X
Long FCX
Daily ETF
 
 
Leverage
Shares 2X
Long FIG
Daily ETF
 
 
Leverage
Shares 2X
Long FUTU
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$41,856
 
 
$439,919
 
 
$140,459
 
 
$210,626
 
 
$809,697
Segregated cash for swap contracts
 
 
251,520
 
 
3,888,099
 
 
1,421,079
 
 
9,789,215
 
 
7,055,344
Unrealized appreciation on swap contracts
 
 
24,739
 
 
1,469,282
 
 
6,977
 
 
283,063
 
 
801,878
Dividends receivable
 
 
128
 
 
1,635
 
 
508
 
 
831
 
 
2,634
Receivable for swap contracts
 
 
​—
 
 
—
 
 
5,320
 
 
—
 
 
226,726
Total assets
 
 
​318,243
 
 
5,798,935
 
 
1,574,343
 
 
10,283,735
 
 
8,896,279
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
​7,463
 
 
181,525
 
 
48,344
 
 
72,099
 
 
1,327,746
Unrealized depreciation on swap contracts
 
 
​2,761
 
 
4,367
 
 
119,500
 
 
319,461
 
 
—
Payable to Adviser
 
 
239
 
 
4,307
 
 
894
 
 
5,491
 
 
5,723
Interest payable
 
 
—
 
 
—
 
 
—
 
 
188
 
 
—
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
—
 
 
318,371
 
 
—
Total liabilities
 
 
​10,463
 
 
190,199
 
 
168,738
 
 
715,610
 
 
1,333,469
NET ASSETS
 
 
​$307,780
 
 
$5,608,736
 
 
$1,405,605
 
 
$9,568,125
 
 
$7,562,810
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$427,768
 
 
$7,798,796
 
 
$1,799,937
 
 
$27,204,262
 
 
$8,775,169
Total accumulated losses
 
 
​(119,988)
 
 
(2,190,060)
 
 
(394,332)
 
 
(17,636,137)
 
 
(1,212,359)
Total net assets
 
 
​$307,780
 
 
$5,608,736
 
 
$1,405,605
 
 
$9,568,125
 
 
$7,562,810
Net assets
 
 
$307,780
 
 
$5,608,736
 
 
$1,405,605
 
 
$9,568,125
 
 
$7,562,810
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
25,000
 
 
146,000
 
 
120,000
 
 
608,500
 
 
655,000
Net asset value per share
 
 
$12.31
 
 
$38.42
 
 
$11.71
 
 
$15.72
 
 
$11.55
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$41,856
 
 
$439,919
 
 
$140,459
 
 
$210,626
 
 
$809,697
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
87
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long GEMI
Daily ETF
 
 
Leverage
Shares 2X
Long GEV
Daily ETF
 
 
Leverage
Shares 2X
Long GLW
Daily ETF
 
 
Leverage
Shares 2X
Long GLXY
Daily ETF
 
 
Leverage
Shares 2X
Long GRAB
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$106,643
 
 
$1,024,359
 
 
$3,435,099
 
 
$172,549
 
 
$115,309
Segregated cash for swap contracts
 
 
461,967
 
 
7,442,524
 
 
17,451,783
 
 
2,661,757
 
 
1,130,961
Unrealized appreciation on swap contracts
 
 
73,414
 
 
1,898,056
 
 
3,670,841
 
 
1,281,351
 
 
32,632
Dividends receivable
 
 
343
 
 
2,398
 
 
9,184
 
 
435
 
 
292
Receivable for swap contracts
 
 
—
 
 
12,571
 
 
1,480,016
 
 
107,649
 
 
—
Receivable for capital shares sold
 
 
​—
 
 
—
 
 
1,778,208
 
 
—
 
 
—
Total assets
 
 
​642,367
 
 
10,379,908
 
 
27,825,131
 
 
4,223,741
 
 
1,279,194
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
2,825
 
 
43,047
 
 
255,155
 
 
373,226
 
 
24,163
Unrealized depreciation on swap contracts
 
 
1,802
 
 
—
 
 
—
 
 
—
 
 
1,501
Payable to Adviser
 
 
386
 
 
4,809
 
 
12,680
 
 
​1,746
 
 
657
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
666,828
 
 
—
 
 
—
Total liabilities
 
 
​5,013
 
 
47,856
 
 
934,663
 
 
374,972
 
 
26,321
NET ASSETS
 
 
​$637,354
 
 
$10,332,052
 
 
$26,890,468
 
 
$3,848,769
 
 
$1,252,873
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$2,748,260
 
 
$5,933,076
 
 
$20,766,984
 
 
$6,524,536
 
 
$1,657,086
Total distributable earnings/(accumulated losses)
 
 
​(2,110,906)
 
 
4,398,976
 
 
6,123,484
 
 
(2,675,767)
 
 
(404,213)
Total net assets
 
 
​$637,354
 
 
$10,332,052
 
 
$26,890,468
 
 
$3,848,769
 
 
$1,252,873
Net assets
 
 
$637,354
 
 
$10,332,052
 
 
$26,890,468
 
 
$3,848,769
 
 
$1,252,873
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
58,500
 
 
310,000
 
 
1,210,000
 
 
425,000
 
 
170,000
Net asset value per share
 
 
$10.89
 
 
$33.33
 
 
$22.22
 
 
$9.06
 
 
$7.37
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$106,643
 
 
$1,024,359
 
 
$3,435,099
 
 
$172,549
 
 
$115,309
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
88
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long HOOD
Daily ETF
 
 
Leverage
Shares 2X
Long HUT
Daily ETF
 
 
Leverage
Shares 2X
Long IREN
Daily ETF
 
 
Leverage
Shares 2X
Long KLAC
Daily ETF
 
 
Leverage
Shares 2X
Long LAC
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$7,103,471
 
 
$152,618
 
 
$281,112
 
 
$544,893
 
 
$120,551
Segregated cash for swap contracts
 
 
61,813,053
 
 
2,940,666
 
 
8,408,882
 
 
4,486,429
 
 
1,258,117
Receivable for capital shares sold
 
 
1,324,365
 
 
—
 
 
714,533
 
 
—
 
 
—
Unrealized appreciation on swap contracts
 
 
​405,060
 
 
210,221
 
 
775,217
 
 
177,507
 
 
​231,850
Dividends receivable
 
 
​23,952
 
 
293
 
 
606
 
 
1,316
 
 
216
Receivable for swap contracts
 
 
​—
 
 
—
 
 
—
 
 
—
 
 
​297,551
Total assets
 
 
​70,669,901
 
 
3,303,798
 
 
10,180,350
 
 
5,210,145
 
 
1,908,285
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
​3,557,360
 
 
89,282
 
 
18,750
 
 
72,104
 
 
17,680
Unrealized depreciation on swap contracts
 
 
​2,392,131
 
 
—
 
 
—
 
 
—
 
 
—
Payable to Adviser
 
 
​37,516
 
 
1,242
 
 
3,966
 
 
2,772
 
 
548
Total liabilities
 
 
​5,987,007
 
 
90,524
 
 
22,716
 
 
74,876
 
 
18,228
NET ASSETS
 
 
​$64,682,894
 
 
$3,213,274
 
 
$10,157,634
 
 
$5,135,269
 
 
$1,890,057
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$183,315,114
 
 
$2,884,157
 
 
$11,249,875
 
 
$3,953,174
 
 
$1,923,555
Total distributable earnings/(accumulated losses)
 
 
​(118,632,220)
 
 
329,117
 
 
(1,092,241)
 
 
1,182,095
 
 
(33,498)
Total net assets
 
 
​$64,682,894
 
 
$3,213,274
 
 
$10,157,634
 
 
$5,135,269
 
 
$1,890,057
Net assets
 
 
$64,682,894
 
 
$3,213,274
 
 
$10,157,634
 
 
$5,135,269
 
 
$1,890,057
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
3,665,000
 
 
200,000
 
 
640,000
 
 
180,000
 
 
135,000
Net asset value per share
 
 
$17.65
 
 
$16.07
 
 
$15.87
 
 
$28.53
 
 
$14.00
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$7,103,471
 
 
$152,618
 
 
$281,112
 
 
$544,893
 
 
$120,551
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
89
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long LULU
Daily ETF
 
 
Leverage
Shares 2X
Long MP
Daily ETF
 
 
Leverage
Shares 2X
Long NBIS
Daily ETF
 
 
Leverage
Shares 2X
Long NEM
Daily ETF
 
 
Leverage
Shares 2X
Long NET
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$—
 
 
$438,518
 
 
$1,188,561
 
 
$315,233
 
 
$588,950
Segregated cash for swap contracts
 
 
5,320,180
 
 
2,168,681
 
 
25,778,928
 
 
1,320,014
 
 
4,684,391
Dividends receivable
 
 
1,019
 
 
1,116
 
 
2,719
 
 
1,066
 
 
1,182
Unrealized appreciation on swap contracts
 
 
—
 
 
573,879
 
 
921,019
 
 
277,794
 
 
346,449
Receivable for capital shares sold
 
 
—
 
 
—
 
 
306,930
 
 
—
 
 
—
Receivable for swap contracts
 
 
​—
 
 
—
 
 
12,292
 
 
6,006
 
 
—
Total assets
 
 
​5,321,199
 
 
3,182,194
 
 
28,210,449
 
 
1,920,113
 
 
5,620,972
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Unrealized depreciation on swap contracts
 
 
148,584
 
 
—
 
 
724,762
 
 
42,311
 
 
102,763
Payable for swap contracts
 
 
96,388
 
 
102,989
 
 
36,104
 
 
47,383
 
 
49,209
Payable to Adviser
 
 
2,321
 
 
1,444
 
 
17,231
 
 
1,222
 
 
2,595
Payable for capital shares redeemed
 
 
—
 
 
—
 
 
—
 
 
—
 
 
789,040
Payable to custodian
 
 
​598,521
 
 
—
 
 
—
 
 
—
 
 
—
Total liabilities
 
 
​845,814
 
 
104,433
 
 
778,097
 
 
90,916
 
 
943,607
NET ASSETS
 
 
​$4,475,385
 
 
$3,077,761
 
 
$27,432,352
 
 
$1,829,197
 
 
$4,677,365
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$5,861,403
 
 
$4,353,234
 
 
$13,228,752
 
 
$1,900,447
 
 
$2,524,650
Total distributable earnings/(accumulated losses)
 
 
​(1,386,018)
 
 
(1,275,473)
 
 
14,203,600
 
 
(71,250)
 
 
2,152,715
Total net assets
 
 
​$4,475,385
 
 
$3,077,761
 
 
$27,432,352
 
 
$1,829,197
 
 
$4,677,365
Net assets
 
 
$4,475,385
 
 
$3,077,761
 
 
$27,432,352
 
 
$1,829,197
 
 
$4,677,365
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
475,000
 
 
340,000
 
 
2,235,000
 
 
90,000
 
 
415,000
Net asset value per share
 
 
$9.42
 
 
$9.05
 
 
$12.27
 
 
$20.32
 
 
$11.27
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$—
 
 
$438,518
 
 
$1,188,561
 
 
$315,233
 
 
$588,950
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
90
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long NIO
Daily ETF
 
 
Leverage
Shares 2X
Long NU
Daily ETF
 
 
Leverage
Shares 2X
Long NVDA
Daily ETF
 
 
Leverage
Shares 2X
Long OKTA
Daily ETF
 
 
Leverage
Shares 2X
Long ONDS
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$157,764
 
 
$48,335
 
 
$3,002,503
 
 
$55,157
 
 
$1,064,037
Segregated cash for swap contracts
 
 
2,607,159
 
 
446,305
 
 
24,247,694
 
 
691,559
 
 
11,756,915
Unrealized appreciation on swap contracts
 
 
333,432
 
 
17,978
 
 
1,725,212
 
 
173,866
 
 
​1,572,180
Dividends receivable
 
 
532
 
 
187
 
 
9,608
 
 
117
 
 
3,591
Receivable for swap contracts
 
 
644
 
 
—
 
 
284,838
 
 
—
 
 
​102
Receivable for capital shares sold
 
 
​—
 
 
—
 
 
3,025,099
 
 
—
 
 
435,946
Total assets
 
 
​3,099,531
 
 
512,805
 
 
32,294,954
 
 
920,699
 
 
14,832,771
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
7,895
 
 
8,434
 
 
246,364
 
 
12,212
 
 
177,300
Payable to Adviser
 
 
2,206
 
 
344
 
 
21,156
 
 
504
 
 
8,630
Unrealized depreciation on swap contracts
 
 
—
 
 
7,144
 
 
2,588,600
 
 
289
 
 
6,703
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
2,580,232
 
 
—
 
 
—
Total liabilities
 
 
​10,101
 
 
15,922
 
 
5,436,352
 
 
13,005
 
 
192,633
NET ASSETS
 
 
​$3,089,430
 
 
$496,883
 
 
$26,858,602
 
 
$907,694
 
 
$14,640,138
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$1,597,691
 
 
$777,840
 
 
$25,123,519
 
 
$881,013
 
 
$20,436,084
Total distributable earnings/(accumulated losses)
 
 
​1,491,739
 
 
(280,957)
 
 
1,735,083
 
 
26,681
 
 
(5,795,946)
Total net assets
 
 
​$3,089,430
 
 
$496,883
 
 
$26,858,602
 
 
$907,694
 
 
$14,640,138
Net assets
 
 
$3,089,430
 
 
$496,883
 
 
$26,858,602
 
 
$907,694
 
 
$14,640,138
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
140,000
 
 
45,000
 
 
1,510,000
 
 
95,000
 
 
2,350,000
Net asset value per share
 
 
$22.07
 
 
$11.04
 
 
$17.79
 
 
$9.55
 
 
$6.23
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$157,764
 
 
$48,335
 
 
$3,002,503
 
 
$55,157
 
 
$1,064,037
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
91
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long OPEN
Daily ETF
 
 
Leverage
Shares 2X
Long ORLY
Daily ETF
 
 
Leverage
Shares 2X
Long OSCR
Daily ETF
 
 
Leverage
Shares 2X
Long PANW
Daily ETF
 
 
Leverage
Shares 2X
Long PBR
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$158,517
 
 
$18,851
 
 
$184,337
 
 
$1,048,072
 
 
$481,215
Segregated cash for swap contracts
 
 
1,158,146
 
 
107,341
 
 
675,616
 
 
3,190,696
 
 
1,624,244
Unrealized appreciation on swap contracts
 
 
184,347
 
 
25,445
 
 
274,396
 
 
1,012,979
 
 
683,059
Dividends receivable
 
 
230
 
 
68
 
 
308
 
 
1,620
 
 
1,716
Receivable for swap contracts
 
 
​—
 
 
7,878
 
 
76,282
 
 
352
 
 
78,078
Total assets
 
 
​1,501,240
 
 
159,583
 
 
1,210,939
 
 
5,253,719
 
 
2,868,312
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
49,921
 
 
2,572
 
 
26,581
 
 
20,573
 
 
12,423
Payable to Adviser
 
 
459
 
 
104
 
 
379
 
 
2,769
 
 
2,083
Unrealized depreciation on swap contracts
 
 
​—
 
 
2,409
 
 
—
 
 
34,221
 
 
—
Total liabilities
 
 
​50,380
 
 
5,085
 
 
26,960
 
 
57,563
 
 
14,506
NET ASSETS
 
 
​$1,450,860
 
 
$154,498
 
 
$1,183,979
 
 
$5,196,156
 
 
$2,853,806
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$1,803,008
 
 
$187,419
 
 
$953,294
 
 
$6,021,554
 
 
$1,605,826
Total distributable earnings/(accumulated losses)
 
 
​(352,148)
 
 
(32,921)
 
 
230,685
 
 
(825,398)
 
 
1,247,980
Total net assets
 
 
​$1,450,860
 
 
$154,498
 
 
$1,183,979
 
 
$5,196,156
 
 
$2,853,806
Net assets
 
 
$1,450,860
 
 
$154,498
 
 
$1,183,979
 
 
$5,196,156
 
 
$2,853,806
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
220,000
 
 
10,000
 
 
95,000
 
 
550,000
 
 
55,000
Net asset value per share
 
 
$6.59
 
 
$15.45
 
 
$12.46
 
 
$9.45
 
 
$51.89
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$158,517
 
 
$18,851
 
 
$184,337
 
 
$1,048,072
 
 
$481,215
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
92
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long PLTR
Daily ETF
 
 
Leverage
Shares 2X
Long PLUG
Daily ETF
 
 
Leverage
Shares 2X
Long PYPL
Daily ETF
 
 
Leverage
Shares 2X
Long RTX
Daily ETF
 
 
Leverage
Shares 2X
Long SATS
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$3,217,038
 
 
$1,361,697
 
 
$3,455,840
 
 
$432,201
 
 
$2,049,750
Segregated cash for swap contracts
 
 
21,093,361
 
 
2,166,481
 
 
20,579,726
 
 
3,767,713
 
 
15,515,063
Unrealized appreciation on swap contracts
 
 
2,102,126
 
 
​106,006
 
 
3,309,446
 
 
22,865
 
 
1,476,188
Dividends receivable
 
 
9,071
 
 
1,213
 
 
9,889
 
 
1,483
 
 
4,339
Receivable for capital shares sold
 
 
—
 
 
314,589
 
 
—
 
 
197,774
 
 
—
Interest receivable
 
 
—
 
 
—
 
 
140
 
 
—
 
 
—
Receivable for swap contracts
 
 
​—
 
 
—
 
 
154,783
 
 
—
 
 
—
Total assets
 
 
​26,421,596
 
 
​3,949,986
 
 
27,509,824
 
 
4,422,036
 
 
19,045,340
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
795,310
 
 
​96,053
 
 
195,618
 
 
48,791
 
 
369,065
Payable to Adviser
 
 
15,463
 
 
1,338
 
 
16,713
 
 
2,494
 
 
7,701
Unrealized depreciation on swap contracts
 
 
—
 
 
496,692
 
 
653,424
 
 
217,520
 
 
—
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
1,682,906
 
 
—
 
 
444,490
Total liabilities
 
 
​810,773
 
 
​594,083
 
 
2,548,661
 
 
268,805
 
 
821,256
NET ASSETS
 
 
​$25,610,823
 
 
$3,355,903
 
 
$24,961,163
 
 
$4,153,231
 
 
$18,224,084
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$38,535,963
 
 
$2,672,284
 
 
$51,414,590
 
 
$4,719,040
 
 
$18,085,391
Total distributable earnings/(accumulated losses)
 
 
​(12,925,140)
 
 
683,619
 
 
(26,453,427)
 
 
(565,809)
 
 
138,693
Total net assets
 
 
​$25,610,823
 
 
$3,355,903
 
 
$24,961,163
 
 
$4,153,231
 
 
$18,224,084
Net assets
 
 
$25,610,823
 
 
$3,355,903
 
 
$24,961,163
 
 
$4,153,231
 
 
$18,224,084
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
1,850,000
 
 
160,000
 
 
3,485,000
 
 
210,000
 
 
1,025,000
Net asset value per share
 
 
$13.84
 
 
$20.97
 
 
$7.16
 
 
$19.78
 
 
$17.78
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$3,217,038
 
 
$1,361,697
 
 
$3,455,840
 
 
$432,201
 
 
$2,049,750
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
93
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long SBUX
Daily ETF
 
 
Leverage
Shares 2X
Long SNAP
Daily ETF
 
 
Leverage
Shares 2X
Long SPOT
Daily ETF
 
 
Leverage
Shares 2X
Long TER
Daily ETF
 
 
Leverage
Shares 2X
Long TSLA
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$109,537
 
 
$340,376
 
 
$390,856
 
 
$1,162,998
 
 
$4,622,931
Segregated cash for swap contracts
 
 
504,235
 
 
2,941,963
 
 
3,694,091
 
 
10,251,569
 
 
29,918,659
Unrealized appreciation on swap contracts
 
 
133,507
 
 
​297,149
 
 
157,491
 
 
2,789,877
 
 
4,050,163
Dividends receivable
 
 
187
 
 
847
 
 
1,050
 
 
2,192
 
 
13,555
Receivable for capital shares sold
 
 
—
 
 
—
 
 
—
 
 
2,059,709
 
 
6,278,304
Receivable for swap contracts
 
 
​—
 
 
​66,091
 
 
—
 
 
—
 
 
471,602
Total assets
 
 
​747,466
 
 
3,646,426
 
 
4,243,488
 
 
16,266,345
 
 
45,355,214
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for swap contracts
 
 
2,014
 
 
3,828
 
 
14,000
 
 
10,043
 
 
136,549
Payable to Adviser
 
 
270
 
 
2,196
 
 
2,047
 
 
4,364
 
 
25,248
Unrealized depreciation on swap contracts
 
 
—
 
 
—
 
 
93,857
 
 
417
 
 
626,625
Interest payable
 
 
—
 
 
—
 
 
—
 
 
—
 
 
236
Payable for capital shares redeemed
 
 
​—
 
 
849,513
 
 
—
 
 
228,857
 
 
1,046,384
Total liabilities
 
 
​2,284
 
 
855,537
 
 
109,904
 
 
243,681
 
 
1,835,042
NET ASSETS
 
 
​$745,182
 
 
$2,790,889
 
 
$4,133,584
 
 
$16,022,664
 
 
$43,520,172
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$545,779
 
 
$2,136,224
 
 
$4,819,235
 
 
$15,029,155
 
 
$54,912,950
Total distributable earnings/(accumulated losses)
 
 
​199,403
 
 
654,665
 
 
(685,651)
 
 
993,509
 
 
(11,392,778)
Total net assets
 
 
​$745,182
 
 
$2,790,889
 
 
$4,133,584
 
 
$16,022,664
 
 
$43,520,172
Net assets
 
 
$745,182
 
 
$2,790,889
 
 
$4,133,584
 
 
$16,022,664
 
 
$43,520,172
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
35,000
 
 
345,000
 
 
665,000
 
 
350,000
 
 
7,075,000
Net asset value per share
 
 
$21.29
 
 
$8.09
 
 
$6.22
 
 
$45.78
 
 
$6.15
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$109,537
 
 
$340,376
 
 
$390,856
 
 
$1,162,998
 
 
$4,622,931
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
94
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long TSM
Daily ETF
 
 
Leverage
Shares 2X
Long UEC
Daily ETF
 
 
Leverage
Shares 2X
Long UNH
Daily ETF
 
 
Leverage
Shares 2X
Long UPS
Daily ETF
 
 
Leverage
Shares 2X
Long USAR
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$2,660,547
 
 
$132,747
 
 
$26,259,697
 
 
$89,804
 
 
$1,124,563
Segregated cash for swap contracts
 
 
19,274,779
 
 
1,201,185
 
 
108,326,478
 
 
677,383
 
 
11,596,450
Unrealized appreciation on swap contracts
 
 
1,778,801
 
 
245,855
 
 
39,618,377
 
 
103,163
 
 
3,897,403
Receivable for capital shares sold
 
 
1,111,668
 
 
—
 
 
—
 
 
—
 
 
—
Dividends receivable
 
 
6,570
 
 
212
 
 
62,924
 
 
220
 
 
2,597
Receivable for swap contracts
 
 
​—
 
 
—
 
 
2,098,189
 
 
14,220
 
 
180,692
Total assets
 
 
​24,832,365
 
 
1,579,999
 
 
176,365,665
 
 
884,790
 
 
16,801,705
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Unrealized depreciation on swap contracts
 
 
646,148
 
 
—
 
 
—
 
 
—
 
 
—
Payable for swap contracts
 
 
92,433
 
 
19,760
 
 
114,242
 
 
26,326
 
 
411,050
Payable to Adviser
 
 
12,335
 
 
405
 
 
93,622
 
 
453
 
 
5,825
Payable for capital shares redeemed
 
 
​—
 
 
—
 
 
5,404,759
 
 
—
 
 
1,970,538
Total liabilities
 
 
​750,916
 
 
20,165
 
 
5,612,623
 
 
26,779
 
 
2,387,413
NET ASSETS
 
 
​$24,081,449
 
 
$1,559,834
 
 
$170,753,042
 
 
$858,011
 
 
$14,414,292
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$14,031,702
 
 
$1,686,033
 
 
$125,503,498
 
 
$787,466
 
 
$12,408,745
Total distributable earnings/(accumulated losses)
 
 
​10,049,747
 
 
(126,199)
 
 
45,249,544
 
 
70,545
 
 
2,005,547
Total net assets
 
 
​$24,081,449
 
 
$1,559,834
 
 
$170,753,042
 
 
$858,011
 
 
$14,414,292
Net assets
 
 
$24,081,449
 
 
$1,559,834
 
 
$170,753,042
 
 
$858,011
 
 
$14,414,292
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
650,000
 
 
160,000
 
 
9,160,000
 
 
50,000
 
 
695,000
Net asset value per share
 
 
$37.05
 
 
$9.75
 
 
$18.64
 
 
$17.16
 
 
$20.74
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$2,660,547
 
 
$132,747
 
 
$26,259,697
 
 
$89,804
 
 
$1,124,563
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
95
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Assets and Liabilities
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long UUUU
Daily ETF
 
 
Leverage
Shares 2X
Long VALE
Daily ETF
 
 
Leverage
Shares 2X
Long World Stock
Daily ETF
 
 
Leverage
Shares 2X
Long XPEV
Daily ETF
 
 
Leverage
Shares 2X
Long XYZ
Daily ETF
ASSETS:
 
 
 
 
 
 
 
 
 
 
Investments, at value
 
 
$1,361,376
 
 
$176,852
 
 
$526,598
 
 
$66,437
 
 
$869,318
Segregated cash for swap contracts
 
 
15,210,378
 
 
597,862
 
 
1,682,931
 
 
1,211,519
 
 
2,274,135
Unrealized appreciation on swap contracts
 
 
1,586,168
 
 
121,419
 
 
359,766
 
 
55,179
 
 
509,585
Dividends receivable
 
 
3,694
 
 
573
 
 
1,348
 
 
170
 
 
2,357
Receivable for swap contracts
 
 
​—
 
 
—
 
 
911
 
 
—
 
 
—
Total assets
 
 
​18,161,616
 
 
896,706
 
 
2,571,554
 
 
1,333,305
 
 
3,655,395
LIABILITIES:
 
 
 
 
 
 
 
 
 
 
Payable for capital shares redeemed
 
 
743,067
 
 
—
 
 
—
 
 
—
 
 
—
Payable for swap contracts
 
 
313,180
 
 
8,545
 
 
27,745
 
 
2,785
 
 
75,350
Payable to Adviser
 
 
8,716
 
 
613
 
 
1,360
 
 
636
 
 
​2,039
Unrealized depreciation on swap contracts
 
 
​—
 
 
—
 
 
—
 
 
37,997
 
 
—
Total liabilities
 
 
​1,064,963
 
 
9,158
 
 
29,105
 
 
41,418
 
 
77,389
NET ASSETS
 
 
​$17,096,653
 
 
$887,548
 
 
$2,542,449
 
 
$1,291,887
 
 
$3,578,006
Net Assets Consists of:
 
 
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$23,736,944
 
 
$795,840
 
 
$2,212,127
 
 
$1,733,835
 
 
$3,920,213
Total distributable earnings/(accumulated losses)
 
 
​(6,640,291)
 
 
91,708
 
 
330,322
 
 
(441,948)
 
 
(342,207)
Total net assets
 
 
​$17,096,653
 
 
$887,548
 
 
$2,542,449
 
 
$1,291,887
 
 
$3,578,006
Net assets
 
 
$17,096,653
 
 
$887,548
 
 
$2,542,449
 
 
$1,291,887
 
 
$3,578,006
Shares issued and outstanding (unlimited shares authorized without par value)
 
 
1,265,000
 
 
40,000
 
 
155,000
 
 
155,000
 
 
240,000
Net asset value per share
 
 
$13.52
 
 
$22.19
 
 
$16.40
 
 
$8.33
 
 
$14.91
Cost:
 
 
 
 
 
 
 
 
 
 
​
Investments, at cost
 
 
$1,361,376
 
 
$176,852
 
 
$526,598
 
 
$66,437
 
 
$869,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
96
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Capped
Accelerated
COIN Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
MSTR Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
NVDA Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
PLTR Monthly
ETF
 
 
Leverage
Shares 2X
Capped
Accelerated
TSLA Monthly
ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$173
 
 
$161
 
 
$264
 
 
$214
 
 
$237
Interest income
 
 
7,531
 
 
6,426
 
 
23,643
 
 
13,501
 
 
20,681
Other income
 
 
6
 
 
50
 
 
116
 
 
70
 
 
30
Total investment income
 
 
7,710
 
 
6,637
 
 
24,023
 
 
13,785
 
 
20,948
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,495
 
 
1,324
 
 
5,115
 
 
2,866
 
 
4,404
Other expenses and fees
 
 
34
 
 
25
 
 
—
 
 
79
 
 
52
Total expenses
 
 
1,529
 
 
1,349
 
 
5,115
 
 
2,945
 
 
4,456
Net investment income
 
 
6,181
 
 
5,288
 
 
18,908
 
 
10,840
 
 
16,492
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(470,273)
 
 
(226,744)
 
 
(294,829)
 
 
(476,330)
 
 
(755,155)
Written options expired or closed
 
 
75,107
 
 
(24,195)
 
 
284,166
 
 
284,249
 
 
641,491
Net realized gain (loss)
 
 
(395,166)
 
 
(250,939)
 
 
(10,663)
 
 
(192,081)
 
 
(113,664)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
(179)
 
 
(197)
 
 
(507)
 
 
(223)
 
 
(469)
Written options
 
 
88
 
 
14
 
 
41
 
 
112
 
 
9
Net change in unrealized appreciation (depreciation)
 
 
(91)
 
 
(183)
 
 
(466)
 
 
(111)
 
 
(460)
Net realized and unrealized gain (loss)
 
 
(395,257)
 
 
(251,122)
 
 
(11,129)
 
 
(192,192)
 
 
(114,124)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (389,076)
 
 
$ (245,834)
 
 
$7,779
 
 
$ (181,352)
 
 
$(97,632)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
97
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long AAL
Daily ETF
 
 
Leverage
Shares 2X
Long ABNB
Daily ETF(a)
 
 
Leverage
Shares 2X
Long ADBE
Daily ETF
 
 
Leverage
Shares 2X
Long ALB
Daily ETF(b)
 
 
Leverage
Shares 2X
Long AMD
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$3,779
 
 
$247
 
 
$57,044
 
 
$796
 
 
$54,200
Total investment income
 
 
3,779
 
 
247
 
 
57,044
 
 
796
 
 
54,200
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
7,340
 
 
1,482
 
 
117,369
 
 
2,636
 
 
85,970
Broker interest expense
 
 
102
 
 
—
 
 
1,643
 
 
936
 
 
6,167
Total expenses
 
 
7,442
 
 
1,482
 
 
119,012
 
 
3,572
 
 
92,137
Net investment loss
 
 
(3,663)
 
 
(1,235)
 
 
(61,968)
 
 
(2,776)
 
 
(37,937)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​(701,773)
 
 
(37,799)
 
 
(23,758,995)
 
 
(346,112)
 
 
15,220,768
Net realized gain (loss)
 
 
​(701,773)
 
 
(37,799)
 
 
(23,758,995)
 
 
(346,112)
 
 
15,220,768
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​428,018
 
 
130,298
 
 
1,201,318
 
 
207,620
 
 
(3,216,699)
Net change in unrealized appreciation (depreciation)
 
 
​428,018
 
 
130,298
 
 
1,201,318
 
 
207,620
 
 
(3,216,699)
Net realized and unrealized gain (loss)
 
 
(273,755)
 
 
92,499
 
 
(22,557,677)
 
 
(138,492)
 
 
12,004,069
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (277,418)
 
 
$91,264
 
 
$ (22,619,645)
 
 
$ (141,268)
 
 
$11,966,132
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
98
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long ARM
Daily ETF
 
 
Leverage
Shares 2X
Long ASML
Daily ETF
 
 
Leverage
Shares 2X
Long AVGO
Daily ETF
 
 
Leverage
Shares 2X
Long AXP
Daily ETF(a)
 
 
Leverage
Shares 2X
Long BA
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$38,565
 
 
$52,522
 
 
$56,454
 
 
$634
 
 
$10,506
Interest income
 
 
—
 
 
1,642
 
 
78
 
 
—
 
 
—
Total investment income
 
 
38,565
 
 
54,164
 
 
56,532
 
 
634
 
 
10,506
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
79,367
 
 
91,551
 
 
119,000
 
 
693
 
 
15,486
Broker interest expense
 
 
1,284
 
 
1,013
 
 
6,941
 
 
4
 
 
87
Total expenses
 
 
80,651
 
 
92,564
 
 
125,941
 
 
697
 
 
15,573
Net investment loss
 
 
(42,086)
 
 
(38,400)
 
 
(69,409)
 
 
(63)
 
 
(5,067)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
12,580,932
 
 
484,814
 
 
3,249,420
 
 
(86,746)
 
 
(11,601)
Net realized gain (loss)
 
 
12,580,932
 
 
484,814
 
 
3,249,420
 
 
(86,746)
 
 
(11,601)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
10,489,251
 
 
5,987,364
 
 
4,983,011
 
 
47,343
 
 
1,319,997
Net change in unrealized appreciation (depreciation)
 
 
10,489,251
 
 
5,987,364
 
 
4,983,011
 
 
47,343
 
 
1,319,997
Net realized and unrealized gain (loss)
 
 
23,070,183
 
 
6,472,178
 
 
8,232,431
 
 
(39,403)
 
 
1,308,396
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 23,028,097
 
 
$ 6,433,778
 
 
$ 8,163,022
 
 
$ (39,466)
 
 
$ 1,303,329
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 19, 2026.
The accompanying notes are an integral part of these financial statements.
 
99
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long BBAI
Daily ETF
 
 
Leverage
Shares 2X
Long BE
Daily ETF(a)
 
 
Leverage
Shares 2X
Long BIDU
Daily ETF(b)
 
 
Leverage
Shares 2X
Long BLSH
Daily ETF
 
 
Leverage
Shares 2X
Long BMNR
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$15,490
 
 
$2,613
 
 
$1,927
 
 
$3,956
 
 
$23,983
Interest income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
993
Other income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(4)
Total investment income
 
 
15,490
 
 
2,613
 
 
1,927
 
 
3,956
 
 
24,972
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
64,360
 
 
13,658
 
 
3,636
 
 
4,688
 
 
104,962
Broker interest expense
 
 
4,892
 
 
5
 
 
—
 
 
121
 
 
6,442
Other expenses and fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
25
Total expenses
 
 
69,252
 
 
13,663
 
 
3,636
 
 
4,809
 
 
111,429
Net investment loss
 
 
(53,762)
 
 
(11,050)
 
 
(1,709)
 
 
(853)
 
 
(86,457)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(263,534)
Swap contracts
 
 
​(25,401,259)
 
 
13,583,148
 
 
(873,150)
 
 
(557,884)
 
 
(47,652,744)
Net realized gain (loss)
 
 
​(25,401,259)
 
 
13,583,148
 
 
(873,150)
 
 
(557,884)
 
 
(47,916,278)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​(1,327,057)
 
 
2,433,273
 
 
325,681
 
 
(2,170)
 
 
5,376,510
Net change in unrealized appreciation (depreciation)
 
 
​(1,327,057)
 
 
2,433,273
 
 
325,681
 
 
(2,170)
 
 
5,376,510
Net realized and unrealized gain (loss)
 
 
(26,728,316)
 
 
16,016,421
 
 
(547,469)
 
 
(560,054)
 
 
(42,539,768)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (26,782,078)
 
 
$ 16,005,371
 
 
$ (549,178)
 
 
$ (560,907)
 
 
$ (42,626,225)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 16, 2025.
(b)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
100
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long BULL
Daily ETF
 
 
Leverage
Shares 2X
Long CIFR
Daily ETF(a)
 
 
Leverage
Shares 2X
Long CMG
Daily ETF(b)
 
 
Leverage
Shares 2X
Long CNC
Daily ETF(c)
 
 
Leverage
Shares 2X
Long COIN
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$15,108
 
 
$2,411
 
 
$275
 
 
$957
 
 
$9,043
Interest income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
15,108
 
 
2,411
 
 
275
 
 
957
 
 
9,043
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
36,124
 
 
5,968
 
 
2,532
 
 
1,498
 
 
21,081
Broker interest expense
 
 
2,683
 
 
9
 
 
12
 
 
3
 
 
2,067
Fund administration and accounting fees
 
 
—
 
 
—
 
 
—
 
 
​—
 
 
—
Other expenses and fees
 
 
653
 
 
—
 
 
—
 
 
​24
 
 
—
Total expenses
 
 
39,460
 
 
5,977
 
 
2,544
 
 
1,525
 
 
23,148
Net investment loss
 
 
(24,352)
 
 
(3,566)
 
 
(2,269)
 
 
(568)
 
 
(14,105)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​(14,111,228)
 
 
​(378,944)
 
 
(100,292)
 
 
624,531
 
 
(8,172,582)
Net realized gain (loss)
 
 
​(14,111,228)
 
 
​(378,944)
 
 
(100,292)
 
 
624,531
 
 
(8,172,582)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​1,185,022
 
 
​390,584
 
 
47,767
 
 
27,213
 
 
(365,913)
Net change in unrealized appreciation (depreciation)
 
 
​1,185,022
 
 
​390,584
 
 
47,767
 
 
27,213
 
 
(365,913)
Net realized and unrealized gain (loss)
 
 
(12,926,206)
 
 
11,640
 
 
(52,525)
 
 
651,744
 
 
(8,538,495)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (12,950,558)
 
 
$8,074
 
 
$(54,794)
 
 
$ 651,176
 
 
$ (8,552,600)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Inception date of the Fund was November 17, 2025.
(c)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
101
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long COST
Daily ETF
 
 
Leverage
Shares 2X
Long CRCL
Daily ETF
 
 
Leverage
Shares 2X
Long CRM
Daily ETF
 
 
Leverage
Shares 2X
Long CRML
Daily ETF(a)
 
 
Leverage
Shares 2X
Long CRWV
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$18,985
 
 
$106,045
 
 
$44,148
 
 
$468
 
 
$83,846
Interest income
 
 
266
 
 
4,780
 
 
—
 
 
228
 
 
1
Total investment income
 
 
19,251
 
 
110,825
 
 
44,148
 
 
696
 
 
83,847
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
29,044
 
 
345,283
 
 
77,940
 
 
1,313
 
 
456,535
Broker interest expense
 
 
—
 
 
15,183
 
 
810
 
 
247
 
 
11,440
Total expenses
 
 
29,044
 
 
360,466
 
 
78,750
 
 
1,560
 
 
467,975
Net investment loss
 
 
(9,793)
 
 
(249,641)
 
 
(34,602)
 
 
(864)
 
 
(384,128)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Investments
 
 
—
 
 
—
 
 
—
 
 
—
 
 
1,149,305
Swap contracts
 
 
1,211,408
 
 
​(65,837,526)
 
 
(11,140,093)
 
 
​(68,955)
 
 
​25,258,281
Net realized gain (loss)
 
 
1,211,408
 
 
​(65,837,526)
 
 
(11,140,093)
 
 
​(68,955)
 
 
​26,407,586
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
697,604
 
 
​(34,692)
 
 
(4,423,950)
 
 
​729,127
 
 
​(7,383,147)
Net change in unrealized appreciation (depreciation)
 
 
697,604
 
 
​(34,692)
 
 
(4,423,950)
 
 
​729,127
 
 
​(7,383,147)
Net realized and unrealized gain (loss)
 
 
1,909,012
 
 
(65,872,218)
 
 
(15,564,043)
 
 
660,172
 
 
19,024,439
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 1,899,219
 
 
$ (66,121,859)
 
 
$ (15,598,645)
 
 
$ 659,308
 
 
$18,640,311
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 10, 2026.
The accompanying notes are an integral part of these financial statements.
 
102
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long DNN
Daily ETF(a)
 
 
Leverage
Shares 2X
Long DUOL
Daily ETF(b)
 
 
Leverage
Shares 2X
Long FCX
Daily ETF(c)
 
 
Leverage
Shares 2X
Long FIG
Daily ETF
 
 
Leverage
Shares 2X
Long FUTU
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$379
 
 
$4,741
 
 
$978
 
 
$6,538
 
 
$4,457
Interest income
 
 
—
 
 
—
 
 
—
 
 
85
 
 
—
Total investment income
 
 
379
 
 
4,741
 
 
978
 
 
6,623
 
 
4,457
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
747
 
 
11,543
 
 
1,641
 
 
33,129
 
 
21,183
Broker interest expense
 
 
8
 
 
—
 
 
13
 
 
456
 
 
218
Excise tax expense
 
 
—
 
 
2
 
 
—
 
 
—
 
 
—
Total expenses
 
 
755
 
 
11,545
 
 
1,654
 
 
33,585
 
 
21,401
Net investment loss
 
 
(376)
 
 
(6,804)
 
 
(676)
 
 
(26,962)
 
 
(16,944)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​(141,590)
 
 
(3,648,171)
 
 
(281,133)
 
 
(16,370,889)
 
 
(1,987,288)
Net realized gain (loss)
 
 
​(141,590)
 
 
(3,648,171)
 
 
(281,133)
 
 
(16,370,889)
 
 
(1,987,288)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​21,978
 
 
1,464,915
 
 
(112,523)
 
 
(51,053)
 
 
310,957
Net change in unrealized appreciation (depreciation)
 
 
​21,978
 
 
1,464,915
 
 
(112,523)
 
 
(51,053)
 
 
310,957
Net realized and unrealized gain (loss)
 
 
(119,612)
 
 
(2,183,256)
 
 
(393,656)
 
 
(16,421,942)
 
 
(1,676,331)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$(119,988)
 
 
$ (2,190,060)
 
 
$ (394,332)
 
 
$ (16,448,904)
 
 
$ (1,693,275)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 10, 2026.
(b)
Inception date of the Fund was December 11, 2025.
(c)
Inception date of the Fund was February 19, 2026.
The accompanying notes are an integral part of these financial statements.
 
103
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long GEMI
Daily ETF(a)
 
 
Leverage
Shares 2X
Long GEV
Daily ETF(b)
 
 
Leverage
Shares 2X
Long GLW
Daily ETF(c)
 
 
Leverage
Shares 2X
Long GLXY
Daily ETF
 
 
Leverage
Shares 2X
Long GRAB
Daily ETF(d)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$2,102
 
 
$5,917
 
 
$12,317
 
 
$2,644
 
 
$955
Total investment income
 
 
2,102
 
 
5,917
 
 
12,317
 
 
2,644
 
 
955
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
2,354
 
 
11,281
 
 
15,628
 
 
11,436
 
 
2,105
Broker interest expense
 
 
—
 
 
26
 
 
12
 
 
666
 
 
1
Other expenses and fees
 
 
119
 
 
—
 
 
—
 
 
—
 
 
—
Total expenses
 
 
2,473
 
 
11,307
 
 
15,640
 
 
12,102
 
 
2,106
Net investment loss
 
 
(371)
 
 
(5,390)
 
 
(3,323)
 
 
(9,458)
 
 
(1,151)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(2,182,147)
 
 
2,506,310
 
 
2,455,966
 
 
(3,534,410)
 
 
(434,193)
Net realized gain (loss)
 
 
(2,182,147)
 
 
2,506,310
 
 
2,455,966
 
 
(3,534,410)
 
 
(434,193)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
71,612
 
 
1,898,056
 
 
3,670,841
 
 
1,150,462
 
 
31,131
Net change in unrealized appreciation (depreciation)
 
 
71,612
 
 
1,898,056
 
 
3,670,841
 
 
1,150,462
 
 
31,131
Net realized and unrealized gain (loss)
 
 
(2,110,535)
 
 
4,404,366
 
 
6,126,807
 
 
(2,383,948)
 
 
(403,062)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$(2,110,906)
 
 
$ 4,398,976
 
 
$ 6,123,484
 
 
$ (2,393,406)
 
 
$ (404,213)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 5, 2025.
(b)
Inception date of the Fund was December 16, 2025.
(c)
Inception date of the Fund was March 10, 2026.
(d)
Inception date of the Fund was December 11, 2025.
The accompanying notes are an integral part of these financial statements.
 
104
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long HOOD
Daily ETF
 
 
Leverage
Shares 2X
Long HUT
Daily ETF(a)
 
 
Leverage
Shares 2X
Long IREN
Daily ETF(b)
 
 
Leverage
Shares 2X
Long KLAC
Daily ETF(c)
 
 
Leverage
Shares 2X
Long LAC
Daily ETF(d)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$155,138
 
 
$691
 
 
$1,711
 
 
$3,851
 
 
$843
Interest income
 
 
—
 
 
—
 
 
—
 
 
1
 
 
—
Total investment income
 
 
155,138
 
 
691
 
 
1,711
 
 
3,852
 
 
843
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
256,032
 
 
2,798
 
 
11,251
 
 
7,647
 
 
2,038
Broker interest expense
 
 
67,370
 
 
—
 
 
20
 
 
—
 
 
2
Other expenses and fees
 
 
—
 
 
—
 
 
—
 
 
25
 
 
—
Total expenses
 
 
323,402
 
 
2,798
 
 
11,271
 
 
7,672
 
 
2,040
Net investment loss
 
 
(168,264)
 
 
(2,107)
 
 
(9,560)
 
 
(3,820)
 
 
(1,197)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​(104,285,460)
 
 
121,003
 
 
(1,857,898)
 
 
1,008,408
 
 
​(264,151)
Net realized gain (loss)
 
 
​(104,285,460)
 
 
121,003
 
 
(1,857,898)
 
 
1,008,408
 
 
​(264,151)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
​(24,299,777)
 
 
210,221
 
 
775,217
 
 
177,507
 
 
​231,850
Net change in unrealized appreciation (depreciation)
 
 
​(24,299,777)
 
 
210,221
 
 
775,217
 
 
177,507
 
 
​231,850
Net realized and unrealized gain (loss)
 
 
(128,585,237)
 
 
331,224
 
 
(1,082,681)
 
 
1,185,915
 
 
(32,301)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (128,753,501)
 
 
$329,117
 
 
$ (1,092,241)
 
 
$ 1,182,095
 
 
$(33,498)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Inception date of the Fund was December 16, 2025.
(c)
Inception date of the Fund was December 18, 2025.
(d)
Inception date of the Fund was December 11, 2025.
The accompanying notes are an integral part of these financial statements.
 
105
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long LULU
Daily ETF(a)
 
 
Leverage
Shares 2X
Long MP
Daily ETF
 
 
Leverage
Shares 2X
Long NBIS
Daily ETF
 
 
Leverage
Shares 2X
Long NEM
Daily ETF(b)
 
 
Leverage
Shares 2X
Long NET
Daily ETF(b)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$5,929
 
 
$6,370
 
 
$11,766
 
 
$1,700
 
 
$3,780
Interest income
 
 
—
 
 
—
 
 
—
 
 
50
 
 
—
Total investment income
 
 
5,929
 
 
6,370
 
 
11,766
 
 
1,750
 
 
3,780
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
11,003
 
 
8,037
 
 
55,517
 
 
4,425
 
 
7,962
Broker interest expense
 
 
—
 
 
—
 
 
—
 
 
39
 
 
10
Total expenses
 
 
11,003
 
 
8,037
 
 
55,517
 
 
4,464
 
 
7,972
Net investment loss
 
 
(5,074)
 
 
(1,667)
 
 
(43,751)
 
 
(2,714)
 
 
(4,192)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(1,232,360)
 
 
(1,844,033)
 
 
14,052,185
 
 
(304,019)
 
 
1,913,221
Net realized gain (loss)
 
 
(1,232,360)
 
 
(1,844,033)
 
 
14,052,185
 
 
(304,019)
 
 
1,913,221
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(148,584)
 
 
663,761
 
 
34,370
 
 
235,483
 
 
243,686
Net change in unrealized appreciation (depreciation)
 
 
(148,584)
 
 
663,761
 
 
34,370
 
 
235,483
 
 
243,686
Net realized and unrealized gain (loss)
 
 
(1,380,944)
 
 
(1,180,272)
 
 
14,086,555
 
 
(68,536)
 
 
2,156,907
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (1,386,018)
 
 
$ (1,181,939)
 
 
$ 14,042,804
 
 
$(71,250)
 
 
$ 2,152,715
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 5, 2025.
(b)
Inception date of the Fund was November 17, 2025.
The accompanying notes are an integral part of these financial statements.
 
106
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long NIO
Daily ETF(a)
 
 
Leverage
Shares 2X
Long NU
Daily ETF(b)
 
 
Leverage
Shares 2X
Long NVDA
Daily ETF
 
 
Leverage
Shares 2X
Long OKTA
Daily ETF(b)
 
 
Leverage
Shares 2X
Long ONDS
Daily ETF(c)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$1,553
 
 
$1,367
 
 
$58,548
 
 
$396
 
 
$10,256
Interest income
 
 
—
 
 
—
 
 
711
 
 
—
 
 
1
Total investment income
 
 
1,553
 
 
1,367
 
 
59,259
 
 
396
 
 
10,257
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
5,939
 
 
2,309
 
 
122,672
 
 
1,587
 
 
23,394
Other expenses and fees
 
 
24
 
 
—
 
 
—
 
 
—
 
 
—
Broker interest expense
 
 
1
 
 
18
 
 
1,662
 
 
10
 
 
6
Total expenses
 
 
5,964
 
 
2,327
 
 
124,334
 
 
1,597
 
 
23,400
Net investment loss
 
 
(4,411)
 
 
(960)
 
 
(65,075)
 
 
(1,201)
 
 
(13,143)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
1,162,718
 
 
(290,831)
 
 
2,663,546
 
 
(145,695)
 
 
​(7,348,280)
Net realized gain (loss)
 
 
1,162,718
 
 
(290,831)
 
 
2,663,546
 
 
(145,695)
 
 
​(7,348,280)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
333,432
 
 
10,834
 
 
(4,834,976)
 
 
173,577
 
 
​1,565,477
Net change in unrealized appreciation (depreciation)
 
 
333,432
 
 
10,834
 
 
(4,834,976)
 
 
173,577
 
 
​1,565,477
Net realized and unrealized gain (loss)
 
 
1,496,150
 
 
(279,997)
 
 
(2,171,430)
 
 
27,882
 
 
(5,782,803)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 1,491,739
 
 
$ (280,957)
 
 
$ (2,236,505)
 
 
$26,681
 
 
$ (5,795,946)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Inception date of the Fund was November 17, 2025.
(c)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
107
 

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Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long OPEN
Daily ETF(a)
 
 
Leverage
Shares 2X
Long ORLY
Daily ETF(b)
 
 
Leverage
Shares 2X
Long OSCR
Daily ETF(c)
 
 
Leverage
Shares 2X
Long PANW
Daily ETF
 
 
Leverage
Shares 2X
Long PBR
Daily ETF(d)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$765
 
 
$476
 
 
$1,256
 
 
$7,287
 
 
$2,982
Interest income
 
 
—
 
 
—
 
 
—
 
 
236
 
 
—
Total investment income
 
 
765
 
 
476
 
 
1,256
 
 
7,523
 
 
2,982
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
1,606
 
 
703
 
 
1,503
 
 
14,113
 
 
3,802
Broker interest expense
 
 
22
 
 
—
 
 
—
 
 
—
 
 
—
Other expenses and fees
 
 
—
 
 
—
 
 
—
 
 
—
 
 
23
Total expenses
 
 
1,628
 
 
703
 
 
1,503
 
 
14,113
 
 
3,825
Net investment loss
 
 
(863)
 
 
(227)
 
 
(247)
 
 
(6,590)
 
 
(843)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(535,632)
 
 
(55,730)
 
 
(43,464)
 
 
(1,797,566)
 
 
565,764
Net realized gain (loss)
 
 
(535,632)
 
 
(55,730)
 
 
(43,464)
 
 
(1,797,566)
 
 
565,764
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
184,347
 
 
23,036
 
 
274,396
 
 
184,713
 
 
683,059
Net change in unrealized appreciation (depreciation)
 
 
184,347
 
 
23,036
 
 
274,396
 
 
184,713
 
 
683,059
Net realized and unrealized gain (loss)
 
 
(351,285)
 
 
(32,694)
 
 
230,932
 
 
(1,612,853)
 
 
1,248,823
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (352,148)
 
 
$ (32,921)
 
 
$ 230,685
 
 
$ (1,619,443)
 
 
$ 1,247,980
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Inception date of the Fund was January 15, 2026.
(c)
Inception date of the Fund was November 5, 2025.
(d)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
108
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long PLTR
Daily ETF
 
 
Leverage
Shares 2X
Long PLUG
Daily ETF(a)
 
 
Leverage
Shares 2X
Long PYPL
Daily ETF
 
 
Leverage
Shares 2X
Long RTX
Daily ETF
 
 
Leverage
Shares 2X
Long SATS
Daily ETF(b)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$57,983
 
 
$2,625
 
 
$58,649
 
 
$4,904
 
 
$8,884
Interest income
 
 
—
 
 
—
 
 
—
 
 
25
 
 
—
Total investment income
 
 
57,983
 
 
2,625
 
 
58,649
 
 
4,929
 
 
8,884
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
96,047
 
 
2,827
 
 
114,115
 
 
9,800
 
 
15,488
Broker interest expense
 
 
1,569
 
 
—
 
 
2,508
 
 
—
 
 
7
Total expenses
 
 
97,616
 
 
2,827
 
 
116,623
 
 
9,800
 
 
15,495
Net investment loss
 
 
(39,633)
 
 
(202)
 
 
(57,974)
 
 
(4,871)
 
 
(6,611)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(14,987,633)
 
 
​1,074,507
 
 
(26,830,353)
 
 
(366,283)
 
 
(1,330,884)
Net realized gain (loss)
 
 
(14,987,633)
 
 
​1,074,507
 
 
(26,830,353)
 
 
(366,283)
 
 
(1,330,884)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(5,648,550)
 
 
​(390,686)
 
 
2,393,040
 
 
(587,576)
 
 
1,476,188
Net change in unrealized appreciation (depreciation)
 
 
(5,648,550)
 
 
​(390,686)
 
 
2,393,040
 
 
(587,576)
 
 
1,476,188
Net realized and unrealized gain (loss)
 
 
(20,636,183)
 
 
683,821
 
 
(24,437,313)
 
 
(953,859)
 
 
145,304
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (20,675,816)
 
 
$683,619
 
 
$ (24,495,287)
 
 
$ (958,730)
 
 
$138,693
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Inception date of the Fund was December 16, 2025.
The accompanying notes are an integral part of these financial statements.
 
109
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long SBUX
Daily ETF(a)
 
 
Leverage
Shares 2X
Long SNAP
Daily ETF(b)
 
 
Leverage
Shares 2X
Long SPOT
Daily ETF(a)
 
 
Leverage
Shares 2X
Long TER
Daily ETF(a)
 
 
Leverage
Shares 2X
Long TSLA
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$1,865
 
 
$2,153
 
 
$3,310
 
 
$6,074
 
 
$99,435
Interest income
 
 
2
 
 
—
 
 
—
 
 
—
 
 
—
Total investment income
 
 
1,867
 
 
2,153
 
 
3,310
 
 
6,074
 
 
99,435
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
2,223
 
 
5,048
 
 
6,799
 
 
12,218
 
 
166,823
Broker interest expense
 
 
—
 
 
372
 
 
122
 
 
8
 
 
20,766
Other expenses and fees
 
 
—
 
 
8
 
 
—
 
 
—
 
 
—
Total expenses
 
 
2,223
 
 
5,428
 
 
6,921
 
 
12,226
 
 
187,589
Net investment loss
 
 
(356)
 
 
(3,275)
 
 
(3,611)
 
 
(6,152)
 
 
(88,154)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
66,252
 
 
​360,791
 
 
(745,674)
 
 
(1,789,799)
 
 
(10,378,885)
Net realized gain (loss)
 
 
66,252
 
 
​360,791
 
 
(745,674)
 
 
(1,789,799)
 
 
(10,378,885)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
133,507
 
 
​297,149
 
 
63,634
 
 
2,789,460
 
 
(9,847,968)
Net change in unrealized appreciation (depreciation)
 
 
133,507
 
 
​297,149
 
 
63,634
 
 
2,789,460
 
 
(9,847,968)
Net realized and unrealized gain (loss)
 
 
199,759
 
 
657,940
 
 
(682,040)
 
 
999,661
 
 
(20,226,853)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 199,403
 
 
$ 654,665
 
 
$ (685,651)
 
 
$993,509
 
 
$ (20,315,007)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
110
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long TSM
Daily ETF
 
 
Leverage
Shares 2X
Long UEC
Daily ETF(a)
 
 
Leverage
Shares 2X
Long UNH
Daily ETF
 
 
Leverage
Shares 2X
Long UPS
Daily ETF(b)
 
 
Leverage
Shares 2X
Long USAR
Daily ETF(c)
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$32,886
 
 
$404
 
 
$448,258
 
 
$818
 
 
$7,092
Interest income
 
 
242
 
 
—
 
 
1,404
 
 
11
 
 
—
Total investment income
 
 
33,128
 
 
404
 
 
449,662
 
 
829
 
 
7,092
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
58,469
 
 
801
 
 
667,315
 
 
1,747
 
 
15,281
Broker interest expense
 
 
276
 
 
28
 
 
5,102
 
 
—
 
 
134
Total expenses
 
 
58,745
 
 
829
 
 
672,417
 
 
1,747
 
 
15,415
Net investment loss
 
 
(25,617)
 
 
(425)
 
 
(222,755)
 
 
(918)
 
 
(8,323)
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
8,942,711
 
 
(371,629)
 
 
5,853,922
 
 
(31,700)
 
 
(1,883,533)
Net realized gain (loss)
 
 
8,942,711
 
 
(371,629)
 
 
5,853,922
 
 
(31,700)
 
 
(1,883,533)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(744,616)
 
 
245,855
 
 
(2,589,575)
 
 
103,163
 
 
3,897,403
Net change in unrealized appreciation (depreciation)
 
 
(744,616)
 
 
245,855
 
 
(2,589,575)
 
 
103,163
 
 
3,897,403
Net realized and unrealized gain (loss)
 
 
8,198,095
 
 
(125,774)
 
 
3,264,347
 
 
71,463
 
 
2,013,870
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 8,172,478
 
 
$ (126,199)
 
 
$3,041,592
 
 
$70,545
 
 
$2,005,547
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 10, 2026.
(b)
Inception date of the Fund was December 11, 2025.
(c)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
111
 

TABLE OF CONTENTS

Themes ETF Trust
Statements of Operations
For the Period Ended April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long UUUU
Daily ETF(a)
 
 
Leverage
Shares 2X
Long VALE
Daily ETF(b)
 
 
Leverage
Shares 2X
Long World Stock
Daily ETF(c)
 
 
Leverage
Shares 2X
Long XPEV
Daily ETF(d)
 
 
Leverage
Shares 2X
Long XYZ
Daily ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
 
 
Dividend income
 
 
$12,161
 
 
$2,150
 
 
$1,815
 
 
$443
 
 
$13,227
Interest income
 
 
—
 
 
—
 
 
—
 
 
—
 
 
666
Total investment income
 
 
12,161
 
 
2,150
 
 
1,815
 
 
443
 
 
13,893
EXPENSES:
 
 
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
27,678
 
 
2,149
 
 
1,635
 
 
1,724
 
 
11,734
Broker interest expense
 
 
79
 
 
1
 
 
—
 
 
—
 
 
859
Other expenses and fees
 
 
—
 
 
23
 
 
—
 
 
—
 
 
—
Total expenses
 
 
27,757
 
 
2,173
 
 
1,635
 
 
1,724
 
 
12,593
NET INVESTMENT INCOME/(LOSS)
 
 
(15,596)
 
 
(23)
 
 
180
 
 
(1,281)
 
 
1,300
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
(8,210,863)
 
 
(29,688)
 
 
(29,624)
 
 
(457,849)
 
 
(852,528)
Net realized gain (loss)
 
 
(8,210,863)
 
 
(29,688)
 
 
(29,624)
 
 
(457,849)
 
 
(852,528)
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
 
 
Swap contracts
 
 
1,586,168
 
 
121,419
 
 
359,766
 
 
17,182
 
 
(31,614)
Net change in unrealized appreciation (depreciation)
 
 
1,586,168
 
 
121,419
 
 
359,766
 
 
17,182
 
 
(31,614)
Net realized and unrealized gain (loss)
 
 
(6,624,695)
 
 
91,731
 
 
330,142
 
 
(440,667)
 
 
(884,142)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ (6,640,291)
 
 
$91,708
 
 
$ 330,322
 
 
$ (441,948)
 
 
$ (882,842)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Inception date of the Fund was December 18, 2025.
(c)
Inception date of the Fund was March 10, 2026.
(d)
Inception date of the Fund was January 15, 2026.
The accompanying notes are an integral part of these financial statements.
 
112
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Capped Accelerated COIN
Monthly ETF
 
 
Leverage Shares 2X
Capped Accelerated MSTR
Monthly ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$6,181
 
 
$5,023
 
 
$5,288
 
 
$4,669
Net realized gain (loss)
 
 
(395,166)
 
 
113,751
 
 
(250,939)
 
 
(200,981)
Net change in unrealized appreciation (depreciation)
 
 
(91)
 
 
11
 
 
(183)
 
 
8
Net increase (decrease) in net assets from operations
 
 
(389,076)
 
 
118,785
 
 
(245,834)
 
 
(196,304)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(123,554)
 
 
—
 
 
(7,450)
 
 
—
Total distributions to shareholders
 
 
(123,554)
 
 
—
 
 
(7,450)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
630,023
 
 
783,984
 
 
831,717
 
 
750,666
Shares redeemed
 
 
(864,225)
 
 
—
 
 
(832,686)
 
 
—
ETF transaction fees
 
 
499
 
 
155
 
 
448
 
 
128
Net increase (decrease) in net assets from capital transactions
 
 
(233,703)
 
 
784,139
 
 
(521)
 
 
750,794
Net increase (decrease) in net assets
 
 
(746,333)
 
 
902,924
 
 
(253,805)
 
 
554,490
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
902,924
 
 
—
 
 
554,490
 
 
—
End of the period
 
 
$156,591
 
 
$ 902,924
 
 
$300,685
 
 
$554,490
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
40,000
 
 
40,000
 
 
90,000
 
 
40,000
Shares redeemed
 
 
(60,000)
 
 
—
 
 
(90,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
(20,000)
 
 
40,000
 
 
—
 
 
40,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
The accompanying notes are an integral part of these financial statements.
 
113
 

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THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X Capped
Accelerated NVDA Monthly ETF
 
 
Leverage Shares 2X Capped
Accelerated PLTR Monthly ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$18,908
 
 
$8,545
 
 
$10,840
 
 
$5,941
Net realized gain (loss)
 
 
(10,663)
 
 
203,673
 
 
(192,081)
 
 
179,816
Net change in unrealized appreciation (depreciation)
 
 
(466)
 
 
(234)
 
 
(111)
 
 
(171)
Net increase (decrease) in net assets from operations
 
 
7,779
 
 
211,984
 
 
(181,352)
 
 
185,586
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(219,489)
 
 
—
 
 
(190,652)
 
 
—
Total distributions to shareholders
 
 
(219,489)
 
 
—
 
 
(190,652)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
1,375,183
 
 
—
 
 
903,823
Shares redeemed
 
 
—
 
 
—
 
 
(300,216)
 
 
—
ETF transaction fees
 
 
—
 
 
570
 
 
166
 
 
326
Net increase (decrease) in net assets from capital transactions
 
 
—
 
 
1,375,753
 
 
(300,050)
 
 
904,149
Net increase (decrease) in net assets
 
 
(211,710)
 
 
1,587,737
 
 
(672,054)
 
 
1,089,735
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
1,587,737
 
 
—
 
 
1,089,735
 
 
—
End of the period
 
 
$ 1,376,027
 
 
$ 1,587,737
 
 
$417,681
 
 
$ 1,089,735
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
70,000
 
 
—
 
 
50,000
Shares redeemed
 
 
—
 
 
—
 
 
(20,000)
 
 
—
Total increase (decrease) in shares outstanding
 
 
—
 
 
70,000
 
 
(20,000)
 
 
50,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
The accompanying notes are an integral part of these financial statements.
 
114
 

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THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X Capped
Accelerated TSLA Monthly ETF
 
 
Leverage Shares 2X
Long AAL Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$16,492
 
 
$8,012
 
 
$(3,663)
 
 
$(808)
Net realized gain (loss)
 
 
(113,664)
 
 
224,374
 
 
​(701,773)
 
 
48,259
Net change in unrealized appreciation (depreciation)
 
 
(460)
 
 
116
 
 
​428,018
 
 
189,360
Net increase (decrease) in net assets from operations
 
 
(97,632)
 
 
232,502
 
 
(277,418)
 
 
236,811
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(238,954)
 
 
—
 
 
(24,818)
 
 
—
Total distributions to shareholders
 
 
(238,954)
 
 
—
 
 
(24,818)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
1,162,853
 
 
4,184,459
 
 
1,886,200
Shares redeemed
 
 
—
 
 
—
 
 
(704,371)
 
 
(1,225,422)
ETF transaction fees
 
 
—
 
 
289
 
 
—
 
 
—
Net increase (decrease) in net assets from capital transactions
 
 
—
 
 
1,163,142
 
 
3,480,088
 
 
660,778
Net increase (decrease) in net assets
 
 
(336,586)
 
 
1,395,644
 
 
3,177,852
 
 
897,589
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
1,395,644
 
 
—
 
 
897,589
 
 
—
End of the period
 
 
$ 1,059,058
 
 
$ 1,395,644
 
 
$ 4,075,441
 
 
$897,589
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
—
 
 
60,000
 
 
445,000
 
 
160,000
Shares redeemed
 
 
—
 
 
—
 
 
(65,000)
 
 
(95,000)
Total increase (decrease) in shares outstanding
 
 
—
 
 
60,000
 
 
380,000
 
 
65,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
(b)
Inception date of the Fund was July 10, 2025.
The accompanying notes are an integral part of these financial statements.
 
115
 

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THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long ABNB
Daily ETF
 
 
Leverage Shares 2X
Long ADBE Daily ETF
 
 
Leverage
Shares 2X
Long ALB
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(1,235)
 
 
$(61,968)
 
 
$(14,588)
 
 
$(2,776)
Net realized gain (loss)
 
 
(37,799)
 
 
(23,758,995)
 
 
(2,224,910)
 
 
(346,112)
Net change in unrealized appreciation (depreciation)
 
 
130,298
 
 
1,201,318
 
 
(208,745)
 
 
207,620
Net increase (decrease) in net assets from operations
 
 
91,264
 
 
(22,619,645)
 
 
(2,448,243)
 
 
(141,268)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
814,163
 
 
50,609,286
 
 
50,770,629
 
 
3,725,937
Shares redeemed
 
 
(368,909)
 
 
(22,338,159)
 
 
(16,419,448)
 
 
(2,050,220)
Net increase (decrease) in net assets from capital transactions
 
 
445,254
 
 
28,271,127
 
 
34,351,181
 
 
1,675,717
Net increase (decrease) in net assets
 
 
536,518
 
 
5,651,482
 
 
31,902,938
 
 
1,534,449
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
31,902,938
 
 
—
 
 
—
End of the period
 
 
$536,518
 
 
$37,554,420
 
 
$31,902,938
 
 
$1,534,449
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
55,000
 
 
8,320,000
 
 
4,645,000
 
 
240,000
Shares redeemed
 
 
(25,000)
 
 
(3,325,000)
 
 
(1,440,000)
 
 
(150,000)
Total increase (decrease) in shares outstanding
 
 
30,000
 
 
4,995,000
 
 
3,205,000
 
 
90,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Inception date of the Fund was March 20, 2025.
(c)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
116
 

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THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long AMD Daily ETF
 
 
Leverage Shares 2X
Long ARM Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(37,937)
 
 
$(9,727)
 
 
$(42,086)
 
 
$(19,673)
Net realized gain (loss)
 
 
15,220,768
 
 
10,715,554
 
 
12,580,932
 
 
532,655
Net change in unrealized appreciation (depreciation)
 
 
(3,216,699)
 
 
5,816,767
 
 
10,489,251
 
 
1,801,851
Net increase (decrease) in net assets from operations
 
 
11,966,132
 
 
16,522,594
 
 
23,028,097
 
 
2,314,833
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(8,415,359)
 
 
—
 
 
(512,982)
 
 
—
Total distributions to shareholders
 
 
(8,415,359)
 
 
—
 
 
(512,982)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
90,765,541
 
 
71,824,900
 
 
56,327,377
 
 
32,368,476
Shares redeemed
 
 
(97,535,130)
 
 
(60,877,205)
 
 
(32,810,535)
 
 
(15,176,112)
Net increase (decrease) in net assets from capital transactions
 
 
(6,769,589)
 
 
10,947,695
 
 
23,516,842
 
 
17,192,364
Net increase (decrease) in net assets
 
 
(3,218,816)
 
 
27,470,289
 
 
46,031,957
 
 
19,507,197
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
27,470,289
 
 
—
 
 
19,507,197
 
 
—
End of the period
 
 
$24,251,473
 
 
$27,470,289
 
 
$65,539,154
 
 
$19,507,197
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
3,070,000
 
 
2,470,000
 
 
6,300,000
 
 
2,500,000
Shares redeemed
 
 
(3,275,000)
 
 
(1,860,000)
 
 
(3,860,000)
 
 
(1,205,000)
Total increase (decrease) in shares outstanding
 
 
(205,000)
 
 
610,000
 
 
2,440,000
 
 
1,295,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 23, 2025.
(b)
Inception date of the Fund was January 13, 2025.
The accompanying notes are an integral part of these financial statements.
 
117
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long ASML Daily ETF
 
 
Leverage Shares 2X
Long AVGO Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(38,400)
 
 
$(26,807)
 
 
$(69,409)
 
 
$(7,488)
Net realized gain (loss)
 
 
484,814
 
 
8,935,244
 
 
3,249,420
 
 
861,500
Net change in unrealized appreciation (depreciation)
 
 
5,987,364
 
 
2,433,497
 
 
4,983,011
 
 
3,441,329
Net increase (decrease) in net assets from operations
 
 
6,433,778
 
 
11,341,934
 
 
8,163,022
 
 
4,295,341
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(3,961,298)
 
 
—
 
 
(834,501)
 
 
—
Total distributions to shareholders
 
 
(3,961,298)
 
 
—
 
 
(834,501)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
67,413,605
 
 
73,091,834
 
 
43,505,871
 
 
15,758,256
Shares redeemed
 
 
(54,602,133)
 
 
(70,879,592)
 
 
(25,830,840)
 
 
(5,091,433)
Net increase (decrease) in net assets from capital transactions
 
 
12,811,472
 
 
2,212,242
 
 
17,675,031
 
 
10,666,823
Net increase (decrease) in net assets
 
 
15,283,952
 
 
13,554,176
 
 
25,003,552
 
 
14,962,164
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
13,554,176
 
 
—
 
 
14,962,164
 
 
—
End of the period
 
 
$28,838,128
 
 
$13,554,176
 
 
$39,965,716
 
 
$ 14,962,164
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
2,200,000
 
 
4,650,000
 
 
1,550,000
 
 
650,000
Shares redeemed
 
 
(1,950,000)
 
 
(4,120,000)
 
 
(885,000)
 
 
(205,000)
Total increase (decrease) in shares outstanding
 
 
250,000
 
 
530,000
 
 
665,000
 
 
445,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2025.
(b)
Inception date of the Fund was May 15, 2025.
The accompanying notes are an integral part of these financial statements.
 
118
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long AXP
Daily ETF
 
 
Leverage Shares 2X
Long BA Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(63)
 
 
$(5,067)
 
 
$(416)
Net realized gain (loss)
 
 
(86,746)
 
 
(11,601)
 
 
(230,096)
Net change in unrealized appreciation (depreciation)
 
 
47,343
 
 
1,319,997
 
 
(293,238)
Net increase (decrease) in net assets from operations
 
 
(39,466)
 
 
1,303,329
 
 
(523,750)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
1,044,337
 
 
3,041,700
 
 
3,275,904
Shares redeemed
 
 
(318,403)
 
 
(2,081,347)
 
 
(397,315)
Net increase (decrease) in net assets from capital transactions
 
 
725,934
 
 
960,353
 
 
2,878,589
Net increase (decrease) in net assets
 
 
686,468
 
 
2,263,682
 
 
2,354,839
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
2,354,839
 
 
—
End of the period
 
 
$686,468
 
 
$4,618,521
 
 
$ 2,354,839
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
80,000
 
 
235,000
 
 
200,000
Shares redeemed
 
 
(25,000)
 
 
(115,000)
 
 
(25,000)
Total increase (decrease) in shares outstanding
 
 
55,000
 
 
120,000
 
 
175,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was February 19, 2026.
(b)
Inception date of the Fund was June 12, 2025.
The accompanying notes are an integral part of these financial statements.
 
119
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long BBAI Daily ETF(a)
 
 
Leverage
Shares 2X
Long BE
Daily ETF
 
 
Leverage
Shares 2X
Long BIDU
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
 
 
Period Ended
April 30, 2026(d)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(53,762)
 
 
$(14,299)
 
 
$(11,050)
 
 
$(1,709)
Net realized gain (loss)
 
 
​(25,401,259)
 
 
1,035,421
 
 
13,583,148
 
 
(873,150)
Net change in unrealized appreciation (depreciation)
 
 
​(1,327,057)
 
 
1,118,992
 
 
2,433,273
 
 
325,681
Net increase (decrease) in net assets from operations
 
 
(26,782,078)
 
 
2,140,114
 
 
16,005,371
 
 
(549,178)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(1,007,741)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(1,007,741)
 
 
—
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
32,414,150
 
 
31,294,818
 
 
15,360,101
 
 
2,698,889
Shares redeemed
 
 
(13,138,242)
 
 
(10,250,902)
 
 
(11,582,662)
 
 
(508,640)
Net increase (decrease) in net assets from capital transactions
 
 
19,275,908
 
 
21,043,916
 
 
3,777,439
 
 
2,190,249
Net increase (decrease) in net assets
 
 
(8,513,911)
 
 
23,184,030
 
 
19,782,810
 
 
1,641,071
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
23,184,030
 
 
—
 
 
—
 
 
—
End of the period
 
 
$14,670,119
 
 
$23,184,030
 
 
$19,782,810
 
 
$ 1,641,071
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
472,000
 
 
165,500
 
 
435,000
 
 
135,000
Shares redeemed
 
 
(171,000)
 
 
(42,500)
 
 
(220,000)
 
 
(25,000)
Total increase (decrease) in shares outstanding
 
 
301,000
 
 
123,000
 
 
215,000
 
 
110,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Share amounts for all periods presented have been adjusted to give effect to the 1:10 stock split.
(b)
Inception date of the Fund was August 20, 2025.
(c)
Inception date of the Fund was December 16, 2025.
(d)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
120
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long BLSH Daily ETF
 
 
Leverage Shares 2X
Long BMNR Daily ETF(a)
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(853)
 
 
$8
 
 
$(86,457)
 
 
$(7)
Net realized gain (loss)
 
 
(557,884)
 
 
(835)
 
 
(47,916,278)
 
 
(89,196)
Net change in unrealized appreciation (depreciation)
 
 
(2,170)
 
 
(52,412)
 
 
5,376,510
 
 
26,950
Net increase (decrease) in net assets from operations
 
 
(560,907)
 
 
(53,239)
 
 
(42,626,225)
 
 
(62,253)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
2,814,308
 
 
578,327
 
 
143,306,983
 
 
750,564
Shares redeemed
 
 
(864,218)
 
 
(266,433)
 
 
(66,527,680)
 
 
(312,970)
Net increase (decrease) in net assets from capital transactions
 
 
1,950,090
 
 
311,894
 
 
76,779,303
 
 
437,594
Net increase (decrease) in net assets
 
 
1,389,183
 
 
258,655
 
 
34,153,078
 
 
375,341
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
258,655
 
 
—
 
 
375,341
 
 
—
End of the period
 
 
$ 1,647,838
 
 
$258,655
 
 
$34,528,419
 
 
$375,341
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
435,000
 
 
40,000
 
 
3,111,000
 
 
2,750
Shares redeemed
 
 
(135,000)
 
 
(20,000)
 
 
(1,841,750)
 
 
(1,250)
Total increase (decrease) in shares outstanding
 
 
300,000
 
 
20,000
 
 
1,269,250
 
 
1,500
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective May 5, 2026, the Fund had a 1:20 reverse stock split. Share amounts for all periods presented have been adjusted to give effect to the 1:20 stock split.
(b)
Inception date of the Fund was October 24, 2025.
The accompanying notes are an integral part of these financial statements.
 
121
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long BULL Daily ETF(a)
 
 
Leverage
Shares 2X
Long CIFR
Daily ETF
 
 
Leverage
Shares 2X
Long CMG
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
 
 
Period Ended
April 30, 2026(d)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(24,352)
 
 
$(5,740)
 
 
$(3,566)
 
 
$(2,269)
Net realized gain (loss)
 
 
​(14,111,228)
 
 
(5,140,562)
 
 
​(378,944)
 
 
(100,292)
Net change in unrealized appreciation (depreciation)
 
 
​1,185,022
 
 
(553,386)
 
 
​390,584
 
 
47,767
Net increase (decrease) in net assets from operations
 
 
(12,950,558)
 
 
(5,699,688)
 
 
8,074
 
 
(54,794)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
8,305,442
 
 
25,397,276
 
 
10,073,186
 
 
1,210,264
Shares redeemed
 
 
(4,737,026)
 
 
(2,357,854)
 
 
(7,435,115)
 
 
(607,584)
Net increase (decrease) in net assets from capital transactions
 
 
3,568,416
 
 
23,039,422
 
 
2,638,071
 
 
602,680
Net increase (decrease) in net assets
 
 
(9,382,142)
 
 
17,339,734
 
 
2,646,145
 
 
547,886
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
17,339,734
 
 
—
 
 
—
 
 
—
End of the period
 
 
$7,957,592
 
 
$ 17,339,734
 
 
$2,646,145
 
 
$547,886
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
159,500
 
 
139,500
 
 
1,130,000
 
 
75,000
Shares redeemed
 
 
(85,250)
 
 
(13,250)
 
 
(830,000)
 
 
(40,000)
Total increase (decrease) in shares outstanding
 
 
74,250
 
 
126,250
 
 
300,000
 
 
35,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective April 24, 2026, the Fund had a 1:20 reverse stock split. Share amounts for all periods presented have been adjusted to give effect to the 1:20 stock split.
(b)
Inception date of the Fund was August 8, 2025.
(c)
Inception date of the Fund was December 11, 2025.
(d)
Inception date of the Fund was November 17, 2025.
The accompanying notes are an integral part of these financial statements.
 
122
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long CNC
Daily ETF
 
 
Leverage Shares 2X
Long COIN Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(568)
 
 
$(14,105)
 
 
$(9,648)
Net realized gain (loss)
 
 
624,531
 
 
(8,172,582)
 
 
(711,169)
Net change in unrealized appreciation (depreciation)
 
 
27,213
 
 
(365,913)
 
 
1,285,402
Net increase (decrease) in net assets from operations
 
 
651,176
 
 
(8,552,600)
 
 
564,585
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
816,083
 
 
10,358,807
 
 
16,294,725
Shares redeemed
 
 
(622,104)
 
 
(2,233,457)
 
 
(8,793,634)
Net increase (decrease) in net assets from capital transactions
 
 
193,979
 
 
8,125,350
 
 
7,501,091
Net increase (decrease) in net assets
 
 
845,155
 
 
(427,250)
 
 
8,065,676
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
8,065,676
 
 
—
End of the period
 
 
$845,155
 
 
$7,638,426
 
 
$8,065,676
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
65,000
 
 
970,000
 
 
510,000
Shares redeemed
 
 
(30,000)
 
 
(190,000)
 
 
(290,000)
Total increase (decrease) in shares outstanding
 
 
35,000
 
 
780,000
 
 
220,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Inception date of the Fund was March 13, 2025.
The accompanying notes are an integral part of these financial statements.
 
123
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long COST Daily ETF
 
 
Leverage Shares 2X
Long CRCL Daily ETF(a)
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(c)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(9,793)
 
 
$(1,061)
 
 
$(249,641)
 
 
$(39,607)
Net realized gain (loss)
 
 
1,211,408
 
 
(215,872)
 
 
​(65,837,526)
 
 
(12,948,084)
Net change in unrealized appreciation (depreciation)
 
 
697,604
 
 
(95,171)
 
 
​(34,692)
 
 
(1,493,390)
Net increase (decrease) in net assets from operations
 
 
1,899,219
 
 
(312,104)
 
 
(66,121,859)
 
 
(14,481,081)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
7,329,941
 
 
9,475,294
 
 
220,472,963
 
 
87,488,509
Shares redeemed
 
 
(10,211,185)
 
 
(3,288,992)
 
 
(86,780,396)
 
 
(6,763,499)
Net increase (decrease) in net assets from capital transactions
 
 
(2,881,244)
 
 
6,186,302
 
 
133,692,567
 
 
80,725,010
Net increase (decrease) in net assets
 
 
(982,025)
 
 
5,874,198
 
 
67,570,708
 
 
66,243,929
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
5,874,198
 
 
—
 
 
66,243,929
 
 
—
End of the period
 
 
$4,892,173
 
 
$5,874,198
 
 
$ 133,814,637
 
 
$66,243,929
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
580,000
 
 
685,000
 
 
7,937,500
 
 
908,000
Shares redeemed
 
 
(705,000)
 
 
(240,000)
 
 
(2,957,000)
 
 
(64,000)
Total increase (decrease) in shares outstanding
 
 
(125,000)
 
 
445,000
 
 
4,980,500
 
 
844,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Share amounts for all periods presented have been adjusted to give effect to the 1:10 stock split.
(b)
Inception date of the Fund was September 17, 2025.
(c)
Inception date of the Fund was August 8, 2025.
The accompanying notes are an integral part of these financial statements.
 
124
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long CRM Daily ETF
 
 
Leverage
Shares 2X
Long CRML
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(34,602)
 
 
$(10,297)
 
 
$(864)
Net realized gain (loss)
 
 
(11,140,093)
 
 
(1,727,536)
 
 
​(68,955)
Net change in unrealized appreciation (depreciation)
 
 
(4,423,950)
 
 
3,350,419
 
 
​729,127
Net increase (decrease) in net assets from operations
 
 
(15,598,645)
 
 
1,612,586
 
 
659,308
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
33,609,356
 
 
35,220,970
 
 
4,087,729
Shares redeemed
 
 
(13,332,868)
 
 
(11,290,906)
 
 
(1,533,744)
Net increase (decrease) in net assets from capital transactions
 
 
20,276,488
 
 
23,930,064
 
 
2,553,985
Net increase (decrease) in net assets
 
 
4,677,843
 
 
25,542,650
 
 
3,213,293
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
25,542,650
 
 
—
 
 
—
End of the period
 
 
$30,220,493
 
 
$25,542,650
 
 
$3,213,293
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
5,240,000
 
 
2,710,000
 
 
485,000
Shares redeemed
 
 
(1,605,000)
 
 
(845,000)
 
 
(185,000)
Total increase (decrease) in shares outstanding
 
 
3,635,000
 
 
1,865,000
 
 
300,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
Inception date of the Fund was February 10, 2026.
The accompanying notes are an integral part of these financial statements.
 
125
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long CRWV Daily ETF(a)
 
 
Leverage
Shares 2X
Long DNN
Daily ETF
 
 
Leverage
Shares 2X
Long DUOL
Daily ETF(a)
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
 
 
Period Ended
April 30, 2026(d)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(384,128)
 
 
$(52,764)
 
 
$(376)
 
 
$(6,804)
Net realized gain (loss)
 
 
​26,407,586
 
 
6,621,224
 
 
​(141,590)
 
 
(3,648,171)
Net change in unrealized appreciation (depreciation)
 
 
​(7,383,147)
 
 
12,850,306
 
 
​21,978
 
 
1,464,915
Net increase (decrease) in net assets from operations
 
 
18,640,311
 
 
19,418,766
 
 
(119,988)
 
 
(2,190,060)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(6,538,250)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(6,538,250)
 
 
—
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
338,800,430
 
 
104,458,712
 
 
762,335
 
 
19,622,819
Shares redeemed
 
 
(298,168,533)
 
 
(35,552,360)
 
 
(334,567)
 
 
(11,824,023)
Net increase (decrease) in net assets from capital transactions
 
 
40,631,897
 
 
68,906,352
 
 
427,768
 
 
7,798,796
Net increase (decrease) in net assets
 
 
52,733,958
 
 
88,325,118
 
 
307,780
 
 
5,608,736
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
88,325,118
 
 
—
 
 
—
 
 
—
End of the period
 
 
$141,059,076
 
 
$88,325,118
 
 
$307,780
 
 
$5,608,736
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
9,541,500
 
 
1,040,000
 
 
55,000
 
 
478,500
Shares redeemed
 
 
(7,212,500)
 
 
(320,500)
 
 
(30,000)
 
 
(332,500)
Total increase (decrease) in shares outstanding
 
 
2,329,000
 
 
719,500
 
 
25,000
 
 
146,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Share amounts for all periods presented have been adjusted to give effect to the 1:10 stock split.
(b)
Inception date of the Fund was August 8, 2025.
(c)
Inception date of the Fund was February 10, 2026.
(d)
Inception date of the Fund was December 11, 2025.
The accompanying notes are an integral part of these financial statements.
 
126
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long FCX
Daily ETF
 
 
Leverage Shares 2X
Long FIG Daily ETF(a)
 
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(c)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(676)
 
 
$(26,962)
 
 
$(741)
Net realized gain (loss)
 
 
(281,133)
 
 
(16,370,889)
 
 
(1,200,939)
Net change in unrealized appreciation (depreciation)
 
 
(112,523)
 
 
(51,053)
 
 
14,447
Net increase (decrease) in net assets from operations
 
 
(394,332)
 
 
(16,448,904)
 
 
(1,187,233)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
2,241,185
 
 
27,469,662
 
 
7,505,094
Shares redeemed
 
 
(441,248)
 
 
(7,472,864)
 
 
(297,630)
Net increase (decrease) in net assets from capital transactions
 
 
1,799,937
 
 
19,996,798
 
 
7,207,464
Net increase (decrease) in net assets
 
 
1,405,605
 
 
3,547,894
 
 
6,020,231
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
6,020,231
 
 
—
End of the period
 
 
$ 1,405,605
 
 
$9,568,125
 
 
$6,020,231
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
145,000
 
 
739,000
 
 
35,750
Shares redeemed
 
 
(25,000)
 
 
(165,000)
 
 
(1,250)
Total increase (decrease) in shares outstanding
 
 
120,000
 
 
574,000
 
 
34,500
 
 
 
 
 
 
 
 
 
 
(a)
Effective May 5, 2026, the Fund had a 1:20 reverse stock split. Share amounts for all periods presented have been adjusted to give effect to the 1:20 stock split.
(b)
Inception date of the Fund was February 19, 2026.
(c)
Inception date of the Fund was October 13, 2025.
The accompanying notes are an integral part of these financial statements.
 
127
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long FUTU Daily ETF
 
 
Leverage
Shares 2X
Long GEMI
Daily ETF(a)
 
 
Leverage
Shares 2X
Long GEV
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
 
 
Period Ended
April 30, 2026(d)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(16,944)
 
 
$313
 
 
$(371)
 
 
$(5,390)
Net realized gain (loss)
 
 
(1,987,288)
 
 
(9,692)
 
 
(2,182,147)
 
 
2,506,310
Net change in unrealized appreciation (depreciation)
 
 
310,957
 
 
490,921
 
 
71,612
 
 
1,898,056
Net increase (decrease) in net assets from operations
 
 
(1,693,275)
 
 
480,916
 
 
(2,110,906)
 
 
4,398,976
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
10,154,995
 
 
2,929,447
 
 
4,007,974
 
 
8,067,639
Shares redeemed
 
 
(3,462,337)
 
 
(846,936)
 
 
(1,259,714)
 
 
(2,134,563)
Net increase (decrease) in net assets from capital transactions
 
 
6,692,658
 
 
2,082,511
 
 
2,748,260
 
 
5,933,076
Net increase (decrease) in net assets
 
 
4,999,383
 
 
2,563,428
 
 
637,354
 
 
10,332,052
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
2,563,427
 
 
—
 
 
—
 
 
—
End of the period
 
 
$7,562,810
 
 
$ 2,563,427
 
 
$637,354
 
 
$ 10,332,052
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
835,000
 
 
170,000
 
 
86,250
 
 
405,000
Shares redeemed
 
 
(295,000)
 
 
(55,000)
 
 
(27,750)
 
 
(95,000)
Total increase (decrease) in shares outstanding
 
 
540,000
 
 
115,000
 
 
58,500
 
 
310,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Effective April 24, 2026, the Fund had a 1:20 reverse stock split. Share amounts for the period presented has been adjusted to give effect to the 1:20 stock split.
(b)
Inception date of the Fund was October 13, 2025.
(c)
Inception date of the Fund was November 5, 2025.
(d)
Inception date of the Fund was December 16, 2025.
The accompanying notes are an integral part of these financial statements.
 
128
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long GLW
Daily ETF
 
 
Leverage Shares 2X
Long GLXY Daily ETF
 
 
Leverage
Shares 2X
Long GRAB
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(3,323)
 
 
$(9,458)
 
 
$(2,263)
 
 
$(1,151)
Net realized gain (loss)
 
 
2,455,966
 
 
(3,534,410)
 
 
(410,987)
 
 
(434,193)
Net change in unrealized appreciation (depreciation)
 
 
3,670,841
 
 
1,150,462
 
 
130,889
 
 
31,131
Net increase (decrease) in net assets from operations
 
 
6,123,484
 
 
(2,393,406)
 
 
(282,361)
 
 
(404,213)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
36,716,024
 
 
4,639,282
 
 
5,746,050
 
 
1,994,964
Shares redeemed
 
 
(15,949,040)
 
 
(2,945,387)
 
 
(915,409)
 
 
(337,878)
Net increase (decrease) in net assets from capital transactions
 
 
20,766,984
 
 
1,693,895
 
 
4,830,641
 
 
1,657,086
Net increase (decrease) in net assets
 
 
26,890,468
 
 
(699,511)
 
 
4,548,280
 
 
1,252,873
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
4,548,280
 
 
—
 
 
—
End of the period
 
 
$26,890,468
 
 
$3,848,769
 
 
$ 4,548,280
 
 
$ 1,252,873
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
2,040,000
 
 
545,000
 
 
215,000
 
 
195,000
Shares redeemed
 
 
(830,000)
 
 
(295,000)
 
 
(40,000)
 
 
(25,000)
Total increase (decrease) in shares outstanding
 
 
1,210,000
 
 
250,000
 
 
175,000
 
 
170,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 10, 2026.
(b)
Inception date of the Fund was August 20, 2025.
(c)
Inception date of the Fund was December 11, 2025.
The accompanying notes are an integral part of these financial statements.
 
129
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long HOOD Daily ETF
 
 
Leverage
Shares 2X
Long HUT
Daily ETF
 
 
Leverage
Shares 2X
Long IREN
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(168,264)
 
 
$(78,093)
 
 
$(2,107)
 
 
$(9,560)
Net realized gain (loss)
 
 
​(104,285,460)
 
 
27,592,470
 
 
121,003
 
 
(1,857,898)
Net change in unrealized appreciation (depreciation)
 
 
​(24,299,777)
 
 
22,312,706
 
 
210,221
 
 
775,217
Net increase (decrease) in net assets from operations
 
 
(128,753,501)
 
 
49,827,083
 
 
329,117
 
 
(1,092,241)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(22,833,268)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(22,833,268)
 
 
—
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
277,103,953
 
 
239,486,691
 
 
6,058,911
 
 
17,678,297
Shares redeemed
 
 
(162,517,594)
 
 
(187,630,470)
 
 
(3,174,754)
 
 
(6,428,422)
Net increase (decrease) in net assets from capital transactions
 
 
114,586,359
 
 
51,856,221
 
 
2,884,157
 
 
11,249,875
Net increase (decrease) in net assets
 
 
(37,000,410)
 
 
101,683,304
 
 
3,213,274
 
 
10,157,634
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
101,683,304
 
 
—
 
 
—
 
 
—
End of the period
 
 
$64,682,894
 
 
$101,683,304
 
 
$3,213,274
 
 
$ 10,157,634
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
6,130,000
 
 
3,070,000
 
 
480,000
 
 
1,015,000
Shares redeemed
 
 
(3,345,000)
 
 
(2,190,000)
 
 
(280,000)
 
 
(375,000)
Total increase (decrease) in shares outstanding
 
 
2,785,000
 
 
880,000
 
 
200,000
 
 
640,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2025.
(b)
Inception date of the Fund was January 13, 2026.
(c)
Inception date of the Fund was December 16, 2025.
The accompanying notes are an integral part of these financial statements.
 
130
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long KLAC
Daily ETF
 
 
Leverage
Shares 2X
Long LAC
Daily ETF
 
 
Leverage
Shares 2X
Long LULU
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(3,820)
 
 
$(1,197)
 
 
$(5,074)
Net realized gain (loss)
 
 
1,008,408
 
 
​(264,151)
 
 
(1,232,360)
Net change in unrealized appreciation (depreciation)
 
 
177,507
 
 
​231,850
 
 
(148,584)
Net increase (decrease) in net assets from operations
 
 
1,182,095
 
 
(33,498)
 
 
(1,386,018)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
4,159,416
 
 
2,294,123
 
 
11,017,059
Shares redeemed
 
 
(206,242)
 
 
(370,568)
 
 
(5,155,656)
Net increase (decrease) in net assets from capital transactions
 
 
3,953,174
 
 
1,923,555
 
 
5,861,403
Net increase (decrease) in net assets
 
 
5,135,269
 
 
1,890,057
 
 
4,475,385
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
End of the period
 
 
$ 5,135,269
 
 
$ 1,890,057
 
 
$4,475,385
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
190,000
 
 
160,000
 
 
755,000
Shares redeemed
 
 
(10,000)
 
 
(25,000)
 
 
(280,000)
Total increase (decrease) in shares outstanding
 
 
180,000
 
 
135,000
 
 
475,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Inception date of the Fund was December 11, 2025.
(c)
Inception date of the Fund was November 5, 2025.
The accompanying notes are an integral part of these financial statements.
 
131
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long MP Daily ETF
 
 
Leverage Shares 2X
Long NBIS Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(1,667)
 
 
$(7)
 
 
$(43,751)
 
 
$(20)
Net realized gain (loss)
 
 
(1,844,033)
 
 
(3,645)
 
 
14,052,185
 
 
(1,071)
Net change in unrealized appreciation (depreciation)
 
 
663,761
 
 
(89,882)
 
 
34,370
 
 
161,887
Net increase (decrease) in net assets from operations
 
 
(1,181,939)
 
 
(93,534)
 
 
14,042,804
 
 
160,796
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
6,804,649
 
 
930,174
 
 
50,750,820
 
 
1,554,587
Shares redeemed
 
 
(3,075,104)
 
 
(306,485)
 
 
(38,653,040)
 
 
(423,615)
Net increase (decrease) in net assets from capital transactions
 
 
3,729,545
 
 
623,689
 
 
12,097,780
 
 
1,130,972
Net increase (decrease) in net assets
 
 
2,547,606
 
 
530,155
 
 
26,140,584
 
 
1,291,768
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
530,155
 
 
—
 
 
1,291,768
 
 
—
End of the period
 
 
$3,077,761
 
 
$530,155
 
 
$27,432,352
 
 
$ 1,291,768
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
675,000
 
 
70,000
 
 
5,800,000
 
 
95,000
Shares redeemed
 
 
(380,000)
 
 
(25,000)
 
 
(3,635,000)
 
 
(25,000)
Total increase (decrease) in shares outstanding
 
 
295,000
 
 
45,000
 
 
2,165,000
 
 
70,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 24, 2025.
The accompanying notes are an integral part of these financial statements.
 
132
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long NEM
Daily ETF
 
 
Leverage
Shares 2X
Long NET
Daily ETF
 
 
Leverage
Shares 2X
Long NIO
Daily ETF
 
 
Leverage
Shares 2X
Long NU
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(2,714)
 
 
$(4,192)
 
 
$(4,411)
 
 
$(960)
Net realized gain (loss)
 
 
(304,019)
 
 
1,913,221
 
 
1,162,718
 
 
(290,831)
Net change in unrealized appreciation (depreciation)
 
 
235,483
 
 
243,686
 
 
333,432
 
 
10,834
Net increase (decrease) in net assets from operations
 
 
(71,250)
 
 
2,152,715
 
 
1,491,739
 
 
(280,957)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
2,303,335
 
 
10,518,704
 
 
3,427,555
 
 
1,834,684
Shares redeemed
 
 
(402,888)
 
 
(7,994,054)
 
 
(1,829,864)
 
 
(1,056,844)
Net increase (decrease) in net assets from capital transactions
 
 
1,900,447
 
 
2,524,650
 
 
1,597,691
 
 
777,840
Net increase (decrease) in net assets
 
 
1,829,197
 
 
4,677,365
 
 
3,089,430
 
 
496,883
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
 
 
—
End of the period
 
 
$ 1,829,197
 
 
$4,677,365
 
 
$3,089,430
 
 
$496,883
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
115,000
 
 
1,065,000
 
 
235,000
 
 
110,000
Shares redeemed
 
 
(25,000)
 
 
(650,000)
 
 
(95,000)
 
 
(65,000)
Total increase (decrease) in shares outstanding
 
 
90,000
 
 
415,000
 
 
140,000
 
 
45,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
133
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long NVDA Daily ETF
 
 
Leverage
Shares 2X
Long OKTA
Daily ETF
 
 
Leverage
Shares 2X
Long ONDS
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(65,075)
 
 
$(34,400)
 
 
$(1,201)
 
 
$(13,143)
Net realized gain (loss)
 
 
2,663,546
 
 
10,012,415
 
 
(145,695)
 
 
​(7,348,280)
Net change in unrealized appreciation (depreciation)
 
 
(4,834,976)
 
 
3,971,588
 
 
173,577
 
 
​1,565,477
Net increase (decrease) in net assets from operations
 
 
(2,236,505)
 
 
13,949,603
 
 
26,681
 
 
(5,795,946)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(8,668,329)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(8,668,329)
 
 
—
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
94,242,274
 
 
29,128,446
 
 
1,575,070
 
 
28,319,008
Shares redeemed
 
 
(79,349,730)
 
 
(20,207,157)
 
 
(694,057)
 
 
(7,882,924)
Net increase (decrease) in net assets from capital transactions
 
 
14,892,544
 
 
8,921,289
 
 
881,013
 
 
20,436,084
Net increase (decrease) in net assets
 
 
3,987,710
 
 
22,870,892
 
 
907,694
 
 
14,640,138
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
22,870,892
 
 
—
 
 
—
 
 
—
End of the period
 
 
$26,858,602
 
 
$22,870,892
 
 
$907,694
 
 
$ 14,640,138
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
5,070,000
 
 
2,580,000
 
 
150,000
 
 
3,520,000
Shares redeemed
 
 
(4,550,000)
 
 
(1,590,000)
 
 
(55,000)
 
 
(1,170,000)
Total increase (decrease) in shares outstanding
 
 
520,000
 
 
990,000
 
 
95,000
 
 
2,350,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 12, 2024.
(b)
Inception date of the Fund was November 17, 2025.
(c)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
134
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long OPEN
Daily ETF
 
 
Leverage
Shares 2X
Long ORLY
Daily ETF
 
 
Leverage
Shares 2X
Long OSCR
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(863)
 
 
$(227)
 
 
$(247)
Net realized gain (loss)
 
 
(535,632)
 
 
(55,730)
 
 
(43,464)
Net change in unrealized appreciation (depreciation)
 
 
184,347
 
 
23,036
 
 
274,396
Net increase (decrease) in net assets from operations
 
 
(352,148)
 
 
(32,921)
 
 
230,685
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
2,393,272
 
 
800,214
 
 
1,571,527
Shares redeemed
 
 
(590,264)
 
 
(612,795)
 
 
(618,233)
Net increase (decrease) in net assets from capital transactions
 
 
1,803,008
 
 
187,419
 
 
953,294
Net increase (decrease) in net assets
 
 
1,450,860
 
 
154,498
 
 
1,183,979
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
End of the period
 
 
$ 1,450,860
 
 
$154,498
 
 
$ 1,183,979
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
290,000
 
 
55,000
 
 
150,000
Shares redeemed
 
 
(70,000)
 
 
(45,000)
 
 
(55,000)
Total increase (decrease) in shares outstanding
 
 
220,000
 
 
10,000
 
 
95,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Inception date of the Fund was January 15, 2026.
(c)
Inception date of the Fund was November 5, 2025.
The accompanying notes are an integral part of these financial statements.
 
135
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long PANW Daily ETF
 
 
Leverage
Shares 2X
Long PBR
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(6,590)
 
 
$(4,581)
 
 
$(843)
Net realized gain (loss)
 
 
(1,797,566)
 
 
1,539,788
 
 
565,764
Net change in unrealized appreciation (depreciation)
 
 
184,713
 
 
794,045
 
 
683,059
Net increase (decrease) in net assets from operations
 
 
(1,619,443)
 
 
2,329,252
 
 
1,247,980
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
(1,258,290)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(1,258,290)
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
14,284,834
 
 
8,300,854
 
 
3,274,779
Shares redeemed
 
 
(10,499,676)
 
 
(6,341,375)
 
 
(1,668,953)
Net increase (decrease) in net assets from capital transactions
 
 
3,785,158
 
 
1,959,479
 
 
1,605,826
Net increase (decrease) in net assets
 
 
907,425
 
 
4,288,731
 
 
2,853,806
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
4,288,731
 
 
—
 
 
—
End of the period
 
 
$5,196,156
 
 
$4,288,731
 
 
$2,853,806
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
1,270,000
 
 
670,000
 
 
90,000
Shares redeemed
 
 
(955,000)
 
 
(435,000)
 
 
(35,000)
Total increase (decrease) in shares outstanding
 
 
315,000
 
 
235,000
 
 
55,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2025.
(b)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
136
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long PLTR Daily ETF
 
 
Leverage
Shares 2X
Long PLUG
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(39,633)
 
 
$(17,361)
 
 
$(202)
Net realized gain (loss)
 
 
(14,987,633)
 
 
5,065,676
 
 
​1,074,507
Net change in unrealized appreciation (depreciation)
 
 
(5,648,550)
 
 
7,750,676
 
 
​(390,686)
Net increase (decrease) in net assets from operations
 
 
(20,675,816)
 
 
12,798,991
 
 
683,619
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
(4,153,504)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(4,153,504)
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
36,543,756
 
 
35,898,256
 
 
3,098,703
Shares redeemed
 
 
(16,999,308)
 
 
(17,801,552)
 
 
(426,419)
Net increase (decrease) in net assets from capital
transactions
 
 
19,544,448
 
 
18,096,704
 
 
2,672,284
Net increase (decrease) in net assets
 
 
(5,284,872)
 
 
30,895,695
 
 
3,355,903
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
30,895,695
 
 
—
 
 
—
End of the period
 
 
$25,610,823
 
 
$30,895,695
 
 
$ 3,355,903
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
1,855,000
 
 
1,350,000
 
 
185,000
Shares redeemed
 
 
(740,000)
 
 
(615,000)
 
 
(25,000)
Total increase (decrease) in shares outstanding
 
 
1,115,000
 
 
735,000
 
 
160,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 24, 2025.
(b)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
137
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long PYPL Daily ETF
 
 
Leverage Shares 2X
Long RTX Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(57,974)
 
 
$(7,692)
 
 
$(4,871)
 
 
$(1,073)
Net realized gain (loss)
 
 
(26,830,353)
 
 
(2,213,430)
 
 
(366,283)
 
 
87,805
Net change in unrealized appreciation (depreciation)
 
 
2,393,040
 
 
262,982
 
 
(587,576)
 
 
392,921
Net increase (decrease) in net assets from operations
 
 
(24,495,287)
 
 
(1,958,140)
 
 
(958,730)
 
 
479,653
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
—
 
 
—
 
 
(86,732)
 
 
—
Total distributions to shareholders
 
 
—
 
 
—
 
 
(86,732)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
30,200,475
 
 
57,853,438
 
 
5,243,872
 
 
2,040,438
Shares redeemed
 
 
(20,074,332)
 
 
(16,564,991)
 
 
(1,902,919)
 
 
(662,351)
Net increase (decrease) in net assets from capital transactions
 
 
10,126,143
 
 
41,288,447
 
 
3,340,953
 
 
1,378,087
Net increase (decrease) in net assets
 
 
(14,369,144)
 
 
39,330,307
 
 
2,295,491
 
 
1,857,740
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
39,330,307
 
 
—
 
 
1,857,740
 
 
—
End of the period
 
 
$24,961,163
 
 
$39,330,307
 
 
$4,153,231
 
 
$ 1,857,740
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
4,210,000
 
 
3,475,000
 
 
210,000
 
 
120,000
Shares redeemed
 
 
(3,165,000)
 
 
(1,035,000)
 
 
(80,000)
 
 
(40,000)
Total increase (decrease) in shares outstanding
 
 
1,045,000
 
 
2,440,000
 
 
130,000
 
 
80,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
Inception date of the Fund was June 5, 2025.
The accompanying notes are an integral part of these financial statements.
 
138
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long SATS
Daily ETF
 
 
Leverage
Shares 2X
Long SBUX
Daily ETF
 
 
Leverage
Shares 2X
Long SNAP
Daily ETF
 
 
Leverage
Shares 2X
Long SPOT
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(6,611)
 
 
$(356)
 
 
$(3,275)
 
 
$(3,611)
Net realized gain (loss)
 
 
(1,330,884)
 
 
66,252
 
 
​360,791
 
 
(745,674)
Net change in unrealized appreciation (depreciation)
 
 
1,476,188
 
 
133,507
 
 
​297,149
 
 
63,634
Net increase (decrease) in net assets from operations
 
 
138,693
 
 
199,403
 
 
654,665
 
 
(685,651)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
20,527,967
 
 
1,613,176
 
 
4,363,436
 
 
6,407,053
Shares redeemed
 
 
(2,442,576)
 
 
(1,067,397)
 
 
(2,227,212)
 
 
(1,587,818)
Net increase (decrease) in net assets from capital transactions
 
 
18,085,391
 
 
545,779
 
 
2,136,224
 
 
4,819,235
Net increase (decrease) in net assets
 
 
18,224,084
 
 
745,182
 
 
2,790,889
 
 
4,133,584
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
 
 
—
End of the period
 
 
$ 18,224,084
 
 
$745,182
 
 
$2,790,889
 
 
$4,133,584
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
1,160,000
 
 
100,000
 
 
645,000
 
 
830,000
Shares redeemed
 
 
(135,000)
 
 
(65,000)
 
 
(300,000)
 
 
(165,000)
Total increase (decrease) in shares outstanding
 
 
1,025,000
 
 
35,000
 
 
345,000
 
 
665,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 16, 2025.
(b)
Inception date of the Fund was November 17, 2025.
(c)
Inception date of the Fund was December 18, 2025.
The accompanying notes are an integral part of these financial statements.
 
139
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long TER
Daily ETF
 
 
Leverage Shares 2X
Long TSLA Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(b)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(6,152)
 
 
$(88,154)
 
 
$(49,309)
Net realized gain (loss)
 
 
(1,789,799)
 
 
(10,378,885)
 
 
(21,338)
Net change in unrealized appreciation (depreciation)
 
 
2,789,460
 
 
(9,847,968)
 
 
13,271,506
Net increase (decrease) in net assets from operations
 
 
993,509
 
 
(20,315,007)
 
 
13,200,859
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
—
 
 
(2,788,689)
 
 
—
Total distributions to shareholders
 
 
—
 
 
(2,788,689)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
18,569,154
 
 
155,765,250
 
 
222,625,167
Shares redeemed
 
 
(3,539,999)
 
 
(139,354,823)
 
 
(185,612,585)
Net increase (decrease) in net assets from capital transactions
 
 
15,029,155
 
 
16,410,427
 
 
37,012,582
Net increase (decrease) in net assets
 
 
16,022,664
 
 
(6,693,269)
 
 
50,213,441
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
50,213,441
 
 
—
End of the period
 
 
$ 16,022,664
 
 
$43,520,172
 
 
$50,213,441
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
455,000
 
 
21,195,000
 
 
27,425,000
Shares redeemed
 
 
(105,000)
 
 
(18,775,000)
 
 
(22,770,000)
Total increase (decrease) in shares outstanding
 
 
350,000
 
 
2,420,000
 
 
4,655,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Inception date of the Fund was December 12, 2024.
The accompanying notes are an integral part of these financial statements.
 
140
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long TSM Daily ETF
 
 
Leverage
Shares 2X
Long UEC
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
Net investment income (loss)
 
 
$(25,617)
 
 
$(7,452)
 
 
$(425)
Net realized gain (loss)
 
 
8,942,711
 
 
1,558,063
 
 
(371,629)
Net change in unrealized appreciation (depreciation)
 
 
(744,616)
 
 
1,877,269
 
 
245,855
Net increase (decrease) in net assets from operations
 
 
8,172,478
 
 
3,427,880
 
 
(126,199)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
From earnings
 
 
(1,390,540)
 
 
—
 
 
—
Total distributions to shareholders
 
 
(1,390,540)
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
Shares sold
 
 
16,382,961
 
 
14,331,016
 
 
2,264,945
Shares redeemed
 
 
(12,532,396)
 
 
(4,309,950)
 
 
(578,912)
Net increase (decrease) in net assets from capital transactions
 
 
3,850,565
 
 
10,021,066
 
 
1,686,033
Net increase (decrease) in net assets
 
 
10,632,503
 
 
13,448,946
 
 
1,559,834
NET ASSETS:
 
 
 
 
 
 
Beginning of the period
 
 
13,448,946
 
 
—
 
 
—
End of the period
 
 
$24,081,449
 
 
$ 13,448,946
 
 
$ 1,559,834
SHARES TRANSACTIONS
 
 
 
 
 
 
Shares sold
 
 
575,000
 
 
715,000
 
 
210,000
Shares redeemed
 
 
(430,000)
 
 
(210,000)
 
 
(50,000)
Total increase (decrease) in shares outstanding
 
 
145,000
 
 
505,000
 
 
160,000
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2025.
(b)
Inception date of the Fund was February 10, 2026.
The accompanying notes are an integral part of these financial statements.
 
141
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares 2X
Long UNH Daily ETF
 
 
Leverage
Shares 2X
Long UPS
Daily ETF
 
 
Leverage
Shares 2X
Long USAR
Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(222,755)
 
 
$(59,011)
 
 
$(918)
 
 
$(8,323)
Net realized gain (loss)
 
 
5,853,922
 
 
43,714,214
 
 
(31,700)
 
 
(1,883,533)
Net change in unrealized appreciation (depreciation)
 
 
(2,589,575)
 
 
42,207,952
 
 
103,163
 
 
3,897,403
Net increase (decrease) in net assets from operations
 
 
3,041,592
 
 
85,863,155
 
 
70,545
 
 
2,005,547
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(38,343,729)
 
 
—
 
 
—
 
 
—
Total distributions to shareholders
 
 
(38,343,729)
 
 
—
 
 
—
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
353,039,838
 
 
218,594,072
 
 
1,189,735
 
 
23,039,273
Shares redeemed
 
 
(380,151,064)
 
 
(71,290,822)
 
 
(402,269)
 
 
(10,630,528)
Net increase (decrease) in net assets from capital transactions
 
 
(27,111,226)
 
 
147,303,250
 
 
787,466
 
 
12,408,745
Net increase (decrease) in net assets
 
 
(62,413,363)
 
 
233,166,405
 
 
858,011
 
 
14,414,292
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
233,166,405
 
 
—
 
 
—
 
 
—
End of the period
 
 
$170,753,042
 
 
$ 233,166,405
 
 
$858,011
 
 
$14,414,292
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
23,385,000
 
 
15,135,000
 
 
75,000
 
 
1,310,000
Shares redeemed
 
 
(25,670,000)
 
 
(3,690,000)
 
 
(25,000)
 
 
(615,000)
Total increase (decrease) in shares outstanding
 
 
(2,285,000)
 
 
11,445,000
 
 
50,000
 
 
695,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was July 21, 2025.
(b)
Inception date of the Fund was December 11, 2025.
(c)
Inception date of the Fund was January 13, 2026.
The accompanying notes are an integral part of these financial statements.
 
142
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage
Shares 2X
Long UUUU
Daily ETF
 
 
Leverage
Shares 2X
Long VALE
Daily ETF
 
 
Leverage
Shares 2X
Long World
Stock
Daily ETF
 
 
Leverage
Shares 2X
Long XPEV
Daily ETF
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
 
 
Period Ended
April 30, 2026(b)
(Unaudited)
 
 
Period Ended
April 30, 2026(c)
(Unaudited)
 
 
Period Ended
April 30, 2026(d)
(Unaudited)
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(15,596)
 
 
$(23)
 
 
$180
 
 
$(1,281)
Net realized gain (loss)
 
 
(8,210,863)
 
 
(29,688)
 
 
(29,624)
 
 
(457,849)
Net change in unrealized appreciation (depreciation)
 
 
1,586,168
 
 
121,419
 
 
359,766
 
 
17,182
Net increase (decrease) in net assets from operations
 
 
(6,640,291)
 
 
91,708
 
 
330,322
 
 
(441,948)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
30,370,979
 
 
888,788
 
 
2,576,792
 
 
2,268,284
Shares redeemed
 
 
(6,634,035)
 
 
(92,948)
 
 
(364,665)
 
 
(534,449)
Net increase (decrease) in net assets from capital transactions
 
 
23,736,944
 
 
795,840
 
 
2,212,127
 
 
1,733,835
Net increase (decrease) in net assets
 
 
17,096,653
 
 
887,548
 
 
2,542,449
 
 
1,291,887
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
—
 
 
—
 
 
—
 
 
—
End of the period
 
 
$ 17,096,653
 
 
$ 887,548
 
 
$ 2,542,449
 
 
$ 1,291,887
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
1,770,000
 
 
45,000
 
 
180,000
 
 
200,000
Shares redeemed
 
 
(505,000)
 
 
(5,000)
 
 
(25,000)
 
 
(45,000)
Total increase (decrease) in shares outstanding
 
 
1,265,000
 
 
40,000
 
 
155,000
 
 
155,000
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Inception date of the Fund was December 18, 2025.
(c)
Inception date of the Fund was March 10, 2026.
(d)
Inception date of the Fund was January 15, 2026.
The accompanying notes are an integral part of these financial statements.
 
143
 

TABLE OF CONTENTS

THEMES ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
 
 
 
 
 
 
 
Leverage Shares 2X
Long XYZ Daily ETF
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
OPERATIONS:
 
 
 
 
Net investment income (loss)
 
 
$1,300
 
 
$747
Net realized gain (loss)
 
 
(852,528)
 
 
433,449
Net change in unrealized appreciation (depreciation)
 
 
(31,614)
 
 
541,199
Net increase (decrease) in net assets from operations
 
 
(882,842)
 
 
975,395
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From earnings
 
 
(217,010)
 
 
—
Total distributions to shareholders
 
 
(217,010)
 
 
—
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold
 
 
2,354,276
 
 
6,548,287
Shares redeemed
 
 
(1,409,538)
 
 
(3,790,562)
Net increase (decrease) in net assets from capital transactions
 
 
944,738
 
 
2,757,725
Net increase (decrease) in net assets
 
 
(155,114)
 
 
3,733,120
NET ASSETS:
 
 
 
 
Beginning of the period
 
 
3,733,120
 
 
—
End of the period
 
 
$3,578,006
 
 
$3,733,120
SHARES TRANSACTIONS
 
 
 
 
Shares sold
 
 
185,000
 
 
415,000
Shares redeemed
 
 
(110,000)
 
 
(250,000)
Total increase (decrease) in shares outstanding
 
 
75,000
 
 
165,000
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Capped Accelerated COIN Monthly ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$22.57
 
 
$20.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.20
 
 
0.14
Net realized and unrealized gain (loss) on investments(c)
 
 
(8.78)
 
 
2.43
Total from investment operations
 
 
(8.58)
 
 
2.57
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.49)
 
 
—
Net realized gains
 
 
(5.69)
 
 
—
Total distributions
 
 
(6.18)
 
 
—
ETF transaction fees per share
 
 
0.02
 
 
0.00(d)
Net asset value, end of period
 
 
$7.83
 
 
$22.57
Total return(e)
 
 
−41.63%
 
 
12.87%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$157
 
 
$903
Ratio of expenses to average net assets(f)
 
 
0.77%
 
 
0.77%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.02%
 
 
0.02%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(f)
 
 
0.77%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
3.10%
 
 
3.11%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$13.86
 
 
$20.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.12
 
 
0.12
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.35)
 
 
(6.26)
Total from investment operations
 
 
(6.23)
 
 
(6.14)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.12)
 
 
—
Total distributions
 
 
(0.12)
 
 
—
ETF transaction fees per share
 
 
0.01
 
 
0.00(d)
Net asset value, end of period
 
 
$7.52
 
 
$13.86
Total return(e)
 
 
−44.91%
 
 
−30.69%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$301
 
 
$554
Ratio of expenses to average net assets(f)
 
 
0.76%
 
 
0.78%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.01%
 
 
0.03%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(f)
 
 
0.76%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
3.00%
 
 
3.43%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$22.68
 
 
$20.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.27
 
 
0.14
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.15)
 
 
2.53
Total from investment operations
 
 
0.12
 
 
2.67
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.23)
 
 
—
Net realized gains
 
 
(2.91)
 
 
—
Total distributions
 
 
(3.14)
 
 
—
ETF transaction fees per share
 
 
—
 
 
0.01
Net asset value, end of period
 
 
$19.66
 
 
$22.68
Total return(d)
 
 
1.20%
 
 
13.41%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,376
 
 
$1,588
Ratio of expenses to average net assets(e)
 
 
0.75%
 
 
0.77%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
 
 
0.02%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
2.77%
 
 
3.27%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$21.79
 
 
$20.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.23
 
 
0.13
Net realized and unrealized gain (loss) on investments(c)
 
 
(4.28)
 
 
1.65
Total from investment operations
 
 
(4.05)
 
 
1.78
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.22)
 
 
—
Net realized gains
 
 
(3.60)
 
 
—
Total distributions
 
 
(3.82)
 
 
—
ETF transaction fees per share
 
 
0.00(d)
 
 
0.01
Net asset value, end of period
 
 
$13.92
 
 
$21.79
Total return(e)
 
 
−21.65%
 
 
8.97%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$418
 
 
$1,090
Ratio of expenses to average net assets(f)
 
 
0.77%
 
 
0.80%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.02%
 
 
0.05%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(f)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
2.84%
 
 
3.26%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Amount represents less than $0.005 per share.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$23.26
 
 
$20.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.27
 
 
0.15
Net realized and unrealized gain (loss) on investments(c)
 
 
(1.90)
 
 
3.10
Total from investment operations
 
 
(1.63)
 
 
3.25
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.24)
 
 
—
Net realized gains
 
 
(3.74)
 
 
—
Total distributions
 
 
(3.98)
 
 
—
ETF transaction fees per share
 
 
—
 
 
0.01
Net asset value, end of period
 
 
$17.65
 
 
$23.26
Total return(d)
 
 
−9.30%
 
 
16.30%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,059
 
 
$1,396
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.77%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.02%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
2.81%
 
 
3.14%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 12, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long AAL Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$13.81
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(4.35)
 
 
(1.18)
Total from investment operations
 
 
(4.37)
 
 
(1.19)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.28)
 
 
—
Total distributions
 
 
(0.28)
 
 
—
Net asset value, end of period
 
 
$9.16
 
 
$13.81
Total return(d)
 
 
−32.66%
 
 
−7.94%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$4,075
 
 
$898
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.37)%
 
 
(0.31)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was July 10, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ABNB Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.05)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.93
Total from investment operations
 
 
2.88
Net asset value, end of period
 
 
$17.88
Total return(d)
 
 
19.23%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$537
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.62)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ADBE Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$9.95
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.01)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(5.36)
 
 
(5.03)
Total from investment operations
 
 
(5.37)
 
 
(5.05)
Net asset value, end of period
 
 
$4.58
 
 
$9.95
Total return(d)
 
 
−53.99%
 
 
−33.64%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$37,554
 
 
$31,903
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.40)%
 
 
(0.31)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ALB Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.08
Total from investment operations
 
 
2.05
Net asset value, end of period
 
 
$17.05
Total return(d)
 
 
13.67%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,534
Ratio of expenses to average net assets(e)
 
 
1.02%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.27%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.79)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long AMD Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$45.03
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.05)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
17.87
 
 
30.06
Total from investment operations
 
 
17.82
 
 
30.03
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(2.97)
 
 
—
Total distributions
 
 
(2.97)
 
 
—
Net asset value, end of period
 
 
$59.88
 
 
$45.03
Total return(d)
 
 
47.72%
 
 
200.22%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$24,251
 
 
$27,470
Ratio of expenses to average net assets(e)
 
 
0.80%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.05%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.33)%
 
 
(0.16)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 23, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ARM Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$15.06
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.79
 
 
0.09
Total from investment operations
 
 
2.77
 
 
0.06
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.28)
 
 
—
Total distributions
 
 
(0.28)
 
 
—
Net asset value, end of period
 
 
$17.55
 
 
$15.06
Total return(d)
 
 
22.00%
 
 
0.42%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$65,539
 
 
$19,507
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.40)%
 
 
(0.30)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ASML Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$25.57
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.05)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
13.98
 
 
10.61
Total from investment operations
 
 
13.93
 
 
10.57
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(2.53)
 
 
—
Total distributions
 
 
(2.53)
 
 
—
Net asset value, end of period
 
 
$36.97
 
 
$25.57
Total return(d)
 
 
60.07%
 
 
70.49%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$28,838
 
 
$13,554
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.31)%
 
 
(0.31)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long AVGO Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$33.62
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.06)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
3.06
 
 
18.66
Total from investment operations
 
 
3.00
 
 
18.62
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.61)
 
 
—
Total distributions
 
 
(0.61)
 
 
—
Net asset value, end of period
 
 
$36.01
 
 
$33.62
Total return(d)
 
 
9.47%
 
 
124.12%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$39,966
 
 
$14,962
Ratio of expenses to average net assets(e)
 
 
0.79%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.04%
 
 
0.00%(f)
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.44)%
 
 
(0.29)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was May 15, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long AXP Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(2.52)
Total from investment operations
 
 
(2.52)
Net asset value, end of period
 
 
$12.48
Total return(e)
 
 
−16.79%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$686
Ratio of expenses to average net assets(f)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.00%(g)
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.07)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was February 19, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BA Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$13.46
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.22
 
 
(1.53)
Total from investment operations
 
 
2.20
 
 
(1.54)
Net asset value, end of period
 
 
$15.66
 
 
$13.46
Total return(d)
 
 
16.30%
 
 
−10.29%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$4,619
 
 
$2,355
Ratio of expenses to average net assets(e)
 
 
0.75%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.25)%
 
 
(0.09)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 12, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BBAI Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$188.50
 
 
$150.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.21)
 
 
(0.20)
Net realized and unrealized gain (loss) on investments(c)
 
 
(153.21)
 
 
38.70
Total from investment operations
 
 
(153.42)
 
 
38.50
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.48)
 
 
—
Total distributions
 
 
(0.48)
 
 
—
Net asset value, end of period
 
 
$34.60
 
 
$188.50
Total return(d)
 
 
−80.69%
 
 
25.66%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$14,670
 
 
$23,184
Ratio of expenses to average net assets(e)
 
 
0.81%
 
 
0.77%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.06%
 
 
0.02%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.63)%
 
 
(0.54)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Per share data for all periods presented has been adjusted to give effect to the 1:10 stock split.
(a)
Inception date of the Fund was August 20, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BE Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.08)
Net realized and unrealized gain (loss) on investments(c)
 
 
77.09
Total from investment operations
 
 
77.01
Net asset value, end of period
 
 
$92.01
Total return(d)
 
 
513.42%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$19,783
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.61)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 16, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BIDU Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.06)
Total from investment operations
 
 
(0.08)
Net asset value, end of period
 
 
$14.92
Total return(d)
 
 
−0.54%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,641
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.35)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BLSH Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$12.93
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
(0.00)(c)
 
 
0.00(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(7.78)
 
 
(2.07)
Total from investment operations
 
 
(7.78)
 
 
(2.07)
Net asset value, end of period
 
 
$5.15
 
 
$12.93
Total return(e)
 
 
−60.15%
 
 
−13.78%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$1,648
 
 
$259
Ratio of expenses to average net assets(f)
 
 
0.77%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.02%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(f)
 
 
0.75%
 
 
0.50%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.14)%
 
 
0.20%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 24, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BMNR Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$250.20
 
 
$300.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.06)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(222.97)
 
 
(49.80)
Total from investment operations
 
 
(223.03)
 
 
(49.80)
Net asset value, end of period
 
 
$27.17
 
 
$250.20
Total return(e)
 
 
−89.14%
 
 
−16.59%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$34,528
 
 
$375
Ratio of expenses to average net assets(f)
 
 
0.80%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.05%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(f)
 
 
0.75%
 
 
0.50%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.62)%
 
 
(0.17)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
Effective May 5, 2026, the Fund had a 1:20 reverse stock split. Per share data for all periods presented has been adjusted to give effect to the 1:20 stock split.
(a)
Inception date of the Fund was October 24, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long BULL Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$137.40
 
 
$300.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.14)
 
 
(0.20)
Net realized and unrealized gain (loss) on investments(c)
 
 
(97.57)
 
 
(162.40)
Total from investment operations
 
 
(97.71)
 
 
(162.60)
Net asset value, end of period
 
 
$39.69
 
 
$137.40
Total return(d)
 
 
−71.06%
 
 
−54.22%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$7,958
 
 
$17,340
Ratio of expenses to average net assets(e)
 
 
0.82%
 
 
0.86%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.07%
 
 
0.11%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.51)%
 
 
(0.46)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
Effective April 24, 2026, the Fund had a 1:20 reverse stock split. Per share data for all periods presented has been adjusted to give effect to the 1:20 stock split.
(a)
Inception date of the Fund was August 8, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CIFR Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.17)
Total from investment operations
 
 
(6.18)
Net asset value, end of period
 
 
$8.82
Total return(d)
 
 
−41.20%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$2,646
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.45)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CMG Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.06)
Net realized and unrealized gain (loss) on investments(c)
 
 
0.71
Total from investment operations
 
 
0.65
Net asset value, end of period
 
 
$15.65
Total return(d)
 
 
4.36%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$548
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.66)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CNC Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
9.16
Total from investment operations
 
 
9.15
Net asset value, end of period
 
 
$24.15
Total return(d)
 
 
60.98%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$845
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.28)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long COIN Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$36.66
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.09)
Net realized and unrealized gain (loss) on investments(c)
 
 
(28.99)
 
 
21.75
Total from investment operations
 
 
(29.02)
 
 
21.66
Net asset value, end of period
 
 
$7.64
 
 
$36.66
Total return(d)
 
 
−79.16%
 
 
144.41%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$7,638
 
 
$8,066
Ratio of expenses to average net assets(e)
 
 
0.82%
 
 
0.77%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.07%
 
 
0.02%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.50)%
 
 
(0.38)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 13, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long COST Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$13.20
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
2.11
 
 
(1.80)
Total from investment operations
 
 
2.09
 
 
(1.80)
Net asset value, end of period
 
 
$15.29
 
 
$13.20
Total return(e)
 
 
15.65%
 
 
−12.00%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$4,892
 
 
$5,874
Ratio of expenses to average net assets(f)
 
 
0.75%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
—%
 
 
0.00%(g)
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.25)%
 
 
(0.15)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was September 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CRCL Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$78.50
 
 
$150.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.08)
 
 
(0.10)
Net realized and unrealized gain (loss) on investments(c)
 
 
(55.45)
 
 
(71.40)
Total from investment operations
 
 
(55.53)
 
 
(71.50)
Net asset value, end of period
 
 
$22.97
 
 
$78.50
Total return(d)
 
 
−70.69%
 
 
−47.67%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$133,815
 
 
$66,244
Ratio of expenses to average net assets(e)
 
 
0.78%
 
 
0.77%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.03%
 
 
0.02%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.54)%
 
 
(0.56)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Per share data for all periods presented has been adjusted to give effect to the 1:10 stock split.
(a)
Inception date of the Fund was August 8, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CRM Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$13.70
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.01)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(8.20)
 
 
(1.28)
Total from investment operations
 
 
(8.21)
 
 
(1.30)
Net asset value, end of period
 
 
$5.49
 
 
$13.70
Total return(d)
 
 
−59.90%
 
 
−8.69%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$30,220
 
 
$25,543
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.33)%
 
 
(0.23)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CRML Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(4.28)
Total from investment operations
 
 
(4.29)
Net asset value, end of period
 
 
$10.71
Total return(d)
 
 
−28.59%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$3,213
Ratio of expenses to average net assets(e)
 
 
0.89%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.14%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.49)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was February 10, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long CRWV Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$122.80
 
 
$150.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.11)
 
 
(0.10)
Net realized and unrealized gain (loss) on investments(c)
 
 
(76.22)
 
 
(27.10)
Total from investment operations
 
 
(76.33)
 
 
(27.20)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.20)
 
 
—
Total distributions
 
 
(0.20)
 
 
—
Net asset value, end of period
 
 
$46.27
 
 
$122.80
Total return(d)
 
 
−59.71%
 
 
−18.16%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$141,059
 
 
$88,325
Ratio of expenses to average net assets(e)
 
 
0.77%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.02%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.63)%
 
 
(0.53)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Per share data for all periods presented has been adjusted to give effect to the 1:10 stock split.
(a)
Inception date of the Fund was August 8, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long DNN Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(2.68)
Total from investment operations
 
 
(2.69)
Net asset value, end of period
 
 
$12.31
Total return(d)
 
 
−17.93%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$308
Ratio of expenses to average net assets(e)
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.38)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was February 10, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long DUOL Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$150.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.06)
Net realized and unrealized gain (loss) on investments(c)
 
 
(111.52)
Total from investment operations
 
 
(111.58)
Net asset value, end of period
 
 
$38.42
Total return(d)
 
 
−74.39%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$5,609
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of tax expenses to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.44)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
Effective May 5, 2026, the Fund had a 1:10 reverse stock split. Per share data for the period presented has been adjusted to give effect to the 1:10 stock split.
(a)
Inception date of the Fund was December 11, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long FCX Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(3.28)
Total from investment operations
 
 
(3.29)
Net asset value, end of period
 
 
$11.71
Total return(d)
 
 
−21.91%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,406
Ratio of expenses to average net assets(e)
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.31)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was February 19, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long FIG Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$174.60
 
 
$300.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.06)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(158.82)
 
 
(125.40)
Total from investment operations
 
 
(158.88)
 
 
(125.40)
Net asset value, end of period
 
 
$15.72
 
 
$174.60
Total return(e)
 
 
−90.99%
 
 
−41.80%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$9,568
 
 
$6,020
Ratio of expenses to average net assets(f)
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.01%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(f)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.61)%
 
 
(0.60)%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
Effective May 5, 2026, the Fund had a 1:20 reverse stock split. Per share data for all periods presented has been adjusted to give effect to the 1:20 stock split.
(a)
Inception date of the Fund was October 13, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long FUTU Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$22.29
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.04)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(10.70)
 
 
7.30
Total from investment operations
 
 
(10.74)
 
 
7.29
Net asset value, end of period
 
 
$11.55
 
 
$22.29
Total return(d)
 
 
−48.19%
 
 
48.59%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$7,563
 
 
$2,563
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.60)%
 
 
(0.75)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 13, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long GEMI Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$300.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(289.09)
Total from investment operations
 
 
(289.11)
Net asset value, end of period
 
 
$10.89
Total return(d)
 
 
−96.37%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$637
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.12)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
Effective April 24, 2026, the Fund had a 1:20 reverse stock split. Per share data for the period presented has been adjusted to give effect to the 1:20 stock split.
(a)
Inception date of the Fund was November 5, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long GEV Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
18.36
Total from investment operations
 
 
18.33
Net asset value, end of period
 
 
$33.33
Total return(d)
 
 
122.19%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$10,332
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.36)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 16, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long GLW Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
7.22
Total from investment operations
 
 
7.22
Net asset value, end of period
 
 
$22.22
Total return(e)
 
 
48.16%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$26,890
Ratio of expenses to average net assets(f)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.00%(g)
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.16)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was March 10, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long GLXY Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$25.99
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
(16.90)
 
 
11.02
Total from investment operations
 
 
(16.93)
 
 
10.99
Net asset value, end of period
 
 
$9.06
 
 
$25.99
Total return(d)
 
 
−65.17%
 
 
73.27%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,849
 
 
$4,548
Ratio of expenses to average net assets(e)
 
 
0.79%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.04%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.62)%
 
 
(0.56)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was August 20, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long GRAB Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(7.62)
Total from investment operations
 
 
(7.63)
Net asset value, end of period
 
 
$7.37
Total return(d)
 
 
−50.87%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,253
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.41)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long HOOD Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$115.55
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.09)
 
 
(0.14)
Net realized and unrealized gain (loss) on investments(c)
 
 
(91.12)
 
 
100.69
Total from investment operations
 
 
(91.21)
 
 
100.55
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(6.69)
 
 
—
Total distributions
 
 
(6.69)
 
 
—
Net asset value, end of period
 
 
$17.65
 
 
$115.55
Total return(d)
 
 
−82.93%
 
 
670.33%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$64,683
 
 
$101,683
Ratio of expenses to average net assets(e)
 
 
0.95%
 
 
0.83%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.20%
 
 
0.17%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.49)%
 
 
(0.33)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long HUT Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
1.09
Total from investment operations
 
 
1.07
Net asset value, end of period
 
 
$16.07
Total return(d)
 
 
7.11%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$3,213
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.56)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long IREN Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
0.91
Total from investment operations
 
 
0.87
Net asset value, end of period
 
 
$15.87
Total return(d)
 
 
5.81%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$10,158
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.64)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 16, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long KLAC Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
13.56
Total from investment operations
 
 
13.53
Net asset value, end of period
 
 
$28.53
Total return(d)
 
 
90.20%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$5,135
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.37)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long LAC Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(0.98)
Total from investment operations
 
 
(1.00)
Net asset value, end of period
 
 
$14.00
Total return(d)
 
 
−6.66%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,890
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.44)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long LULU Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
(5.55)
Total from investment operations
 
 
(5.58)
Net asset value, end of period
 
 
$9.42
Total return(d)
 
 
−37.19%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$4,475
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.35)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 5, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long MP Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$11.78
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.01)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(2.72)
 
 
(3.22)
Total from investment operations
 
 
(2.73)
 
 
(3.22)
Net asset value, end of period
 
 
$9.05
 
 
$11.78
Total return(e)
 
 
−23.15%
 
 
−21.46%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,078
 
 
$530
Ratio of expenses to average net assets(f)
 
 
0.75%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.00%(g)
 
 
—%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.16)%
 
 
(0.19)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 24, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long NBIS Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$18.45
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
(6.15)
 
 
3.45
Total from investment operations
 
 
(6.18)
 
 
3.45
Net asset value, end of period
 
 
$12.27
 
 
$18.45
Total return(e)
 
 
−33.50%
 
 
23.03%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$27,432
 
 
$1,292
Ratio of expenses to average net assets(f)
 
 
0.75%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.00%(g)
 
 
—%
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.59)%
 
 
(0.36)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was October 24, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long NEM Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.05)
Net realized and unrealized gain (loss) on investments(c)
 
 
5.37
Total from investment operations
 
 
5.32
Net asset value, end of period
 
 
$20.32
Total return(d)
 
 
35.50%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,829
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.45)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long NET Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(3.71)
Total from investment operations
 
 
(3.73)
Net asset value, end of period
 
 
$11.27
Total return(d)
 
 
−24.86%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$4,677
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.39)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long NIO Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
7.11
Total from investment operations
 
 
7.07
Net asset value, end of period
 
 
$22.07
Total return(d)
 
 
47.12%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$3,089
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.56)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long NU Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(3.94)
Total from investment operations
 
 
(3.96)
Net asset value, end of period
 
 
$11.04
Total return(d)
 
 
−26.39%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$497
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.31)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long NVDA Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$23.10
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
(3.29)
 
 
8.14
Total from investment operations
 
 
(3.32)
 
 
8.10
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(1.99)
 
 
—
Total distributions
 
 
(1.99)
 
 
—
Net asset value, end of period
 
 
$17.79
 
 
$23.10
Total return(d)
 
 
−14.04%
 
 
54.01%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$26,859
 
 
$22,871
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.40)%
 
 
(0.32)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 12, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long OKTA Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
(5.42)
Total from investment operations
 
 
(5.45)
Net asset value, end of period
 
 
$9.55
Total return(d)
 
 
−36.30%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$908
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.56)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ONDS Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(8.76)
Total from investment operations
 
 
(8.77)
Net asset value, end of period
 
 
$6.23
Total return(d)
 
 
−58.47%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$14,640
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.42)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long OPEN Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(8.40)
Total from investment operations
 
 
(8.41)
Net asset value, end of period
 
 
$6.59
Total return(d)
 
 
−56.03%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,451
Ratio of expenses to average net assets(e)
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.40)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long ORLY Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
0.46
Total from investment operations
 
 
0.45
Net asset value, end of period
 
 
$15.45
Total return(d)
 
 
3.00%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$154
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.24)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 15, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long OSCR Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(2.53)
Total from investment operations
 
 
(2.54)
Net asset value, end of period
 
 
$12.46
Total return(d)
 
 
−16.91%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,184
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.12)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 5, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long PANW Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$18.25
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
(7.48)
 
 
3.28
Total from investment operations
 
 
(7.50)
 
 
3.25
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(1.30)
 
 
—
Total distributions
 
 
(1.30)
 
 
—
Net asset value, end of period
 
 
$9.45
 
 
$18.25
Total return(d)
 
 
−42.31%
 
 
21.67%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$5,196
 
 
$4,289
Ratio of expenses to average net assets(e)
 
 
0.75%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
 
 
—%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.35)%
 
 
(0.29)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was March 20, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long PBR Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
36.91
Total from investment operations
 
 
36.89
Net asset value, end of period
 
 
$51.89
Total return(d)
 
 
245.92%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$2,854
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.17)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long PLTR Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$42.04
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.03)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
(23.42)
 
 
27.08
Total from investment operations
 
 
(23.45)
 
 
27.04
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(4.75)
 
 
—
Total distributions
 
 
(4.75)
 
 
—
Net asset value, end of period
 
 
$13.84
 
 
$42.04
Total return(d)
 
 
−61.31%
 
 
180.23%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$25,611
 
 
$30,896
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.31)%
 
 
(0.29)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 24, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long PLUG Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
5.97
Total from investment operations
 
 
5.97
Net asset value, end of period
 
 
$20.97
Total return(e)
 
 
39.83%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$3,356
Ratio of expenses to average net assets(f)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.00%(g)
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.05)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long PYPL Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$16.12
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(8.94)
 
 
1.14
Total from investment operations
 
 
(8.96)
 
 
1.12
Net asset value, end of period
 
 
$7.16
 
 
$16.12
Total return(d)
 
 
−55.58%
 
 
7.46%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$24,961
 
 
$39,330
Ratio of expenses to average net assets(e)
 
 
0.77%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.02%
 
 
0.00%(f)
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.74%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.38)%
 
 
(0.24)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long RTX Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$23.22
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.05)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(1.94)
 
 
8.24
Total from investment operations
 
 
(1.99)
 
 
8.22
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(1.45)
 
 
—
Total distributions
 
 
(1.45)
 
 
—
Net asset value, end of period
 
 
$19.78
 
 
$23.22
Total return(d)
 
 
−9.44%
 
 
54.81%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$4,153
 
 
$1,858
Ratio of expenses to average net assets(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.37)%
 
 
(0.27)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was June 5, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long SATS Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.80
Total from investment operations
 
 
2.78
Net asset value, end of period
 
 
$17.78
Total return(d)
 
 
18.53%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$18,224
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.32)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 16, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long SBUX Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
6.30
Total from investment operations
 
 
6.29
Net asset value, end of period
 
 
$21.29
Total return(d)
 
 
41.94%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$745
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.12)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long SNAP Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.90)
Total from investment operations
 
 
(6.91)
Net asset value, end of period
 
 
$8.09
Total return(d)
 
 
−46.07%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$2,791
Ratio of expenses to average net assets(e)
 
 
0.81%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.06%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.49)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long SPOT Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(8.77)
Total from investment operations
 
 
(8.78)
Net asset value, end of period
 
 
$6.22
Total return(d)
 
 
−58.56%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$4,134
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.74%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.39)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long TER Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.07)
Net realized and unrealized gain (loss) on investments(c)
 
 
30.85
Total from investment operations
 
 
30.78
Net asset value, end of period
 
 
$45.78
Total return(d)
 
 
205.19%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$16,023
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.37)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was November 17, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long TSLA Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$10.79
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(4.01)
 
 
(4.20)
Total from investment operations
 
 
(4.03)
 
 
(4.21)
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.61)
 
 
—
Total distributions
 
 
(0.61)
 
 
—
Net asset value, end of period
 
 
$6.15
 
 
$10.79
Total return(d)
 
 
−39.13%
 
 
−28.09%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$43,520
 
 
$50,213
Ratio of expenses to average net assets(e)
 
 
0.84%
 
 
0.78%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.09%
 
 
0.03%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.40)%
 
 
(0.23)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was December 12, 2024.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long TSM Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$26.63
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.05)
 
 
(0.04)
Net realized and unrealized gain (loss) on investments(c)
 
 
13.20
 
 
11.67
Total from investment operations
 
 
13.15
 
 
11.63
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(2.73)
 
 
—
Total distributions
 
 
(2.73)
 
 
—
Net asset value, end of period
 
 
$37.05
 
 
$26.63
Total return(d)
 
 
55.56%
 
 
77.54%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$24,081
 
 
$13,449
Ratio of expenses to average net assets(e)
 
 
0.75%
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
 
 
—%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.33)%
 
 
(0.29)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was January 13, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long UEC Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
(5.24)
Total from investment operations
 
 
(5.25)
Net asset value, end of period
 
 
$9.75
Total return(d)
 
 
−35.01%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,560
Ratio of expenses to average net assets(e)
 
 
0.78%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.03%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.40)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was February 10, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long UNH Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$20.37
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment loss(b)
 
 
(0.02)
 
 
(0.01)
Net realized and unrealized gain (loss) on investments(c)
 
 
0.19
 
 
5.38
Total from investment operations
 
 
0.17
 
 
5.37
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(1.90)
 
 
—
Total distributions
 
 
(1.90)
 
 
—
Net asset value, end of period
 
 
$18.64
 
 
$20.37
Total return(d)
 
 
1.71%
 
 
35.82%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$170,753
 
 
$233,166
Ratio of expenses to average net assets(e)
 
 
0.76%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
 
 
—%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.25)%
 
 
(0.11)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was July 21, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long UPS Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.03)
Net realized and unrealized gain (loss) on investments(c)
 
 
2.19
Total from investment operations
 
 
2.16
Net asset value, end of period
 
 
$17.16
Total return(d)
 
 
14.40%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$858
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.39)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 11, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long USAR Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
5.76
Total from investment operations
 
 
5.74
Net asset value, end of period
 
 
$20.74
Total return(d)
 
 
38.27%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$14,414
Ratio of expenses to average net assets(e)
 
 
0.76%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.01%
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.41)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long UUUU Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(1.46)
Total from investment operations
 
 
(1.48)
Net asset value, end of period
 
 
$13.52
Total return(d)
 
 
−9.90%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$17,097
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.00%(f)
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.42)%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 13, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long VALE Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
(0.00)(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
7.19
Total from investment operations
 
 
7.19
Net asset value, end of period
 
 
$22.19
Total return(e)
 
 
47.92%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$888
Ratio of expenses to average net assets(f)
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(f)
 
 
0.00%(g)
Ratio of net investment income (loss) to average net assets(f)
 
 
(0.01)%
Portfolio turnover rate(e)(h)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was December 18, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Amount represents less than 0.005%.
(h)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long World Stock Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment income(b)
 
 
0.00(c)
Net realized and unrealized gain (loss) on investments(d)
 
 
1.40
Total from investment operations
 
 
1.40
Net asset value, end of period
 
 
$16.40
Total return(e)
 
 
9.35%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$2,542
Ratio of expenses to average net assets(f)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(f)
 
 
0.08%
Portfolio turnover rate(e)(g)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was March 10, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Amount represents less than $0.005 per share.
(d)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(e)
Not annualized for periods less than one year.
(f)
Annualized for periods less than one year.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long XPEV Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
Period Ended
April 30, 2026(a)
(Unaudited)
PER SHARE DATA:
 
 
Net asset value, beginning of period
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
Net investment loss(b)
 
 
(0.02)
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.65)
Total from investment operations
 
 
(6.67)
Net asset value, end of period
 
 
$8.33
Total return(d)
 
 
−44.43%
SUPPLEMENTAL DATA AND RATIOS:
 
 
Net assets, end of period (in thousands)
 
 
$1,292
Ratio of expenses to average net assets(e)
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
(0.56)%
Portfolio turnover rate(d)(f)
 
 
—%
 
 
 
 
(a)
Inception date of the Fund was January 15, 2026.
(b)
Net investment income per share has been calculated based on average shares outstanding during the period.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Leverage Shares 2X Long XYZ Daily ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
 
Period Ended
April 30, 2026
(Unaudited)
 
 
Period Ended
October 31,
2025(a)
PER SHARE DATA:
 
 
 
 
Net asset value, beginning of period
 
 
$22.63
 
 
$15.00
INVESTMENT OPERATIONS:
 
 
 
 
Net investment income(b)
 
 
0.01
 
 
0.01
Net realized and unrealized gain (loss) on investments(c)
 
 
(6.74)
 
 
7.62
Total from investment operations
 
 
(6.73)
 
 
7.63
LESS DISTRIBUTIONS FROM:
 
 
 
 
Net investment income
 
 
(0.99)
 
 
—
Total distributions
 
 
(0.99)
 
 
—
Net asset value, end of period
 
 
$14.91
 
 
$22.63
Total return(d)
 
 
−29.75%
 
 
50.83%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
Net assets, end of period (in thousands)
 
 
$3,578
 
 
$3,733
Ratio of expenses to average net assets(e)
 
 
0.80%
 
 
0.75%
Ratio of dividends, interest and borrowing expense to average net assets(e)
 
 
0.05%
 
 
0.00%(f)
Ratio of expenses to average net assets excluding dividends, interest, and borrowing expense(e)
 
 
0.75%
 
 
0.75%
Ratio of net investment income (loss) to average net assets(e)
 
 
0.08%
 
 
0.07%
Portfolio turnover rate(d)(g)
 
 
—%
 
 
—%
 
 
 
 
 
 
 
(a)
Inception date of the Fund was April 3, 2025.
(b)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(c)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Amount represents less than 0.005%.
(g)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)
1. ORGANIZATION
Leverage Shares 2X Capped Accelerated COIN Monthly ETF, Leverage Shares 2X Capped Accelerated MSTR Monthly ETF, Leverage Shares 2X Capped Accelerated NVDA Monthly ETF, Leverage Shares 2X Capped Accelerated PLTR Monthly ETF, Leverage Shares 2X Capped Accelerated TSLA Monthly ETF, Leverage Shares 2X Long AAL Daily ETF, Leverage Shares 2X Long ABNB Daily ETF, Leverage Shares 2X Long ADBE Daily ETF, Leverage Shares 2X Long ALB Daily ETF, Leverage Shares 2X Long AMD Daily ETF, Leverage Shares 2X Long ARM Daily ETF, Leverage Shares 2X Long ASML Daily ETF, Leverage Shares 2X Long AVGO Daily ETF, Leverage Shares 2X Long AXP Daily ETF, Leverage Shares 2X Long BA Daily ETF, Leverage Shares 2X Long BBAI Daily ETF, Leverage Shares 2X Long BE Daily ETF, Leverage Shares 2X Long BIDU Daily ETF, Leverage Shares 2X Long BLSH Daily ETF, Leverage Shares 2X Long BMNR Daily ETF, Leverage Shares 2X Long BULL Daily ETF, Leverage Shares 2X Long CIFR Daily ETF, Leverage Shares 2X Long CMG Daily ETF, Leverage Shares 2X Long CNC Daily ETF, Leverage Shares 2X Long COIN Daily ETF, Leverage Shares 2X Long COST Daily ETF, Leverage Shares 2X Long CRCL Daily ETF, Leverage Shares 2X Long CRM Daily ETF, Leverage Shares 2X Long CRML Daily ETF, Leverage Shares 2X Long CRWV Daily ETF, Leverage Shares 2X Long DNN Daily ETF, Leverage Shares 2X Long DUOL Daily ETF, Leverage Shares 2X Long FCX Daily ETF, Leverage Shares 2X Long FIG Daily ETF, Leverage Shares 2X Long FUTU Daily ETF , Leverage Shares 2X Long GEMI Daily ETF, Leverage Shares 2X Long GEV Daily ETF, Leverage Shares 2X Long GLW Daily ETF, Leverage Shares 2X Long GLXY Daily ETF, Leverage Shares 2X Long GRAB Daily ETF, Leverage Shares 2X Long HOOD Daily ETF, Leverage Shares 2X Long HUT Daily ETF, Leverage Shares 2X Long IREN Daily ETF, Leverage Shares 2X Long KLAC Daily ETF, Leverage Shares 2X Long LAC Daily ETF, Leverage Shares 2X Long LULU Daily ETF, Leverage Shares 2X Long MP Daily ETF , Leverage Shares 2X Long NBIS Daily ETF, Leverage Shares 2X Long NEM Daily ETF, Leverage Shares 2X Long NET Daily ETF, Leverage Shares 2X Long NIO Daily ETF, Leverage Shares 2X Long NU Daily ETF, Leverage Shares 2X Long NVDA Daily ETF, Leverage Shares 2X Long OKTA Daily ETF, Leverage Shares 2X Long ONDS Daily ETF, Leverage Shares 2X Long OPEN Daily ETF, Leverage Shares 2X Long ORLY Daily ETF, Leverage Shares 2X Long OSCR Daily ETF, Leverage Shares 2X Long PANW Daily ETF, Leverage Shares 2X Long PBR Daily ETF, Leverage Shares 2X Long PLTR Daily ETF, Leverage Shares 2X Long PLUG Daily ETF, Leverage Shares 2X Long PYPL Daily ETF, Leverage Shares 2X Long RTX Daily ETF, Leverage Shares 2X Long SATS Daily ETF, Leverage Shares 2X Long SBUX Daily ETF, Leverage Shares 2X Long SNAP Daily ETF, Leverage Shares 2X Long SPOT Daily ETF, Leverage Shares 2X Long TER Daily ETF, Leverage Shares 2X Long TSLA Daily ETF, Leverage Shares 2X Long TSM Daily ETF, Leverage Shares 2X Long UEC Daily ETF, Leverage Shares 2X Long UNH Daily ETF, Leverage Shares 2X Long UPS Daily ETF, Leverage Shares 2X Long USAR Daily ETF, Leverage Shares 2X Long UUUU Daily ETF, Leverage Shares 2X Long VALE Daily ETF, Leverage Shares 2X Long World Stock Daily ETF, Leverage Shares 2X Long XPEV Daily ETF and Leverage Shares 2X Long XYZ Daily ETF (each a “Fund” and collectively, the “Funds”) are non-diversified series of Themes ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on February 22, 2023 and is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
Costs incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Themes Management Company, LLC (“Themes” or the “Adviser”), the Funds’ Investment Adviser.
The below Funds (the “Capped Accelerated Funds”) seek to provide approximately twice the positive share price return of an underlying security, up to an approximate upside limit, while seeking to approximately track the negative share price return of the underlying security, over each full calendar month. Each Fund and its respective underlying security is summarized below.
 
 
 
 
Fund
 
 
Underlying Security
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
Common stock of Coinbase Global, Inc. (NASDAQ: COIN)
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
Common stock of Strategy, Inc. (NASDAQ: MSTR)
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
Common stock of NVIDIA Corp. (NASDAQ: NVDA)
 
 
 
 
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
Fund
 
 
Underlying Security
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
Common stock of Palantir Technologies, Inc. (NYSE: PLTR)
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
Common stock of Tesla, Inc. (NASDAQ: TSLA)
 
 
 
 
The below Funds (the “Leveraged Funds”) seek daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of an underlying security as summarized below.
 
 
 
 
Fund
 
 
Underlying Security
Leverage Shares 2X Long AAL Daily ETF
 
 
Common stock of American Airlines Group, Inc. (NASDAQ: AAL)
Leverage Shares 2X Long ABNB Daily ETF
 
 
Common stock of Airbnb, Inc. (NASDAQ: ABNB)
Leverage Shares 2X Long ADBE Daily ETF
 
 
Common stock of Adobe, Inc. (NASDAQ: ADBE)
Leverage Shares 2X Long ALB Daily ETF
 
 
Common stock of Albemarle Corp. (NYSE: ALB)
Leverage Shares 2X Long AMD Daily ETF
 
 
Common stock of Advanced Micro Devices, Inc. (NASDAQ: AMD)
Leverage Shares 2X Long ARM Daily ETF
 
 
Common stock of Arm Holdings Plc. ADR (NASDAQ: ARM)
Leverage Shares 2X Long ASML Daily ETF
 
 
Common stock of ASML Holding N.V. ADR (NASDAQ: ASML)
Leverage Shares 2X Long AVGO Daily ETF
 
 
Common stock of Broadcom, Inc. (NASDAQ: AVGO)
Leverage Shares 2X Long AXP Daily ETF
 
 
Common stock of American Express Co. (NYSE: AXP)
Leverage Shares 2X Long BA Daily ETF
 
 
Common stock of Boeing Co. (NYSE: BA)
Leverage Shares 2X Long BBAI Daily ETF
 
 
Common stock of BigBear.ai Holdings, Inc. (NYSE: BBAI)
Leverage Shares 2X Long BE Daily ETF
 
 
Common stock of Bloom Energy Corp. (NYSE: BE)
Leverage Shares 2X Long BIDU Daily ETF
 
 
American Depositary Receipt of Baidu, Inc. (NASDAQ: BIDU)
Leverage Shares 2X Long BLSH Daily ETF
 
 
Common stock of Bullish (NYSE: BLSH)
Leverage Shares 2X Long BMNR Daily ETF
 
 
Common stock of Bitmine Immersion Technologies, Inc.
(NYSE: BMNR)
Leverage Shares 2X Long BULL Daily ETF
 
 
Common stock of Webull Corp. (NASDAQ: BULL)
Leverage Shares 2X Long CIFR Daily ETF
 
 
Common stock of Cipher Mining, Inc. (NASDAQ: CIFR)
Leverage Shares 2X Long CMG Daily ETF
 
 
Common stock of Chipotle Mexican Grill, Inc. (NASDAQ: CMG)
Leverage Shares 2X Long CNC Daily ETF
 
 
Common stock of Centene Corp. (NYSE: CNC)
Leverage Shares 2X Long COIN Daily ETF
 
 
Common stock of Coinbase Global, Inc. (NASDAQ: COIN)
Leverage Shares 2X Long COST Daily ETF
 
 
Common stock of Costco Wholesale Corp. (NASDAQ: COST)
Leverage Shares 2X Long CRCL Daily ETF
 
 
Common stock of Circle Internet Group, Inc. (NYSE: CRCL)
Leverage Shares 2X Long CRM Daily ETF
 
 
Common stock of Salesforce, Inc. (NASDAQ: CRM)
Leverage Shares 2X Long CRML Daily ETF
 
 
Common stock of Critical Metals Corp. (NASDAQ: CRML)
Leverage Shares 2X Long CRWV Daily ETF
 
 
Common stock of CoreWeave, Inc. (NASDAQ: CRWV)
Leverage Shares 2X Long DNN Daily ETF
 
 
Common stock of Denison Mines Corp. (NYSE: DNN)
Leverage Shares 2X Long DUOL Daily ETF
 
 
Common stock of Duolingo, Inc. (NASDAQ: DUOL)
Leverage Shares 2X Long FCX Daily ETF
 
 
Common stock of Freeport-McMoRan Inc. (NYSE: FCX)
Leverage Shares 2X Long FIG Daily ETF
 
 
Common stock of Figma, Inc. (NYSE: FIG)
Leverage Shares 2X Long FUTU Daily ETF
 
 
Common stock of Futu Holdings Ltd. (NASDAQ: FUTU)
Leverage Shares 2X Long GEMI Daily ETF
 
 
Common stock of Gemini Space Station, Inc. (NASDAQ: GEMI)
Leverage Shares 2X Long GEV Daily ETF
 
 
Common stock of GE Vernova, Inc. (NYSE: GEV)
Leverage Shares 2X Long GLW Daily ETF
 
 
Common stock of Corning Incorporated (NYSE: GLW)
Leverage Shares 2X Long GLXY Daily ETF
 
 
Common stock of Galaxy Digital, Inc. (NASDAQ: GLXY)
Leverage Shares 2X Long GRAB Daily ETF
 
 
American Depositary Receipt of Grab Holdings Limited
(NASDAQ: GRAB)
Leverage Shares 2X Long HOOD Daily ETF
 
 
Common stock of Robinhood Markets, Inc. (NASDAQ: HOOD)
Leverage Shares 2X Long HUT Daily ETF
 
 
Common stock of Hut 8 Corp. (NASDAQ: HUT)
 
 
 
 
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
Fund
 
 
Underlying Security
Leverage Shares 2X Long IREN Daily ETF
 
 
Common stock of IREN Limited (NASDAQ: IREN)
Leverage Shares 2X Long KLAC Daily ETF
 
 
Common stock of KLA Corp. (NASDAQ: KLAC)
Leverage Shares 2X Long LAC Daily ETF
 
 
Common stock of Lithium Americas Corp. (NYSE: LAC)
Leverage Shares 2X Long LULU Daily ETF
 
 
Common stock of Lululemon Athletica, Inc. (NASDAQ: LULU)
Leverage Shares 2X Long MP Daily ETF
 
 
Common stock of MP Materials Corp. (NYSE: MP)
Leverage Shares 2X Long NBIS Daily ETF
 
 
Common stock of Nebius Group NV (NASDAQ: NBIS)
Leverage Shares 2X Long NEM Daily ETF
 
 
Common stock of Newmont Corp. (NYSE: NEM)
Leverage Shares 2X Long NET Daily ETF
 
 
Common stock of Cloudflare, Inc. (NYSE: NET)
Leverage Shares 2X Long NIO Daily ETF
 
 
American Depositary Receipt of NIO, Inc. (NYSE: NIO)
Leverage Shares 2X Long NU Daily ETF
 
 
Common stock of Nu Holdings Ltd. (NYSE: NU)
Leverage Shares 2X Long NVDA Daily ETF
 
 
Common stock of NVIDIA Corp. (NASDAQ: NVDA)
Leverage Shares 2X Long OKTA Daily ETF
 
 
Common stock of Okta, Inc. (NASDAQ: OKTA)
Leverage Shares 2X Long ONDS Daily ETF
 
 
Common stock of Ondas Holdings, Inc. (NASDAQ: ONDS)
Leverage Shares 2X Long OPEN Daily ETF
 
 
Common stock of Opendoor Technologies, Inc. (NASDAQ: OPEN)
Leverage Shares 2X Long ORLY Daily ETF
 
 
Common stock of O’Reilly Auto Parts (NASDAQ: ORLY)
Leverage Shares 2X Long OSCR Daily ETF
 
 
Common stock of Oscar Health Inc (NYSE: OSCR)
Leverage Shares 2X Long PANW Daily ETF
 
 
Common stock of Palo Alto Networks, Inc. (NASDAQ: PANW)
Leverage Shares 2X Long PBR Daily ETF
 
 
American Depositary Receipt of Petroleo Brasileiro S.A
(NYSE: PBR)
Leverage Shares 2X Long PLTR Daily ETF
 
 
Common stock of Palantir Technologies, Inc. (NYSE: PLTR)
Leverage Shares 2X Long PLUG Daily ETF
 
 
Common stock of Plug Power, Inc. (NASDAQ: PLUG)
Leverage Shares 2X Long PYPL Daily ETF
 
 
Common stock of PayPal Holdings, Inc. (NASDAQ: PYPL)
Leverage Shares 2X Long RTX Daily ETF
 
 
Common stock of RTX Corp. (NYSE: RTX)
Leverage Shares 2X Long SATS Daily ETF
 
 
Common stock of EchoStar Corp. (NASDAQ: SATS)
Leverage Shares 2X Long SBUX Daily ETF
 
 
Common stock of Starbucks Corp. (NASDAQ: SBUX)
Leverage Shares 2X Long SNAP Daily ETF
 
 
Common stock of Snap, Inc. (NYSE: SNAP)
Leverage Shares 2X Long SPOT Daily ETF
 
 
Common stock of Spotify Technology S.A (NYSE: SPOT)
Leverage Shares 2X Long TER Daily ETF
 
 
Common stock of Teradyne, Inc.. (NASDAQ: TER)
Leverage Shares 2X Long TSLA Daily ETF
 
 
Common stock of Tesla, Inc. (NASDAQ: TSLA)
Leverage Shares 2X Long TSM Daily ETF
 
 
American Depositary Receipt of Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE: TSM)
Leverage Shares 2X Long UEC Daily ETF
 
 
Common stock of Uranium Energy Corp. (NYSE: UEC)
Leverage Shares 2X Long UNH Daily ETF
 
 
Common stock of UnitedHealth Group, Inc. (NYSE: UNH)
Leverage Shares 2X Long UPS Daily ETF
 
 
Common stock of United Parcel Service, Inc. (NYSE: UPS)
Leverage Shares 2X Long USAR Daily ETF
 
 
Common stock of USA Rare Earth, Inc. (NASDAQ: USAR)
Leverage Shares 2X Long UUUU Daily ETF
 
 
Common stock of Energy Fuels Inc. (NYSE: UUUU)
Leverage Shares 2X Long VALE Daily ETF
 
 
American Depositary Receipt of Vale S.A. (NYSE: VALE)
Leverage Shares 2X Long World Stock Daily ETF
 
 
Shares of Vanguard Total World Stock Index Fund ETF
(NYSE: VT)
Leverage Shares 2X Long XPEV Daily ETF
 
 
American Depositary Receipt of XPeng Inc. (NYSE: XPEV)
Leverage Shares 2X Long XYZ Daily ETF
 
 
Common stock of Block, Inc. (NYSE: XYZ)
 
 
 
 
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. Each Fund prepares its financial statement in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follows the significant accounting policies described below.
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
Use of Estimates – The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Share Transactions – The net asset value (“NAV”) per share of each Fund will be equal to a Fund’s total assets minus a Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NASDAQ Stock Market, Inc. (“NASDAQ”) is open for trading.
Fair Value Measurement – In calculating the NAV, each Fund’s exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Securities listed on NASDAQ are generally valued at the NASDAQ official closing price. Investments in money market funds are valued at NAV per share. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.
U.S. Treasury Bills are bought at a discount and valued at amortized cost. Swap contracts are valued based on the closing price of the underlying security, which approximates fair value. Such valuations are typically categorized as Level 2 in the fair value hierarchy described below.
Options contracts are valued using the mean/mid of quoted bid and ask spread prices, as provided by independent pricing vendors. FLexible EXchange® Options (“FLEX Options”) listed on an exchange will typically be valued at a model-based price provided by the exchange at the official close of that exchange’s trading day. However, when the Funds’ options have a same-day market trade price, this same-day market trade price will be used for FLEX Option values instead of the exchange’s model-based price. If the exchange on which the option is traded is unable to provide a model price, model-based FLEX Options prices will additionally be provided by a backup third-party pricing provider. In selecting the model prices, the Adviser may provide a review of the calculation of model prices provided by each vendor, and may note to such vendors of any data errors observed, or where an underlying component value of the model pricing package may be missing or incorrect, prior to publication by the vendor of the model pricing to the Fund Accounting Agent for purposes of that day’s NAV. If either pricing vendor is not available to provide a model price for that day, the value of a FLEX Option will be determined in accordance with the Valuation Procedures defined below. Such valuations are typically categorized as Level 2 in the fair value hierarchy described below.
If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued at fair value as determined in good faith by the Adviser using Valuation Procedures adopted by the Board of Trustees of the Trust (the “Board”). The valuation of each Fund’s investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. The Board has delegated the Adviser as the Valuation Designee of the Funds. The circumstances in which a security may be fair valued include, among others: the occurrence of events that are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.
FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of each Funds’ investments. These inputs are summarized in the following hierarchy:
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
Level 2 –
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Funds’ investments on April 30, 2026, are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$30,104
 
 
$—
 
 
$30,104
U.S. Treasury Bills
 
 
—
 
 
143,699
 
 
—
 
 
143,699
Money Market Funds
 
 
128,724
 
 
—
 
 
—
 
 
128,724
Total Investments
 
 
$128,724
 
 
$173,803
 
 
$—
 
 
$302,527
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(22,584)
 
 
$—
 
 
$(22,584)
Total Other Financial Instruments
 
 
$—
 
 
$(22,584)
 
 
$—
 
 
$(22,584)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
229
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$57,294
 
 
$—
 
 
$57,294
U.S. Treasury Bills
 
 
—
 
 
279,469
 
 
—
 
 
279,469
Money Market Funds
 
 
239,661
 
 
—
 
 
—
 
 
239,661
Total Investments
 
 
$239,661
 
 
$336,763
 
 
$—
 
 
$576,424
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(42,426)
 
 
$—
 
 
$(42,426)
Total Other Financial Instruments
 
 
$—
 
 
$(42,426)
 
 
$—
 
 
$(42,426)
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$182,781
 
 
$—
 
 
$182,781
U.S. Treasury Bills
 
 
—
 
 
1,303,197
 
 
—
 
 
1,303,197
Money Market Funds
 
 
1,205,867
 
 
—
 
 
—
 
 
1,205,867
Total Investments
 
 
$1,205,867
 
 
$1,485,978
 
 
$—
 
 
$2,691,845
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(113,919)
 
 
$—
 
 
$(113,919)
Total Other Financial Instruments
 
 
$—
 
 
$(113,919)
 
 
$—
 
 
$(113,919)
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$70,470
 
 
$—
 
 
$70,470
U.S. Treasury Bills
 
 
—
 
 
391,454
 
 
—
 
 
391,454
Money Market Funds
 
 
417,989
 
 
—
 
 
—
 
 
417,989
Total Investments
 
 
$417,989
 
 
$461,924
 
 
$—
 
 
$879,913
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(49,560)
 
 
$—
 
 
$(49,560)
Total Other Financial Instruments
 
 
$—
 
 
$(49,560)
 
 
$—
 
 
$(49,560)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
230
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Purchased Options
 
 
$—
 
 
$132,160
 
 
$—
 
 
$132,160
U.S. Treasury Bills
 
 
—
 
 
1,007,872
 
 
—
 
 
1,007,872
Money Market Funds
 
 
956,513
 
 
—
 
 
—
 
 
956,513
Total Investments
 
 
$956,513
 
 
$1,140,032
 
 
$—
 
 
$2,096,545
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Written Options
 
 
$—
 
 
$(78,792)
 
 
$—
 
 
$(78,792)
Total Other Financial Instruments
 
 
$—
 
 
$(78,792)
 
 
$—
 
 
$(78,792)
Leverage Shares 2X Long AAL Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$645,253
 
 
$—
 
 
$—
 
 
$645,253
Total Investments
 
 
$645,253
 
 
$—
 
 
$—
 
 
$645,253
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​617,378
 
 
$—
 
 
$​617,378
Total Other Financial Instruments
 
 
$—
 
 
$​617,378
 
 
$—
 
 
$​617,378
Leverage Shares 2X Long ABNB Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$53,794
 
 
$—
 
 
$—
 
 
$53,794
Total Investments
 
 
$53,794
 
 
$—
 
 
$—
 
 
$53,794
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$130,298
 
 
$—
 
 
$130,298
Total Other Financial Instruments
 
 
$—
 
 
$130,298
 
 
$—
 
 
$130,298
Leverage Shares 2X Long ADBE Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,832,507
 
 
$—
 
 
$—
 
 
$3,832,507
Total Investments
 
 
$3,832,507
 
 
$—
 
 
$—
 
 
$3,832,507
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,430,621
 
 
$—
 
 
$1,430,621
Total Other Financial Instruments
 
 
$—
 
 
$1,430,621
 
 
$—
 
 
$1,430,621
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(438,048)
 
 
$—
 
 
$(438,048)
Total Other Financial Instruments
 
 
$—
 
 
$(438,048)
 
 
$—
 
 
$(438,048)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
231
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long ALB Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$125,307
 
 
$—
 
 
$—
 
 
$125,307
Total Investments
 
 
$125,307
 
 
$—
 
 
$—
 
 
$125,307
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$207,620
 
 
$—
 
 
$207,620
Total Other Financial Instruments
 
 
$—
 
 
$207,620
 
 
$—
 
 
$207,620
Leverage Shares 2X Long AMD Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$787,016
 
 
$—
 
 
$—
 
 
$787,016
Total Investments
 
 
$787,016
 
 
$—
 
 
$—
 
 
$787,016
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$2,600,068
 
 
$—
 
 
$2,600,068
Total Other Financial Instruments
 
 
$—
 
 
$2,600,068
 
 
$—
 
 
$2,600,068
Leverage Shares 2X Long ARM Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$6,242,190
 
 
$—
 
 
$—
 
 
$6,242,190
Total Investments
 
 
$6,242,190
 
 
$—
 
 
$—
 
 
$6,242,190
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$12,291,102
 
 
$—
 
 
$12,291,102
Total Other Financial Instruments
 
 
$—
 
 
$12,291,102
 
 
$—
 
 
$12,291,102
Leverage Shares 2X Long ASML Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,650,167
 
 
$—
 
 
$—
 
 
$3,650,167
Total Investments
 
 
$3,650,167
 
 
$—
 
 
$—
 
 
$3,650,167
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$8,448,698
 
 
$—
 
 
$8,448,698
Total Other Financial Instruments
 
 
$—
 
 
$8,448,698
 
 
$—
 
 
$8,448,698
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(27,837)
 
 
$—
 
 
$(27,837)
Total Other Financial Instruments
 
 
$—
 
 
$(27,837)
 
 
$—
 
 
$(27,837)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
232
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long AVGO Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,610,407
 
 
$—
 
 
$—
 
 
$3,610,407
Total Investments
 
 
$3,610,407
 
 
$—
 
 
$—
 
 
$3,610,407
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$8,454,648
 
 
$—
 
 
$8,454,648
Total Other Financial Instruments
 
 
$—
 
 
$8,454,648
 
 
$—
 
 
$8,454,648
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(30,308)
 
 
$—
 
 
$(30,308)
Total Other Financial Instruments
 
 
$—
 
 
$(30,308)
 
 
$—
 
 
$(30,308)
Leverage Shares 2X Long AXP Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$120,632
 
 
$—
 
 
$—
 
 
$120,632
Total Investments
 
 
$120,632
 
 
$—
 
 
$—
 
 
$120,632
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$47,343
 
 
$—
 
 
$47,343
Total Other Financial Instruments
 
 
$—
 
 
$47,343
 
 
$—
 
 
$47,343
Leverage Shares 2X Long BA Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$654,921
 
 
$—
 
 
$—
 
 
$654,921
Total Investments
 
 
$654,921
 
 
$—
 
 
$—
 
 
$654,921
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,026,759
 
 
$—
 
 
$1,026,759
Total Other Financial Instruments
 
 
$—
 
 
$1,026,759
 
 
$—
 
 
$1,026,759
 
 
 
 
 
 
 
 
 
 
 
 
 
 
233
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long BBAI Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$729,243
 
 
$—
 
 
$—
 
 
$729,243
Total Investments
 
 
$729,243
 
 
$—
 
 
$—
 
 
$729,243
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​779,984
 
 
$—
 
 
$​779,984
Total Other Financial Instruments
 
 
$—
 
 
$​779,984
 
 
$—
 
 
$​779,984
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(988,049)
 
 
$—
 
 
$(988,049)
Total Other Financial Instruments
 
 
$—
 
 
$(988,049)
 
 
$—
 
 
$(988,049)
Leverage Shares 2X Long BE Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$364,235
 
 
$—
 
 
$—
 
 
$364,235
Total Investments
 
 
$364,235
 
 
$—
 
 
$—
 
 
$364,235
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$2,870,693
 
 
$—
 
 
$2,870,693
Total Other Financial Instruments
 
 
$—
 
 
$2,870,693
 
 
$—
 
 
$2,870,693
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(437,420)
 
 
$—
 
 
$(437,420)
Total Other Financial Instruments
 
 
$—
 
 
$(437,420)
 
 
$—
 
 
$(437,420)
Leverage Shares 2X Long BIDU Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$166,821
 
 
$—
 
 
$—
 
 
$166,821
Total Investments
 
 
$166,821
 
 
$—
 
 
$—
 
 
$166,821
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$325,681
 
 
$—
 
 
$325,681
Total Other Financial Instruments
 
 
$—
 
 
$325,681
 
 
$—
 
 
$325,681
 
 
 
 
 
 
 
 
 
 
 
 
 
 
234
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long BLSH Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$284,358
 
 
$—
 
 
$—
 
 
$284,358
Total Investments
 
 
$284,358
 
 
$—
 
 
$—
 
 
$284,358
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$45,331
 
 
$—
 
 
$45,331
Total Other Financial Instruments
 
 
$—
 
 
$45,331
 
 
$—
 
 
$45,331
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(99,913)
 
 
$—
 
 
$(99,913)
Total Other Financial Instruments
 
 
$—
 
 
$(99,913)
 
 
$—
 
 
$(99,913)
Leverage Shares 2X Long BMNR Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$2,341,936
 
 
$—
 
 
$—
 
 
$2,341,936
Total Investments
 
 
$2,341,936
 
 
$—
 
 
$—
 
 
$2,341,936
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$5,403,528
 
 
$—
 
 
$5,403,528
Total Other Financial Instruments
 
 
$—
 
 
$5,403,528
 
 
$—
 
 
$5,403,528
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(68)
 
 
$—
 
 
$(68)
Total Other Financial Instruments
 
 
$—
 
 
$(68)
 
 
$—
 
 
$(68)
Leverage Shares 2X Long BULL Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$871,319
 
 
$—
 
 
$—
 
 
$871,319
Total Investments
 
 
$871,319
 
 
$—
 
 
$—
 
 
$871,319
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​965,957
 
 
$—
 
 
$​965,957
Total Other Financial Instruments
 
 
$—
 
 
$​965,957
 
 
$—
 
 
$​965,957
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(334,321)
 
 
$—
 
 
$(334,321)
Total Other Financial Instruments
 
 
$—
 
 
$(334,321)
 
 
$—
 
 
$(334,321)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
235
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long CIFR Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$162,325
 
 
$—
 
 
$—
 
 
$162,325
Total Investments
 
 
$162,325
 
 
$—
 
 
$—
 
 
$162,325
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​400,969
 
 
$—
 
 
$​400,969
Total Other Financial Instruments
 
 
$—
 
 
$​400,969
 
 
$—
 
 
$​400,969
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(10,385)
 
 
$—
 
 
$(10,385)
Total Other Financial Instruments
 
 
$—
 
 
$(10,385)
 
 
$—
 
 
$(10,385)
Leverage Shares 2X Long CMG Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$47,490
 
 
$—
 
 
$—
 
 
$47,490
Total Investments
 
 
$47,490
 
 
$—
 
 
$—
 
 
$47,490
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$47,767
 
 
$—
 
 
$47,767
Total Other Financial Instruments
 
 
$—
 
 
$47,767
 
 
$—
 
 
$47,767
Leverage Shares 2X Long CNC Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$115,686
 
 
$—
 
 
$—
 
 
$115,686
Total Investments
 
 
$115,686
 
 
$—
 
 
$—
 
 
$115,686
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$33,713
 
 
$—
 
 
$33,713
Total Other Financial Instruments
 
 
$—
 
 
$33,713
 
 
$—
 
 
$33,713
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(6,500)
 
 
$—
 
 
$(6,500)
Total Other Financial Instruments
 
 
$—
 
 
$(6,500)
 
 
$—
 
 
$(6,500)
Leverage Shares 2X Long COIN Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$869,970
 
 
$—
 
 
$—
 
 
$869,970
Total Investments
 
 
$869,970
 
 
$—
 
 
$—
 
 
$869,970
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$919,489
 
 
$—
 
 
$919,489
Total Other Financial Instruments
 
 
$—
 
 
$919,489
 
 
$—
 
 
$919,489
 
 
 
 
 
 
 
 
 
 
 
 
 
 
236
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long COST Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$625,925
 
 
$—
 
 
$—
 
 
$625,925
Total Investments
 
 
$625,925
 
 
$—
 
 
$—
 
 
$625,925
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$602,433
 
 
$—
 
 
$602,433
Total Other Financial Instruments
 
 
$—
 
 
$602,433
 
 
$—
 
 
$602,433
Leverage Shares 2X Long CRCL Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$10,874,176
 
 
$—
 
 
$—
 
 
$10,874,176
Total Investments
 
 
$10,874,176
 
 
$—
 
 
$—
 
 
$10,874,176
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$8,261,029
 
 
$—
 
 
$8,261,029
Total Other Financial Instruments
 
 
$—
 
 
$8,261,029
 
 
$—
 
 
$8,261,029
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(9,789,111)
 
 
$—
 
 
$(9,789,111)
Total Other Financial Instruments
 
 
$—
 
 
$​(9,789,111)
 
 
$—
 
 
$​(9,789,111)
Leverage Shares 2X Long CRM Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,603,392
 
 
$—
 
 
$—
 
 
$3,603,392
Total Investments
 
 
$3,603,392
 
 
$—
 
 
$—
 
 
$3,603,392
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$188,062
 
 
$—
 
 
$188,062
Total Other Financial Instruments
 
 
$—
 
 
$188,062
 
 
$—
 
 
$188,062
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(1,261,593)
 
 
$—
 
 
$(1,261,593)
Total Other Financial Instruments
 
 
$—
 
 
$(1,261,593)
 
 
$—
 
 
$(1,261,593)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
237
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long CRML Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$358,637
 
 
$—
 
 
$—
 
 
$358,637
Total Investments
 
 
$358,637
 
 
$—
 
 
$—
 
 
$358,637
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​729,127
 
 
$—
 
 
$​729,127
Total Other Financial Instruments
 
 
$—
 
 
$​729,127
 
 
$—
 
 
$​729,127
Leverage Shares 2X Long CRWV Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$8,787,705
 
 
$—
 
 
$—
 
 
$8,787,705
Total Investments
 
 
$8,787,705
 
 
$—
 
 
$—
 
 
$8,787,705
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​9,692,504
 
 
$—
 
 
$​9,692,504
Total Other Financial Instruments
 
 
$—
 
 
$​9,692,504
 
 
$—
 
 
$​9,692,504
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(4,225,345)
 
 
$—
 
 
$(4,225,345)
Total Other Financial Instruments
 
 
$—
 
 
$(4,225,345)
 
 
$—
 
 
$(4,225,345)
Leverage Shares 2X Long DNN Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$41,856
 
 
$—
 
 
$—
 
 
$41,856
Total Investments
 
 
$41,856
 
 
$—
 
 
$—
 
 
$41,856
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$24,739
 
 
$—
 
 
$24,739
Total Other Financial Instruments
 
 
$—
 
 
$24,739
 
 
$—
 
 
$24,739
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​(2,761)
 
 
$—
 
 
$​(2,761)
Total Other Financial Instruments
 
 
$—
 
 
$​(2,761)
 
 
$—
 
 
$​(2,761)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
238
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long DUOL Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$439,919
 
 
$—
 
 
$—
 
 
$439,919
Total Investments
 
 
$439,919
 
 
$—
 
 
$—
 
 
$439,919
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,469,282
 
 
$—
 
 
$1,469,282
Total Other Financial Instruments
 
 
$—
 
 
$1,469,282
 
 
$—
 
 
$1,469,282
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(4,367)
 
 
$—
 
 
$(4,367)
Total Other Financial Instruments
 
 
$—
 
 
$(4,367)
 
 
$—
 
 
$(4,367)
Leverage Shares 2X Long FCX Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$140,459
 
 
$—
 
 
$—
 
 
$140,459
Total Investments
 
 
$140,459
 
 
$—
 
 
$—
 
 
$140,459
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$6,977
 
 
$—
 
 
$6,977
Total Other Financial Instruments
 
 
$—
 
 
$6,977
 
 
$—
 
 
$6,977
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(119,500)
 
 
$—
 
 
$(119,500)
Total Other Financial Instruments
 
 
$—
 
 
$(119,500)
 
 
$—
 
 
$(119,500)
Leverage Shares 2X Long FIG Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$210,626
 
 
$—
 
 
$—
 
 
$210,626
Total Investments
 
 
$210,626
 
 
$—
 
 
$—
 
 
$210,626
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$283,063
 
 
$—
 
 
$283,063
Total Other Financial Instruments
 
 
$—
 
 
$283,063
 
 
$—
 
 
$283,063
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(319,461)
 
 
$—
 
 
$(319,461)
Total Other Financial Instruments
 
 
$—
 
 
$(319,461)
 
 
$—
 
 
$(319,461)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
239
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long FUTU Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$809,697
 
 
$—
 
 
$—
 
 
$809,697
Total Investments
 
 
$809,697
 
 
$—
 
 
$—
 
 
$809,697
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$801,878
 
 
$—
 
 
$801,878
Total Other Financial Instruments
 
 
$—
 
 
$801,878
 
 
$—
 
 
$801,878
Leverage Shares 2X Long GEMI Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$106,643
 
 
$—
 
 
$—
 
 
$106,643
Total Investments
 
 
$106,643
 
 
$—
 
 
$—
 
 
$106,643
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$73,414
 
 
$—
 
 
$73,414
Total Other Financial Instruments
 
 
$—
 
 
$73,414
 
 
$—
 
 
$73,414
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(1,802)
 
 
$—
 
 
$(1,802)
Total Other Financial Instruments
 
 
$—
 
 
$(1,802)
 
 
$—
 
 
$(1,802)
Leverage Shares 2X Long GEV Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,024,359
 
 
$—
 
 
$—
 
 
$1,024,359
Total Investments
 
 
$1,024,359
 
 
$—
 
 
$—
 
 
$1,024,359
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,898,056
 
 
$—
 
 
$1,898,056
Total Other Financial Instruments
 
 
$—
 
 
$1,898,056
 
 
$—
 
 
$1,898,056
Leverage Shares 2X Long GLW Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,435,099
 
 
$—
 
 
$—
 
 
$3,435,099
Total Investments
 
 
$3,435,099
 
 
$—
 
 
$—
 
 
$3,435,099
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$3,670,841
 
 
$—
 
 
$3,670,841
Total Other Financial Instruments
 
 
$—
 
 
$3,670,841
 
 
$—
 
 
$3,670,841
 
 
 
 
 
 
 
 
 
 
 
 
 
 
240
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long GLXY Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$172,549
 
 
$—
 
 
$—
 
 
$172,549
Total Investments
 
 
$172,549
 
 
$—
 
 
$—
 
 
$172,549
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,281,351
 
 
$—
 
 
$1,281,351
Total Other Financial Instruments
 
 
$—
 
 
$1,281,351
 
 
$—
 
 
$1,281,351
Leverage Shares 2X Long GRAB Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$115,309
 
 
$—
 
 
$—
 
 
$115,309
Total Investments
 
 
$115,309
 
 
$—
 
 
$—
 
 
$115,309
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$32,632
 
 
$—
 
 
$32,632
Total Other Financial Instruments
 
 
$—
 
 
$32,632
 
 
$—
 
 
$32,632
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(1,501)
 
 
$—
 
 
$(1,501)
Total Other Financial Instruments
 
 
$—
 
 
$(1,501)
 
 
$—
 
 
$(1,501)
Leverage Shares 2X Long HOOD Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$7,103,471
 
 
$—
 
 
$—
 
 
$7,103,471
Total Investments
 
 
$7,103,471
 
 
$—
 
 
$—
 
 
$7,103,471
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$405,060
 
 
$—
 
 
$405,060
Total Other Financial Instruments
 
 
$—
 
 
$405,060
 
 
$—
 
 
$405,060
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​(2,392,131)
 
 
$—
 
 
$​(2,392,131)
Total Other Financial Instruments
 
 
$—
 
 
$​(2,392,131)
 
 
$—
 
 
$​(2,392,131)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
241
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long HUT Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$152,618
 
 
$—
 
 
$—
 
 
$152,618
Total Investments
 
 
$152,618
 
 
$—
 
 
$—
 
 
$152,618
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$210,221
 
 
$—
 
 
$210,221
Total Other Financial Instruments
 
 
$—
 
 
$210,221
 
 
$—
 
 
$210,221
Leverage Shares 2X Long IREN Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$281,112
 
 
$—
 
 
$—
 
 
$281,112
Total Investments
 
 
$281,112
 
 
$—
 
 
$—
 
 
$281,112
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$775,217
 
 
$—
 
 
$775,217
Total Other Financial Instruments
 
 
$—
 
 
$775,217
 
 
$—
 
 
$775,217
Leverage Shares 2X Long KLAC Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$544,893
 
 
$—
 
 
$—
 
 
$544,893
Total Investments
 
 
$544,893
 
 
$—
 
 
$—
 
 
$544,893
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$177,507
 
 
$—
 
 
$177,507
Total Other Financial Instruments
 
 
$—
 
 
$177,507
 
 
$—
 
 
$177,507
Leverage Shares 2X Long LAC Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$120,551
 
 
$—
 
 
$—
 
 
$120,551
Total Investments
 
 
$120,551
 
 
$—
 
 
$—
 
 
$120,551
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​231,850
 
 
$—
 
 
$​231,850
Total Other Financial Instruments
 
 
$—
 
 
$​231,850
 
 
$—
 
 
$​231,850
Leverage Shares 2X Long LULU Daily ETF
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(148,584)
 
 
$—
 
 
$(148,584)
Total Other Financial Instruments
 
 
$—
 
 
$(148,584)
 
 
$—
 
 
$(148,584)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
242
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long MP Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$438,518
 
 
$—
 
 
$—
 
 
$438,518
Total Investments
 
 
$438,518
 
 
$—
 
 
$—
 
 
$438,518
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$573,879
 
 
$—
 
 
$573,879
Total Other Financial Instruments
 
 
$—
 
 
$573,879
 
 
$—
 
 
$573,879
Leverage Shares 2X Long NBIS Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,188,561
 
 
$—
 
 
$—
 
 
$1,188,561
Total Investments
 
 
$1,188,561
 
 
$—
 
 
$—
 
 
$1,188,561
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$921,019
 
 
$—
 
 
$921,019
Total Other Financial Instruments
 
 
$—
 
 
$921,019
 
 
$—
 
 
$921,019
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(724,762)
 
 
$—
 
 
$(724,762)
Total Other Financial Instruments
 
 
$—
 
 
$(724,762)
 
 
$—
 
 
$(724,762)
Leverage Shares 2X Long NEM Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$315,233
 
 
$—
 
 
$—
 
 
$315,233
Total Investments
 
 
$315,233
 
 
$—
 
 
$—
 
 
$315,233
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$277,794
 
 
$—
 
 
$277,794
Total Other Financial Instruments
 
 
$—
 
 
$277,794
 
 
$—
 
 
$277,794
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(42,311)
 
 
$—
 
 
$(42,311)
Total Other Financial Instruments
 
 
$—
 
 
$(42,311)
 
 
$—
 
 
$(42,311)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
243
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long NET Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$588,950
 
 
$—
 
 
$—
 
 
$588,950
Total Investments
 
 
$588,950
 
 
$—
 
 
$—
 
 
$588,950
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$346,449
 
 
$—
 
 
$346,449
Total Other Financial Instruments
 
 
$—
 
 
$346,449
 
 
$—
 
 
$346,449
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(102,763)
 
 
$—
 
 
$(102,763)
Total Other Financial Instruments
 
 
$—
 
 
$(102,763)
 
 
$—
 
 
$(102,763)
Leverage Shares 2X Long NIO Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$157,764
 
 
$—
 
 
$—
 
 
$157,764
Total Investments
 
 
$157,764
 
 
$—
 
 
$—
 
 
$157,764
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$333,432
 
 
$—
 
 
$333,432
Total Other Financial Instruments
 
 
$—
 
 
$333,432
 
 
$—
 
 
$333,432
Leverage Shares 2X Long NU Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$48,335
 
 
$—
 
 
$—
 
 
$48,335
Total Investments
 
 
$48,335
 
 
$—
 
 
$—
 
 
$48,335
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$17,978
 
 
$—
 
 
$17,978
Total Other Financial Instruments
 
 
$—
 
 
$17,978
 
 
$—
 
 
$17,978
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(7,144)
 
 
$—
 
 
$(7,144)
Total Other Financial Instruments
 
 
$—
 
 
$(7,144)
 
 
$—
 
 
$(7,144)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
244
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long NVDA Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,002,503
 
 
$—
 
 
$—
 
 
$3,002,503
Total Investments
 
 
$3,002,503
 
 
$—
 
 
$—
 
 
$3,002,503
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,725,212
 
 
$—
 
 
$1,725,212
Total Other Financial Instruments
 
 
$—
 
 
$1,725,212
 
 
$—
 
 
$1,725,212
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(2,588,600)
 
 
$—
 
 
$(2,588,600)
Total Other Financial Instruments
 
 
$—
 
 
$(2,588,600)
 
 
$—
 
 
$(2,588,600)
Leverage Shares 2X Long OKTA Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$55,157
 
 
$—
 
 
$—
 
 
$55,157
Total Investments
 
 
$55,157
 
 
$—
 
 
$—
 
 
$55,157
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$173,866
 
 
$—
 
 
$173,866
Total Other Financial Instruments
 
 
$—
 
 
$173,866
 
 
$—
 
 
$173,866
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(289)
 
 
$—
 
 
$(289)
Total Other Financial Instruments
 
 
$—
 
 
$(289)
 
 
$—
 
 
$(289)
Leverage Shares 2X Long ONDS Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,064,037
 
 
$—
 
 
$—
 
 
$1,064,037
Total Investments
 
 
$1,064,037
 
 
$—
 
 
$—
 
 
$1,064,037
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​1,572,180
 
 
$—
 
 
$​1,572,180
Total Other Financial Instruments
 
 
$—
 
 
$​1,572,180
 
 
$—
 
 
$​1,572,180
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(6,703)
 
 
$—
 
 
$(6,703)
Total Other Financial Instruments
 
 
$—
 
 
$(6,703)
 
 
$—
 
 
$(6,703)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
245
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long OPEN Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$158,517
 
 
$—
 
 
$—
 
 
$158,517
Total Investments
 
 
$158,517
 
 
$—
 
 
$—
 
 
$158,517
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$184,347
 
 
$—
 
 
$184,347
Total Other Financial Instruments
 
 
$—
 
 
$184,347
 
 
$—
 
 
$184,347
Leverage Shares 2X Long ORLY Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$18,851
 
 
$—
 
 
$—
 
 
$18,851
Total Investments
 
 
$18,851
 
 
$—
 
 
$—
 
 
$18,851
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$25,445
 
 
$—
 
 
$25,445
Total Other Financial Instruments
 
 
$—
 
 
$25,445
 
 
$—
 
 
$25,445
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(2,409)
 
 
$—
 
 
$(2,409)
Total Other Financial Instruments
 
 
$—
 
 
$(2,409)
 
 
$—
 
 
$(2,409)
Leverage Shares 2X Long OSCR Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$184,337
 
 
$—
 
 
$—
 
 
$184,337
Total Investments
 
 
$184,337
 
 
$—
 
 
$—
 
 
$184,337
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$274,396
 
 
$—
 
 
$274,396
Total Other Financial Instruments
 
 
$—
 
 
$274,396
 
 
$—
 
 
$274,396
 
 
 
 
 
 
 
 
 
 
 
 
 
 
246
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long PANW Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,048,072
 
 
$—
 
 
$—
 
 
$1,048,072
Total Investments
 
 
$1,048,072
 
 
$—
 
 
$—
 
 
$1,048,072
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,012,979
 
 
$—
 
 
$1,012,979
Total Other Financial Instruments
 
 
$—
 
 
$1,012,979
 
 
$—
 
 
$1,012,979
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(34,221)
 
 
$—
 
 
$(34,221)
Total Other Financial Instruments
 
 
$—
 
 
$(34,221)
 
 
$—
 
 
$(34,221)
Leverage Shares 2X Long PBR Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$481,215
 
 
$—
 
 
$—
 
 
$481,215
Total Investments
 
 
$481,215
 
 
$—
 
 
$—
 
 
$481,215
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$683,059
 
 
$—
 
 
$683,059
Total Other Financial Instruments
 
 
$—
 
 
$683,059
 
 
$—
 
 
$683,059
Leverage Shares 2X Long PLTR Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,217,038
 
 
$—
 
 
$—
 
 
$3,217,038
Total Investments
 
 
$3,217,038
 
 
$—
 
 
$—
 
 
$3,217,038
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$2,102,126
 
 
$—
 
 
$2,102,126
Total Other Financial Instruments
 
 
$—
 
 
$2,102,126
 
 
$—
 
 
$2,102,126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
247
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long PLUG Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,361,697
 
 
$—
 
 
$—
 
 
$1,361,697
Total Investments
 
 
$1,361,697
 
 
$—
 
 
$—
 
 
$1,361,697
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​106,006
 
 
$—
 
 
$​106,006
Total Other Financial Instruments
 
 
$—
 
 
$​106,006
 
 
$—
 
 
$​106,006
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(496,692)
 
 
$—
 
 
$(496,692)
Total Other Financial Instruments
 
 
$—
 
 
$(496,692)
 
 
$—
 
 
$(496,692)
Leverage Shares 2X Long PYPL Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$3,455,840
 
 
$—
 
 
$—
 
 
$3,455,840
Total Investments
 
 
$3,455,840
 
 
$—
 
 
$—
 
 
$3,455,840
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$3,309,446
 
 
$—
 
 
$3,309,446
Total Other Financial Instruments
 
 
$—
 
 
$3,309,446
 
 
$—
 
 
$3,309,446
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(653,424)
 
 
$—
 
 
$(653,424)
Total Other Financial Instruments
 
 
$—
 
 
$(653,424)
 
 
$—
 
 
$(653,424)
Leverage Shares 2X Long RTX Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$432,201
 
 
$—
 
 
$—
 
 
$432,201
Total Investments
 
 
$432,201
 
 
$—
 
 
$—
 
 
$432,201
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$22,865
 
 
$—
 
 
$22,865
Total Other Financial Instruments
 
 
$—
 
 
$22,865
 
 
$—
 
 
$22,865
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(217,520)
 
 
$—
 
 
$(217,520)
Total Other Financial Instruments
 
 
$—
 
 
$(217,520)
 
 
$—
 
 
$(217,520)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
248
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long SATS Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$2,049,750
 
 
$—
 
 
$—
 
 
$2,049,750
Total Investments
 
 
$2,049,750
 
 
$—
 
 
$—
 
 
$2,049,750
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,476,188
 
 
$—
 
 
$1,476,188
Total Other Financial Instruments
 
 
$—
 
 
$1,476,188
 
 
$—
 
 
$1,476,188
Leverage Shares 2X Long SBUX Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$109,537
 
 
$—
 
 
$—
 
 
$109,537
Total Investments
 
 
$109,537
 
 
$—
 
 
$—
 
 
$109,537
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$133,507
 
 
$—
 
 
$133,507
Total Other Financial Instruments
 
 
$—
 
 
$133,507
 
 
$—
 
 
$133,507
Leverage Shares 2X Long SNAP Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$340,376
 
 
$—
 
 
$—
 
 
$340,376
Total Investments
 
 
$340,376
 
 
$—
 
 
$—
 
 
$340,376
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$​297,149
 
 
$—
 
 
$​297,149
Total Other Financial Instruments
 
 
$—
 
 
$​297,149
 
 
$—
 
 
$​297,149
Leverage Shares 2X Long SPOT Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$390,856
 
 
$—
 
 
$—
 
 
$390,856
Total Investments
 
 
$390,856
 
 
$—
 
 
$—
 
 
$390,856
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$157,491
 
 
$—
 
 
$157,491
Total Other Financial Instruments
 
 
$—
 
 
$157,491
 
 
$—
 
 
$157,491
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(93,857)
 
 
$—
 
 
$(93,857)
Total Other Financial Instruments
 
 
$—
 
 
$(93,857)
 
 
$—
 
 
$(93,857)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
249
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long TER Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,162,998
 
 
$—
 
 
$—
 
 
$1,162,998
Total Investments
 
 
$1,162,998
 
 
$—
 
 
$—
 
 
$1,162,998
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$2,789,877
 
 
$—
 
 
$2,789,877
Total Other Financial Instruments
 
 
$—
 
 
$2,789,877
 
 
$—
 
 
$2,789,877
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(417)
 
 
$—
 
 
$(417)
Total Other Financial Instruments
 
 
$—
 
 
$(417)
 
 
$—
 
 
$(417)
Leverage Shares 2X Long TSLA Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$4,622,931
 
 
$—
 
 
$—
 
 
$4,622,931
Total Investments
 
 
$4,622,931
 
 
$—
 
 
$—
 
 
$4,622,931
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$4,050,163
 
 
$—
 
 
$4,050,163
Total Other Financial Instruments
 
 
$—
 
 
$4,050,163
 
 
$—
 
 
$4,050,163
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(626,625)
 
 
$—
 
 
$(626,625)
Total Other Financial Instruments
 
 
$—
 
 
$(626,625)
 
 
$—
 
 
$(626,625)
Leverage Shares 2X Long TSM Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$2,660,547
 
 
$—
 
 
$—
 
 
$2,660,547
Total Investments
 
 
$2,660,547
 
 
$—
 
 
$—
 
 
$2,660,547
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,778,801
 
 
$—
 
 
$1,778,801
Total Other Financial Instruments
 
 
$—
 
 
$1,778,801
 
 
$—
 
 
$1,778,801
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(646,148)
 
 
$—
 
 
$(646,148)
Total Other Financial Instruments
 
 
$—
 
 
$(646,148)
 
 
$—
 
 
$(646,148)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
250
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long UEC Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$132,747
 
 
$—
 
 
$—
 
 
$132,747
Total Investments
 
 
$132,747
 
 
$—
 
 
$—
 
 
$132,747
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$245,855
 
 
$—
 
 
$245,855
Total Other Financial Instruments
 
 
$—
 
 
$245,855
 
 
$—
 
 
$245,855
Leverage Shares 2X Long UNH Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$26,259,697
 
 
$—
 
 
$—
 
 
$26,259,697
Total Investments
 
 
$26,259,697
 
 
$—
 
 
$—
 
 
$26,259,697
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$39,618,377
 
 
$—
 
 
$39,618,377
Total Other Financial Instruments
 
 
$—
 
 
$39,618,377
 
 
$—
 
 
$39,618,377
Leverage Shares 2X Long UPS Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$89,804
 
 
$—
 
 
$—
 
 
$89,804
Total Investments
 
 
$89,804
 
 
$—
 
 
$—
 
 
$89,804
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$103,163
 
 
$—
 
 
$103,163
Total Other Financial Instruments
 
 
$—
 
 
$103,163
 
 
$—
 
 
$103,163
Leverage Shares 2X Long USAR Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,124,563
 
 
$—
 
 
$—
 
 
$1,124,563
Total Investments
 
 
$1,124,563
 
 
$—
 
 
$—
 
 
$1,124,563
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$3,897,403
 
 
$—
 
 
$3,897,403
Total Other Financial Instruments
 
 
$—
 
 
$3,897,403
 
 
$—
 
 
$3,897,403
 
 
 
 
 
 
 
 
 
 
 
 
 
 
251
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long UUUU Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$1,361,376
 
 
$—
 
 
$—
 
 
$1,361,376
Total Investments
 
 
$1,361,376
 
 
$—
 
 
$—
 
 
$1,361,376
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$1,586,168
 
 
$—
 
 
$1,586,168
Total Other Financial Instruments
 
 
$—
 
 
$1,586,168
 
 
$—
 
 
$1,586,168
Leverage Shares 2X Long VALE Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$176,852
 
 
$—
 
 
$—
 
 
$176,852
Total Investments
 
 
$176,852
 
 
$—
 
 
$—
 
 
$176,852
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$121,419
 
 
$—
 
 
$121,419
Total Other Financial Instruments
 
 
$—
 
 
$121,419
 
 
$—
 
 
$121,419
Leverage Shares 2X Long World Stock Daily ETF
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$526,598
 
 
$—
 
 
$—
 
 
$526,598
Total Investments
 
 
$526,598
 
 
$—
 
 
$—
 
 
$526,598
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$359,766
 
 
$—
 
 
$359,766
Total Other Financial Instruments
 
 
$—
 
 
$359,766
 
 
$—
 
 
$359,766
Leverage Shares 2X Long XPEV Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$66,437
 
 
$—
 
 
$—
 
 
$66,437
Total Investments
 
 
$66,437
 
 
$—
 
 
$—
 
 
$66,437
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$55,179
 
 
$—
 
 
$55,179
Total Other Financial Instruments
 
 
$—
 
 
$55,179
 
 
$—
 
 
$55,179
Liabilities:
 
 
 
 
 
 
 
 
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$(37,997)
 
 
$—
 
 
$(37,997)
Total Other Financial Instruments
 
 
$—
 
 
$(37,997)
 
 
$—
 
 
$(37,997)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
252
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Leverage Shares 2X Long XYZ Daily ETF
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
Money Market Funds
 
 
$869,318
 
 
$—
 
 
$—
 
 
$869,318
Total Investments
 
 
$869,318
 
 
$—
 
 
$—
 
 
$869,318
Other Financial Instruments:
 
 
 
 
 
 
 
 
Total Return Swaps*
 
 
$—
 
 
$509,585
 
 
$—
 
 
$509,585
Total Other Financial Instruments
 
 
$—
 
 
$509,585
 
 
$—
 
 
$509,585
 
 
 
 
 
 
 
 
 
 
 
 
 
*
The fair value of each Fund’s total return swaps represents the net unrealized appreciation (depreciation) as of April 30, 2026.
Derivatives – As the buyer of a call option, the Funds have a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Funds may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Funds may buy call options on underlying reference instruments that they intend to buy with the goal of limiting the risk of a substantial increase in its market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Funds may expire without any value to the Funds, in which case the Funds would experience a loss to the extent of the premium paid for the option plus related transaction costs.
As the buyer of a put option, the Funds have the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Funds may enter into closing sale transactions with respect to put options, exercise them, or permit them to expire. The Funds may buy a put option on an underlying reference instrument owned by the Funds (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Funds, as the buyer of the put option, are able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. The Funds may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.
If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.
Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.
 
253
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
If the Funds write a covered call option, any underlying reference instruments that are held by the Funds and are subject to the call option will be earmarked on the books of such Funds as segregated to satisfy its obligations under the option. The Funds will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, each Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring the Funds to sell the underlying instrument at the exercise price. In that case, the Funds will sell the underlying reference instrument to the option buyer for less than its market value, and such Funds will experience a loss (which will be offset by the premium received by the Funds as the writer of such option). If a call option expires unexercised, the Funds will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Funds will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.
As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Funds expires unexercised, such Fund will realize a gain in the amount of the premium received.
Each Leveraged Fund may enter into total return swap contracts, which may be used either as economically similar substitutes for owning the reference asset specified in the swap, such as the securities that comprise a given market index, particular securities or commodities, or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable or it may otherwise be impossible or impracticable for a Fund to own that asset. “Total return” refers to the payment (or receipt) of the total return on the underlying reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swaps provide a Fund with the additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.
Most total return swap contracts entered into by a Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, a Fund’s current obligations (or rights) under a swap will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). Other swaps may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. The amounts related to these periodic payments realized but unpaid are reflected as “Receivable/Payable for swap contracts” on the Statement of Assets and Liabilities. A Fund’s current obligations under the types of swaps that the Funds expect to enter into (e.g., total return swaps) will be accrued daily (offset against any amounts owed to a Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by the Fund posting collateral to a tri-party account between the Fund’s custodian, the Fund, and the counterparty. Collateral amounts posted directly between a Fund and counterparty are reflected as “Receivable/Payable for collateral” on the Statement of Assets and Liabilities. However, typically no payments will be made until the settlement date.
Swap contracts do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap contract defaults, a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.
 
254
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
The following table presents the Leveraged Funds gross derivative assets and liabilities by counterparty and contract type, net of amounts available for the offset under a master netting agreement and the related collateral received or pledged by each Fund as of April 30, 2026.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long AAL Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$124,608
 
 
$—
 
 
$124,608
 
 
$—
 
 
$124,608
Clear Street LLC
 
 
398,563
 
 
—
 
 
398,563
 
 
—
 
 
398,563
Jane Street Group, LLC
 
 
​7,775
 
 
—
 
 
​7,775
 
 
—
 
 
​7,775
Marex Capital Markets Inc.
 
 
86,432
 
 
—
 
 
86,432
 
 
—
 
 
86,432
 
 
$​617,378
 
 
$—
 
 
$​617,378
 
 
$—
 
 
$​617,378
Leverage Shares 2X Long ABNB Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$22,032
 
 
$—
 
 
$22,032
 
 
$—
 
 
$22,032
Clear Street LLC
 
 
88,452
 
 
—
 
 
88,452
 
 
—
 
 
88,452
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
19,814
 
 
—
 
 
19,814
 
 
—
 
 
19,814
 
 
$130,298
 
 
$—
 
 
$130,298
 
 
$—
 
 
$130,298
Leverage Shares 2X Long ADBE Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(438,048)
 
 
$(438,048)
 
 
$438,048
 
 
$—
Clear Street LLC
 
 
1,097,052
 
 
—
 
 
1,097,052
 
 
—
 
 
1,097,052
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
333,569
 
 
—
 
 
333,569
 
 
—
 
 
333,569
 
 
$1,430,621
 
 
$(438,048)
 
 
$992,573
 
 
$438,048
 
 
$1,430,621
Leverage Shares 2X Long ALB Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$10,674
 
 
$—
 
 
$10,674
 
 
$—
 
 
$10,674
Clear Street LLC
 
 
167,409
 
 
—
 
 
167,409
 
 
—
 
 
167,409
Jane Street Group, LLC
 
 
1,096
 
 
—
 
 
1,096
 
 
—
 
 
1,096
Marex Capital Markets Inc.
 
 
28,441
 
 
—
 
 
28,441
 
 
—
 
 
28,441
 
 
$207,620
 
 
$—
 
 
$207,620
 
 
$—
 
 
$207,620
Leverage Shares 2X Long AMD Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$538,971
 
 
$—
 
 
$538,971
 
 
$—
 
 
$538,971
Clear Street LLC
 
 
1,648,217
 
 
—
 
 
1,648,217
 
 
—
 
 
1,648,217
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
412,880
 
 
—
 
 
412,880
 
 
—
 
 
412,880
 
 
$2,600,068
 
 
$—
 
 
$2,600,068
 
 
$—
 
 
$2,600,068
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
255
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long ARM Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$8,774,115
 
 
$—
 
 
$8,774,115
 
 
$—
 
 
$8,774,115
Clear Street LLC
 
 
3,485,321
 
 
—
 
 
3,485,321
 
 
—
 
 
3,485,321
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
31,666
 
 
—
 
 
31,666
 
 
—
 
 
31,666
 
 
$12,291,102
 
 
$—
 
 
$12,291,102
 
 
$—
 
 
$12,291,102
Leverage Shares 2X Long ASML Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$2,582,137
 
 
$—
 
 
$2,582,137
 
 
$—
 
 
$2,582,137
Clear Street LLC
 
 
5,866,561
 
 
—
 
 
5,866,561
 
 
—
 
 
5,866,561
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(27,837)
 
 
(27,837)
 
 
27,837
 
 
—
 
 
$8,448,698
 
 
$(27,837)
 
 
$8,420,861
 
 
$27,837
 
 
$8,448,698
Leverage Shares 2X Long AVGO Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$6,385,170
 
 
$—
 
 
$6,385,170
 
 
$—
 
 
$6,385,170
Clear Street LLC
 
 
2,069,478
 
 
—
 
 
2,069,478
 
 
—
 
 
2,069,478
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(30,308)
 
 
(30,308)
 
 
30,308
 
 
—
 
 
$8,454,648
 
 
$(30,308)
 
 
$8,424,340
 
 
$30,308
 
 
$8,454,648
Leverage Shares 2X Long AXP Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$11,419
 
 
$—
 
 
$11,419
 
 
$—
 
 
$11,419
Clear Street LLC
 
 
14,170
 
 
—
 
 
14,170
 
 
—
 
 
14,170
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
21,754
 
 
—
 
 
21,754
 
 
—
 
 
21,754
 
 
$47,343
 
 
$—
 
 
$47,343
 
 
$—
 
 
$47,343
Leverage Shares 2X Long BA Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$132,614
 
 
$—
 
 
$132,614
 
 
$—
 
 
$132,614
Clear Street LLC
 
 
865,388
 
 
—
 
 
865,388
 
 
—
 
 
865,388
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
28,757
 
 
—
 
 
28,757
 
 
—
 
 
28,757
 
 
$1,026,759
 
 
$—
 
 
$1,026,759
 
 
$—
 
 
$1,026,759
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
256
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long BBAI Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$292,167
 
 
$—
 
 
$292,167
 
 
$—
 
 
$292,167
Clear Street LLC
 
 
289,514
 
 
—
 
 
289,514
 
 
—
 
 
289,514
Jane Street Group, LLC
 
 
​198,303
 
 
—
 
 
​198,303
 
 
—
 
 
​198,303
Marex Capital Markets Inc.
 
 
—
 
 
(988,049)
 
 
(988,049)
 
 
988,049
 
 
—
 
 
$​779,984
 
 
$(988,049)
 
 
$​(208,065)
 
 
$988,049
 
 
$​779,984
Leverage Shares 2X Long BE Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$150,798
 
 
$—
 
 
$150,798
 
 
$—
 
 
$150,798
Clear Street LLC
 
 
—
 
 
(437,420)
 
 
(437,420)
 
 
437,420
 
 
—
Jane Street Group, LLC
 
 
9,422
 
 
—
 
 
9,422
 
 
—
 
 
9,422
Marex Capital Markets Inc.
 
 
2,710,473
 
 
—
 
 
2,710,473
 
 
—
 
 
2,710,473
 
 
$2,870,693
 
 
$(437,420)
 
 
$2,433,273
 
 
$437,420
 
 
$2,870,693
Leverage Shares 2X Long BIDU Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$6,069
 
 
$—
 
 
$6,069
 
 
$—
 
 
$6,069
Clear Street LLC
 
 
311,362
 
 
—
 
 
311,362
 
 
—
 
 
311,362
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
8,250
 
 
—
 
 
8,250
 
 
—
 
 
8,250
 
 
$325,681
 
 
$—
 
 
$325,681
 
 
$—
 
 
$325,681
Leverage Shares 2X Long BLSH Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$30,969
 
 
$—
 
 
$30,969
 
 
$—
 
 
$30,969
Clear Street LLC
 
 
14,362
 
 
—
 
 
14,362
 
 
—
 
 
14,362
Jane Street Group, LLC
 
 
—
 
 
(233)
 
 
(233)
 
 
233
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(99,680)
 
 
(99,680)
 
 
99,680
 
 
—
 
 
$45,331
 
 
$(99,913)
 
 
$(54,582)
 
 
$99,913
 
 
$45,331
Leverage Shares 2X Long BMNR Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$232,929
 
 
$—
 
 
$232,929
 
 
$—
 
 
$232,929
Clear Street LLC
 
 
506,848
 
 
—
 
 
506,848
 
 
—
 
 
506,848
Jane Street Group, LLC
 
 
—
 
 
(68)
 
 
(68)
 
 
68
 
 
—
Marex Capital Markets Inc.
 
 
4,663,751
 
 
—
 
 
4,663,751
 
 
—
 
 
4,663,751
 
 
$5,403,528
 
 
$(68)
 
 
$5,403,460
 
 
$68
 
 
$5,403,528
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
257
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long BULL Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$723,325
 
 
$—
 
 
$723,325
 
 
$—
 
 
$723,325
Clear Street LLC
 
 
186,910
 
 
—
 
 
186,910
 
 
—
 
 
186,910
Jane Street Group, LLC
 
 
​55,722
 
 
—
 
 
​55,722
 
 
—
 
 
​55,722
Marex Capital Markets Inc.
 
 
—
 
 
(334,321)
 
 
(334,321)
 
 
334,321
 
 
—
 
 
$​965,957
 
 
$(334,321)
 
 
$​631,636
 
 
$334,321
 
 
$​965,957
Leverage Shares 2X Long CIFR Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$1,530
 
 
$—
 
 
$1,530
 
 
$—
 
 
$1,530
Clear Street LLC
 
 
277,812
 
 
—
 
 
277,812
 
 
—
 
 
277,812
Jane Street Group, LLC
 
 
​—
 
 
​(10,385)
 
 
​(10,385)
 
 
​10,385
 
 
​—
Marex Capital Markets Inc.
 
 
121,627
 
 
—
 
 
121,627
 
 
—
 
 
121,627
 
 
$​400,969
 
 
$​(10,385)
 
 
$​390,584
 
 
$​10,385
 
 
$​400,969
Leverage Shares 2X Long CMG Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$12,086
 
 
$—
 
 
$12,086
 
 
$—
 
 
$12,086
Clear Street LLC
 
 
22,134
 
 
—
 
 
22,134
 
 
—
 
 
22,134
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
13,547
 
 
—
 
 
13,547
 
 
—
 
 
13,547
 
 
$47,767
 
 
$—
 
 
$47,767
 
 
$—
 
 
$47,767
Leverage Shares 2X Long CNC Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$14,494
 
 
$—
 
 
$14,494
 
 
$—
 
 
$14,494
Clear Street LLC
 
 
—
 
 
(6,500)
 
 
(6,500)
 
 
6,500
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
19,219
 
 
—
 
 
19,219
 
 
—
 
 
19,219
 
 
$33,713
 
 
$(6,500)
 
 
$27,213
 
 
$6,500
 
 
$33,713
Leverage Shares 2X Long COIN Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$246,354
 
 
$—
 
 
$246,354
 
 
$—
 
 
$246,354
Clear Street LLC
 
 
84,749
 
 
—
 
 
84,749
 
 
—
 
 
84,749
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
588,386
 
 
—
 
 
588,386
 
 
—
 
 
588,386
 
 
$919,489
 
 
$—
 
 
$919,489
 
 
$—
 
 
$919,489
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
258
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long COST Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$318,013
 
 
$—
 
 
$318,013
 
 
$—
 
 
$318,013
Clear Street LLC
 
 
63,776
 
 
—
 
 
63,776
 
 
—
 
 
63,776
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
220,644
 
 
—
 
 
220,644
 
 
—
 
 
220,644
 
 
$602,433
 
 
$—
 
 
$602,433
 
 
$—
 
 
$602,433
Leverage Shares 2X Long CRCL Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$1,084,382
 
 
$—
 
 
$1,084,382
 
 
$—
 
 
$1,084,382
Clear Street LLC
 
 
—
 
 
(8,407,221)
 
 
(8,407,221)
 
 
8,407,221
 
 
—
Jane Street Group, LLC
 
 
—
 
 
​(1,381,890)
 
 
​(1,381,890)
 
 
​1,381,890
 
 
—
Marex Capital Markets Inc.
 
 
7,176,647
 
 
—
 
 
7,176,647
 
 
—
 
 
7,176,647
 
 
$8,261,029
 
 
$(9,789,111)
 
 
$​(1,528,082)
 
 
$9,789,111
 
 
$8,261,029
Leverage Shares 2X Long CRM Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$130,358
 
 
$—
 
 
$130,358
 
 
$—
 
 
$130,358
Clear Street LLC
 
 
—
 
 
(1,261,593)
 
 
(1,261,593)
 
 
1,261,593
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
57,704
 
 
—
 
 
57,704
 
 
—
 
 
57,704
 
 
$188,062
 
 
$(1,261,593)
 
 
$(1,073,531)
 
 
$1,261,593
 
 
$188,062
Leverage Shares 2X Long CRML Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$26,768
 
 
$—
 
 
$26,768
 
 
$—
 
 
$26,768
Clear Street LLC
 
 
188,711
 
 
—
 
 
188,711
 
 
—
 
 
188,711
Jane Street Group, LLC
 
 
​44,186
 
 
—
 
 
​44,186
 
 
—
 
 
​44,186
Marex Capital Markets Inc.
 
 
469,462
 
 
—
 
 
469,462
 
 
—
 
 
469,462
 
 
$​729,127
 
 
$—
 
 
$​729,127
 
 
$—
 
 
$​729,127
Leverage Shares 2X Long CRWV Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$5,226,812
 
 
$—
 
 
$5,226,812
 
 
$—
 
 
$5,226,812
Clear Street LLC
 
 
2,078,808
 
 
—
 
 
2,078,808
 
 
—
 
 
2,078,808
Jane Street Group, LLC
 
 
​2,386,884
 
 
—
 
 
​2,386,884
 
 
—
 
 
​2,386,884
Marex Capital Markets Inc.
 
 
—
 
 
(4,225,345)
 
 
(4,225,345)
 
 
4,225,345
 
 
—
 
 
$​9,692,504
 
 
$(4,225,345)
 
 
$​5,467,159
 
 
$4,225,345
 
 
$​9,692,504
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
259
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long DNN Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$313
 
 
$—
 
 
$313
 
 
$—
 
 
$313
Clear Street LLC
 
 
—
 
 
(2,462)
 
 
(2,462)
 
 
2,462
 
 
—
Jane Street Group, LLC
 
 
—
 
 
​(299)
 
 
​(299)
 
 
​299
 
 
—
Marex Capital Markets Inc.
 
 
24,426
 
 
—
 
 
24,426
 
 
—
 
 
24,426
 
 
$24,739
 
 
$​(2,761)
 
 
$​21,978
 
 
$​2,761
 
 
$24,739
Leverage Shares 2X Long DUOL Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(4,367)
 
 
$(4,367)
 
 
$4,367
 
 
$—
Clear Street LLC
 
 
976,987
 
 
—
 
 
976,987
 
 
—
 
 
976,987
Jane Street Group, LLC
 
 
2,092
 
 
—
 
 
2,092
 
 
—
 
 
2,092
Marex Capital Markets Inc.
 
 
490,203
 
 
—
 
 
490,203
 
 
—
 
 
490,203
 
 
$1,469,282
 
 
$(4,367)
 
 
$1,464,915
 
 
$4,367
 
 
$1,469,282
Leverage Shares 2X Long FCX Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(34,438)
 
 
$(34,438)
 
 
$34,438
 
 
$—
Clear Street LLC
 
 
6,977
 
 
—
 
 
6,977
 
 
—
 
 
6,977
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(85,062)
 
 
(85,062)
 
 
85,062
 
 
—
 
 
$6,977
 
 
$(119,500)
 
 
$(112,523)
 
 
$119,500
 
 
$6,977
Leverage Shares 2X Long FIG Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(318,261)
 
 
$(318,261)
 
 
$318,261
 
 
$—
Clear Street LLC
 
 
163,021
 
 
—
 
 
163,021
 
 
—
 
 
163,021
Jane Street Group, LLC
 
 
—
 
 
(1,200)
 
 
(1,200)
 
 
1,200
 
 
—
Marex Capital Markets Inc.
 
 
120,042
 
 
—
 
 
120,042
 
 
—
 
 
120,042
 
 
$283,063
 
 
$(319,461)
 
 
$(36,398)
 
 
$319,461
 
 
$283,063
Leverage Shares 2X Long FUTU Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$116,222
 
 
$—
 
 
$116,222
 
 
$—
 
 
$116,222
Clear Street LLC
 
 
504,200
 
 
—
 
 
504,200
 
 
—
 
 
504,200
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
181,456
 
 
—
 
 
181,456
 
 
—
 
 
181,456
 
 
$801,878
 
 
$—
 
 
$801,878
 
 
$—
 
 
$801,878
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
260
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long GEMI Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(1,511)
 
 
$(1,511)
 
 
$1,511
 
 
$—
Clear Street LLC
 
 
1,091
 
 
—
 
 
1,091
 
 
—
 
 
1,091
Jane Street Group, LLC
 
 
—
 
 
(291)
 
 
(291)
 
 
291
 
 
—
Marex Capital Markets Inc.
 
 
72,323
 
 
—
 
 
72,323
 
 
—
 
 
72,323
 
 
$73,414
 
 
$(1,802)
 
 
$71,612
 
 
$1,802
 
 
$73,414
Leverage Shares 2X Long GEV Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$707,268
 
 
$—
 
 
$707,268
 
 
$—
 
 
$707,268
Clear Street LLC
 
 
1,072,216
 
 
—
 
 
1,072,216
 
 
—
 
 
1,072,216
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
118,572
 
 
—
 
 
118,572
 
 
—
 
 
118,572
 
 
$1,898,056
 
 
$—
 
 
$1,898,056
 
 
$—
 
 
$1,898,056
Leverage Shares 2X Long GLW Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Clear Street LLC
 
 
1,914,751
 
 
—
 
 
1,914,751
 
 
—
 
 
1,914,751
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
1,756,090
 
 
—
 
 
1,756,090
 
 
—
 
 
1,756,090
 
 
$3,670,841
 
 
$—
 
 
$3,670,841
 
 
$—
 
 
$3,670,841
Leverage Shares 2X Long GLXY Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$109,865
 
 
$—
 
 
$109,865
 
 
$—
 
 
$109,865
Clear Street LLC
 
 
1,130,235
 
 
—
 
 
1,130,235
 
 
—
 
 
1,130,235
Jane Street Group, LLC
 
 
4,497
 
 
—
 
 
4,497
 
 
—
 
 
4,497
Marex Capital Markets Inc.
 
 
36,754
 
 
—
 
 
36,754
 
 
—
 
 
36,754
 
 
$1,281,351
 
 
$—
 
 
$1,281,351
 
 
$—
 
 
$1,281,351
Leverage Shares 2X Long GRAB Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(1,501)
 
 
$(1,501)
 
 
$1,501
 
 
$—
Clear Street LLC
 
 
24,866
 
 
—
 
 
24,866
 
 
—
 
 
24,866
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
7,766
 
 
—
 
 
7,766
 
 
—
 
 
7,766
 
 
$32,632
 
 
$(1,501)
 
 
$31,131
 
 
$1,501
 
 
$32,632
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
261
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long HOOD Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(1,005,247)
 
 
$(1,005,247)
 
 
$1,005,247
 
 
$—
Clear Street LLC
 
 
405,060
 
 
—
 
 
405,060
 
 
—
 
 
405,060
Jane Street Group, LLC
 
 
—
 
 
​(255,387)
 
 
​(255,387)
 
 
​255,387
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(1,131,497)
 
 
(1,131,497)
 
 
1,131,497
 
 
—
 
 
$405,060
 
 
$​(2,392,131)
 
 
$​(1,987,071)
 
 
$​2,392,131
 
 
$405,060
Leverage Shares 2X Long HUT Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$1,873
 
 
$—
 
 
$1,873
 
 
$—
 
 
$1,873
Clear Street LLC
 
 
144,600
 
 
—
 
 
144,600
 
 
—
 
 
144,600
Jane Street Group, LLC
 
 
2,797
 
 
—
 
 
2,797
 
 
—
 
 
2,797
Marex Capital Markets Inc.
 
 
60,951
 
 
—
 
 
60,951
 
 
—
 
 
60,951
 
 
$210,221
 
 
$—
 
 
$210,221
 
 
$—
 
 
$210,221
Leverage Shares 2X Long IREN Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$25,496
 
 
$—
 
 
$25,496
 
 
$—
 
 
$25,496
Clear Street LLC
 
 
390,353
 
 
—
 
 
390,353
 
 
—
 
 
390,353
Jane Street Group, LLC
 
 
2,402
 
 
—
 
 
2,402
 
 
—
 
 
2,402
Marex Capital Markets Inc.
 
 
356,966
 
 
—
 
 
356,966
 
 
—
 
 
356,966
 
 
$775,217
 
 
$—
 
 
$775,217
 
 
$—
 
 
$775,217
Leverage Shares 2X Long KLAC Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$89,443
 
 
$—
 
 
$89,443
 
 
$—
 
 
$89,443
Clear Street LLC
 
 
41,797
 
 
—
 
 
41,797
 
 
—
 
 
41,797
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
46,267
 
 
—
 
 
46,267
 
 
—
 
 
46,267
 
 
$177,507
 
 
$—
 
 
$177,507
 
 
$—
 
 
$177,507
Leverage Shares 2X Long LAC Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$5,711
 
 
$—
 
 
$5,711
 
 
$—
 
 
$5,711
Clear Street LLC
 
 
219,276
 
 
—
 
 
219,276
 
 
—
 
 
219,276
Jane Street Group, LLC
 
 
​4,290
 
 
—
 
 
​4,290
 
 
—
 
 
​4,290
Marex Capital Markets Inc.
 
 
2,573
 
 
—
 
 
2,573
 
 
—
 
 
2,573
 
 
$​231,850
 
 
$—
 
 
$​231,850
 
 
$—
 
 
$​231,850
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
262
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long LULU Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(25,332)
 
 
$(25,332)
 
 
$25,332
 
 
$—
Clear Street LLC
 
 
—
 
 
(72,747)
 
 
(72,747)
 
 
72,747
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(50,505)
 
 
(50,505)
 
 
50,505
 
 
—
 
 
$—
 
 
$(148,584)
 
 
$(148,584)
 
 
$148,584
 
 
$—
Leverage Shares 2X Long MP Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$11,022
 
 
$—
 
 
$11,022
 
 
$—
 
 
$11,022
Clear Street LLC
 
 
411,238
 
 
—
 
 
411,238
 
 
—
 
 
411,238
Jane Street Group, LLC
 
 
2,179
 
 
—
 
 
2,179
 
 
—
 
 
2,179
Marex Capital Markets Inc.
 
 
149,440
 
 
—
 
 
149,440
 
 
—
 
 
149,440
 
 
$573,879
 
 
$—
 
 
$573,879
 
 
$—
 
 
$573,879
Leverage Shares 2X Long NBIS Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$302,988
 
 
$—
 
 
$302,988
 
 
$—
 
 
$302,988
Clear Street LLC
 
 
616,961
 
 
—
 
 
616,961
 
 
—
 
 
616,961
Jane Street Group, LLC
 
 
1,070
 
 
—
 
 
1,070
 
 
—
 
 
1,070
Marex Capital Markets Inc.
 
 
—
 
 
(724,762)
 
 
(724,762)
 
 
724,762
 
 
—
 
 
$921,019
 
 
$(724,762)
 
 
$196,257
 
 
$724,762
 
 
$921,019
Leverage Shares 2X Long NEM Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$27,233
 
 
$—
 
 
$27,233
 
 
$—
 
 
$27,233
Clear Street LLC
 
 
250,561
 
 
—
 
 
250,561
 
 
—
 
 
250,561
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(42,311)
 
 
(42,311)
 
 
42,312
 
 
1
 
 
$277,794
 
 
$(42,311)
 
 
$235,483
 
 
$42,312
 
 
$277,795
Leverage Shares 2X Long NET Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$49,815
 
 
$—
 
 
$49,815
 
 
$—
 
 
$49,815
Clear Street LLC
 
 
—
 
 
(102,763)
 
 
(102,763)
 
 
102,763
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
296,634
 
 
—
 
 
296,634
 
 
—
 
 
296,634
 
 
$346,449
 
 
$(102,763)
 
 
$243,686
 
 
$102,763
 
 
$346,449
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
263
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long NIO Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$13,591
 
 
$—
 
 
$13,591
 
 
$—
 
 
$13,591
Clear Street LLC
 
 
147,794
 
 
—
 
 
147,794
 
 
—
 
 
147,794
Jane Street Group, LLC
 
 
3
 
 
—
 
 
3
 
 
—
 
 
3
Marex Capital Markets Inc.
 
 
172,044
 
 
—
 
 
172,044
 
 
—
 
 
172,044
 
 
$333,432
 
 
$—
 
 
$333,432
 
 
$—
 
 
$333,432
Leverage Shares 2X Long NU Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(7,144)
 
 
$(7,144)
 
 
$7,144
 
 
$—
Clear Street LLC
 
 
10,694
 
 
—
 
 
10,694
 
 
—
 
 
10,694
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
7,284
 
 
—
 
 
7,284
 
 
—
 
 
7,284
 
 
$17,978
 
 
$(7,144)
 
 
$10,834
 
 
$7,144
 
 
$17,978
Leverage Shares 2X Long NVDA Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$424,815
 
 
$—
 
 
$424,815
 
 
$—
 
 
$424,815
Clear Street LLC
 
 
—
 
 
(2,588,600)
 
 
(2,588,600)
 
 
2,588,600
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
1,300,397
 
 
—
 
 
1,300,397
 
 
—
 
 
1,300,397
 
 
$1,725,212
 
 
$(2,588,600)
 
 
$(863,388)
 
 
$2,588,600
 
 
$1,725,212
Leverage Shares 2X Long OKTA Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$16,236
 
 
$—
 
 
$16,236
 
 
$—
 
 
$16,236
Clear Street LLC
 
 
100,196
 
 
—
 
 
100,196
 
 
—
 
 
100,196
Jane Street Group, LLC
 
 
—
 
 
(289)
 
 
(289)
 
 
289
 
 
—
Marex Capital Markets Inc.
 
 
57,434
 
 
—
 
 
57,434
 
 
—
 
 
57,434
 
 
$173,866
 
 
$(289)
 
 
$173,577
 
 
$289
 
 
$173,866
Leverage Shares 2X Long ONDS Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(6,703)
 
 
$(6,703)
 
 
$6,703
 
 
$—
Clear Street LLC
 
 
420,462
 
 
—
 
 
420,462
 
 
—
 
 
420,462
Jane Street Group, LLC
 
 
​568
 
 
—
 
 
​568
 
 
—
 
 
​568
Marex Capital Markets Inc.
 
 
1,151,150
 
 
—
 
 
1,151,150
 
 
—
 
 
1,151,150
 
 
$​1,572,180
 
 
$(6,703)
 
 
$​1,565,477
 
 
$6,703
 
 
$​1,572,180
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
264
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long OPEN Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$5,124
 
 
$—
 
 
$5,124
 
 
$—
 
 
$5,124
Clear Street LLC
 
 
7,556
 
 
—
 
 
7,556
 
 
—
 
 
7,556
Jane Street Group, LLC
 
 
1,516
 
 
—
 
 
1,516
 
 
—
 
 
1,516
Marex Capital Markets Inc.
 
 
170,151
 
 
—
 
 
170,151
 
 
—
 
 
170,151
 
 
$184,347
 
 
$—
 
 
$184,347
 
 
$—
 
 
$184,347
Leverage Shares 2X Long ORLY Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$1,446
 
 
$—
 
 
$1,446
 
 
$—
 
 
$1,446
Clear Street LLC
 
 
23,999
 
 
—
 
 
23,999
 
 
—
 
 
23,999
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(2,409)
 
 
(2,409)
 
 
2,409
 
 
—
 
 
$25,445
 
 
$(2,409)
 
 
$23,036
 
 
$2,409
 
 
$25,445
Leverage Shares 2X Long OSCR Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Clear Street LLC
 
 
47,008
 
 
—
 
 
47,008
 
 
—
 
 
47,008
Jane Street Group, LLC
 
 
2,672
 
 
—
 
 
2,672
 
 
—
 
 
2,672
Marex Capital Markets Inc.
 
 
224,716
 
 
—
 
 
224,716
 
 
—
 
 
224,716
 
 
$274,396
 
 
$—
 
 
$274,396
 
 
$—
 
 
$274,396
Leverage Shares 2X Long PANW Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(34,221)
 
 
$(34,221)
 
 
$34,221
 
 
$—
Clear Street LLC
 
 
977,650
 
 
—
 
 
977,650
 
 
—
 
 
977,650
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
35,329
 
 
—
 
 
35,329
 
 
—
 
 
35,329
 
 
$1,012,979
 
 
$(34,221)
 
 
$978,758
 
 
$34,221
 
 
$1,012,979
Leverage Shares 2X Long PBR Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$—
 
 
$—
 
 
$—
 
 
$—
Clear Street LLC
 
 
682,785
 
 
—
 
 
682,785
 
 
—
 
 
682,785
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
274
 
 
—
 
 
274
 
 
—
 
 
274
 
 
$683,059
 
 
$—
 
 
$683,059
 
 
$—
 
 
$683,059
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
265
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long PLTR Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$743,302
 
 
$—
 
 
$743,302
 
 
$—
 
 
$743,302
Clear Street LLC
 
 
559,062
 
 
—
 
 
559,062
 
 
—
 
 
559,062
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
799,762
 
 
—
 
 
799,762
 
 
—
 
 
799,762
 
 
$2,102,126
 
 
$—
 
 
$2,102,126
 
 
$—
 
 
$2,102,126
Leverage Shares 2X Long PLUG Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$17,620
 
 
$—
 
 
$17,620
 
 
$—
 
 
$17,620
Clear Street LLC
 
 
86,880
 
 
—
 
 
86,880
 
 
—
 
 
86,880
Jane Street Group, LLC
 
 
​1,506
 
 
—
 
 
​1,506
 
 
—
 
 
​1,506
Marex Capital Markets Inc.
 
 
—
 
 
(496,692)
 
 
(496,692)
 
 
496,692
 
 
—
 
 
$​106,006
 
 
$(496,692)
 
 
$​(390,686)
 
 
$496,692
 
 
$​106,006
Leverage Shares 2X Long PYPL Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$2,288,737
 
 
$—
 
 
$2,288,737
 
 
$—
 
 
$2,288,737
Clear Street LLC
 
 
—
 
 
(653,424)
 
 
(653,424)
 
 
653,424
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
1,020,709
 
 
—
 
 
1,020,709
 
 
—
 
 
1,020,709
 
 
$3,309,446
 
 
$(653,424)
 
 
$2,656,022
 
 
$653,424
 
 
$3,309,446
Leverage Shares 2X Long RTX Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(90,759)
 
 
$(90,759)
 
 
$90,759
 
 
$—
Clear Street LLC
 
 
—
 
 
(126,761)
 
 
(126,761)
 
 
126,761
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
22,865
 
 
—
 
 
22,865
 
 
—
 
 
22,865
 
 
$22,865
 
 
$(217,520)
 
 
$(194,655)
 
 
$217,520
 
 
$22,865
Leverage Shares 2X Long SATS Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$67,649
 
 
$—
 
 
$67,649
 
 
$—
 
 
$67,649
Clear Street LLC
 
 
1,276,089
 
 
—
 
 
1,276,089
 
 
—
 
 
1,276,089
Jane Street Group, LLC
 
 
24
 
 
—
 
 
24
 
 
—
 
 
24
Marex Capital Markets Inc.
 
 
132,426
 
 
—
 
 
132,426
 
 
—
 
 
132,426
 
 
$1,476,188
 
 
$—
 
 
$1,476,188
 
 
$—
 
 
$1,476,188
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
266
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long SBUX Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$12,390
 
 
$—
 
 
$12,390
 
 
$—
 
 
$12,390
Clear Street LLC
 
 
65,448
 
 
—
 
 
65,448
 
 
—
 
 
65,448
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
55,669
 
 
—
 
 
55,669
 
 
—
 
 
55,669
 
 
$133,507
 
 
$—
 
 
$133,507
 
 
$—
 
 
$133,507
Leverage Shares 2X Long SNAP Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$8,977
 
 
$—
 
 
$8,977
 
 
$—
 
 
$8,977
Clear Street LLC
 
 
282,385
 
 
—
 
 
282,385
 
 
—
 
 
282,385
Jane Street Group, LLC
 
 
​2,799
 
 
—
 
 
​2,799
 
 
—
 
 
​2,799
Marex Capital Markets Inc.
 
 
2,988
 
 
—
 
 
2,988
 
 
—
 
 
2,988
 
 
$​297,149
 
 
$—
 
 
$​297,149
 
 
$—
 
 
$​297,149
Leverage Shares 2X Long SPOT Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(41,575)
 
 
$(41,575)
 
 
$41,575
 
 
$—
Clear Street LLC
 
 
157,491
 
 
—
 
 
157,491
 
 
—
 
 
157,491
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(52,282)
 
 
(52,282)
 
 
52,282
 
 
—
 
 
$157,491
 
 
$(93,857)
 
 
$63,634
 
 
$93,857
 
 
$157,491
Leverage Shares 2X Long TER Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$106,254
 
 
$—
 
 
$106,254
 
 
$—
 
 
$106,254
Clear Street LLC
 
 
2,412,600
 
 
—
 
 
2,412,600
 
 
—
 
 
2,412,600
Jane Street Group, LLC
 
 
—
 
 
(417)
 
 
(417)
 
 
417
 
 
—
Marex Capital Markets Inc.
 
 
271,023
 
 
—
 
 
271,023
 
 
—
 
 
271,023
 
 
$2,789,877
 
 
$(417)
 
 
$2,789,460
 
 
$417
 
 
$2,789,877
Leverage Shares 2X Long TSLA Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$1,186,774
 
 
$—
 
 
$1,186,774
 
 
$—
 
 
$1,186,774
Clear Street LLC
 
 
2,863,389
 
 
—
 
 
2,863,389
 
 
—
 
 
2,863,389
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(626,625)
 
 
(626,625)
 
 
626,625
 
 
—
 
 
$4,050,163
 
 
$(626,625)
 
 
$3,423,538
 
 
$626,625
 
 
$4,050,163
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
267
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long TSM Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$1,361,880
 
 
$—
 
 
$1,361,880
 
 
$—
 
 
$1,361,880
Clear Street LLC
 
 
—
 
 
(646,148)
 
 
(646,148)
 
 
646,148
 
 
—
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
416,921
 
 
—
 
 
416,921
 
 
—
 
 
416,921
 
 
$1,778,801
 
 
$(646,148)
 
 
$1,132,653
 
 
$646,148
 
 
$1,778,801
Leverage Shares 2X Long UEC Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$3,311
 
 
$—
 
 
$3,311
 
 
$—
 
 
$3,311
Clear Street LLC
 
 
44,325
 
 
—
 
 
44,325
 
 
—
 
 
44,325
Jane Street Group, LLC
 
 
935
 
 
—
 
 
935
 
 
—
 
 
935
Marex Capital Markets Inc.
 
 
197,284
 
 
—
 
 
197,284
 
 
—
 
 
197,284
 
 
$245,855
 
 
$—
 
 
$245,855
 
 
$—
 
 
$245,855
Leverage Shares 2X Long UNH Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$31,609,773
 
 
$—
 
 
$31,609,773
 
 
$—
 
 
$31,609,773
Clear Street LLC
 
 
7,433,364
 
 
—
 
 
7,433,364
 
 
—
 
 
7,433,364
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
575,240
 
 
—
 
 
575,240
 
 
—
 
 
575,240
 
 
$39,618,377
 
 
$—
 
 
$39,618,377
 
 
$—
 
 
$39,618,377
Leverage Shares 2X Long UPS Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$9,338
 
 
$—
 
 
$9,338
 
 
$—
 
 
$9,338
Clear Street LLC
 
 
78,266
 
 
—
 
 
78,266
 
 
—
 
 
78,266
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
15,559
 
 
—
 
 
15,559
 
 
—
 
 
15,559
 
 
$103,163
 
 
$—
 
 
$103,163
 
 
$—
 
 
$103,163
Leverage Shares 2X Long USAR Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$190,923
 
 
$—
 
 
$190,923
 
 
$—
 
 
$190,923
Clear Street LLC
 
 
1,177,422
 
 
—
 
 
1,177,422
 
 
—
 
 
1,177,422
Jane Street Group, LLC
 
 
5,631
 
 
—
 
 
5,631
 
 
—
 
 
5,631
Marex Capital Markets Inc.
 
 
2,523,427
 
 
—
 
 
2,523,427
 
 
—
 
 
2,523,427
 
 
$3,897,403
 
 
$—
 
 
$3,897,403
 
 
$—
 
 
$3,897,403
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
268
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative
Assets*
 
 
Derivative
Liabilities**
 
 
Net
Derivative
Assets
(Liabilities)
 
 
Collateral
Pledged
(Received)***
 
 
Net
Amount
Leverage Shares 2X Long UUUU Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$48,729
 
 
$—
 
 
$48,729
 
 
$—
 
 
$48,729
Clear Street LLC
 
 
836,012
 
 
—
 
 
836,012
 
 
—
 
 
836,012
Jane Street Group, LLC
 
 
1,798
 
 
—
 
 
1,798
 
 
—
 
 
1,798
Marex Capital Markets Inc.
 
 
699,629
 
 
—
 
 
699,629
 
 
—
 
 
699,629
 
 
$1,586,168
 
 
$—
 
 
$1,586,168
 
 
$—
 
 
$1,586,168
Leverage Shares 2X Long VALE Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$7,251
 
 
$—
 
 
$7,251
 
 
$—
 
 
$7,251
Clear Street LLC
 
 
94,609
 
 
—
 
 
94,609
 
 
—
 
 
94,609
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
19,559
 
 
—
 
 
19,559
 
 
—
 
 
19,559
 
 
$121,419
 
 
$—
 
 
$121,419
 
 
$—
 
 
$121,419
Leverage Shares 2X Long World Stock Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$164,529
 
 
$—
 
 
$164,529
 
 
$—
 
 
$164,529
Clear Street LLC
 
 
116,836
 
 
—
 
 
116,836
 
 
—
 
 
116,836
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
78,401
 
 
—
 
 
78,401
 
 
—
 
 
78,401
 
 
$359,766
 
 
$—
 
 
$359,766
 
 
$—
 
 
$359,766
Leverage Shares 2X Long XPEV Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$—
 
 
$(2,501)
 
 
$(2,501)
 
 
$2,501
 
 
$—
Clear Street LLC
 
 
55,179
 
 
—
 
 
55,179
 
 
—
 
 
55,179
Jane Street Group, LLC
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
Marex Capital Markets Inc.
 
 
—
 
 
(35,496)
 
 
(35,496)
 
 
35,496
 
 
—
 
 
$55,179
 
 
$(37,997)
 
 
$17,182
 
 
$37,997
 
 
$55,179
Leverage Shares 2X Long XYZ Daily ETF
Total Return Swap Contracts
 
 
 
 
 
 
 
 
 
 
Cantor Fitzgerald & Co.
 
 
$175,837
 
 
$—
 
 
$175,837
 
 
$—
 
 
$175,837
Clear Street LLC
 
 
194,082
 
 
—
 
 
194,082
 
 
—
 
 
194,082
Jane Street Group, LLC
 
 
20,173
 
 
—
 
 
20,173
 
 
—
 
 
20,173
Marex Capital Markets Inc.
 
 
119,493
 
 
—
 
 
119,493
 
 
—
 
 
119,493
 
 
$509,585
 
 
$—
 
 
$509,585
 
 
$—
 
 
$509,585
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Statement of Assets and Liabilities location: Unrealized appreciation on swap contracts.
**
Statement of Assets and Liabilities location: Unrealized depreciation on swap contracts.
***
The actual collateral pledged (received) may be more than the amounts shown.
 
269
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
The average monthly notional amount of the derivatives held during the period ended April 30, 2026 were as follows:
 
 
 
 
 
 
 
Purchased
Options
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$741,657
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
669,259
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
2,743,714
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
1,521,981
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
2,353,893
 
 
 
 
 
 
 
 
 
 
 
Written
Options
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$1,112,486
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
1,003,888
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
4,115,571
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
2,282,972
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
3,530,839
 
 
 
 
 
 
 
 
 
 
 
Total Return
Swap Contracts
Leverage Shares 2X Long AAL Daily ETF
 
 
$3,946,459
Leverage Shares 2X Long ABNB Daily ETF
 
 
898,120
Leverage Shares 2X Long ADBE Daily ETF
 
 
64,099,967
Leverage Shares 2X Long ALB Daily ETF
 
 
2,615,194
Leverage Shares 2X Long AMD Daily ETF
 
 
41,993,344
Leverage Shares 2X Long ARM Daily ETF
 
 
52,715,314
Leverage Shares 2X Long ASML Daily ETF
 
 
48,333,993
Leverage Shares 2X Long AVGO Daily ETF
 
 
62,870,247
Leverage Shares 2X Long AXP Daily ETF
 
 
1,023,204
Leverage Shares 2X Long BA Daily ETF
 
 
7,676,757
Leverage Shares 2X Long BBAI Daily ETF
 
 
34,222,084
Leverage Shares 2X Long BE Daily ETF
 
 
13,911,769
Leverage Shares 2X Long BIDU Daily ETF
 
 
2,704,621
Leverage Shares 2X Long BLSH Daily ETF
 
 
2,294,297
Leverage Shares 2X Long BMNR Daily ETF
 
 
47,325,232
Leverage Shares 2X Long BULL Daily ETF
 
 
20,221,453
Leverage Shares 2X Long CIFR Daily ETF
 
 
4,297,063
Leverage Shares 2X Long CMG Daily ETF
 
 
1,520,489
Leverage Shares 2X Long CNC Daily ETF
 
 
1,115,108
Leverage Shares 2X Long COIN Daily ETF
 
 
11,823,188
Leverage Shares 2X Long COST Daily ETF
 
 
13,953,792
Leverage Shares 2X Long CRCL Daily ETF
 
 
172,785,334
Leverage Shares 2X Long CRM Daily ETF
 
 
44,818,116
Leverage Shares 2X Long CRML Daily ETF
 
 
3,034,991
Leverage Shares 2X Long CRWV Daily ETF
 
 
216,763,284
Leverage Shares 2X Long DNN Daily ETF
 
 
971,102
Leverage Shares 2X Long DUOL Daily ETF
 
 
8,587,007
Leverage Shares 2X Long FCX Daily ETF
 
 
2,029,757
Leverage Shares 2X Long FIG Daily ETF
 
 
18,274,062
Leverage Shares 2X Long FUTU Daily ETF
 
 
11,029,544
 
 
 
 
 
270
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
Total Return
Swap Contracts
Leverage Shares 2X Long GEMI Daily ETF
 
 
$1,210,962
Leverage Shares 2X Long GEV Daily ETF
 
 
10,018,799
Leverage Shares 2X Long GLW Daily ETF
 
 
49,123,589
Leverage Shares 2X Long GLXY Daily ETF
 
 
6,443,776
Leverage Shares 2X Long GRAB Daily ETF
 
 
1,660,078
Leverage Shares 2X Long HOOD Daily ETF
 
 
134,064,654
Leverage Shares 2X Long HUT Daily ETF
 
 
2,971,579
Leverage Shares 2X Long IREN Daily ETF
 
 
9,555,842
Leverage Shares 2X Long KLAC Daily ETF
 
 
6,141,485
Leverage Shares 2X Long LAC Daily ETF
 
 
1,901,353
Leverage Shares 2X Long LULU Daily ETF
 
 
6,873,240
Leverage Shares 2X Long MP Daily ETF
 
 
4,261,288
Leverage Shares 2X Long NBIS Daily ETF
 
 
26,070,453
Leverage Shares 2X Long NEM Daily ETF
 
 
2,728,074
Leverage Shares 2X Long NET Daily ETF
 
 
4,397,224
Leverage Shares 2X Long NIO Daily ETF
 
 
4,241,163
Leverage Shares 2X Long NU Daily ETF
 
 
1,535,264
Leverage Shares 2X Long NVDA Daily ETF
 
 
60,048,371
Leverage Shares 2X Long OKTA Daily ETF
 
 
938,269
Leverage Shares 2X Long ONDS Daily ETF
 
 
22,151,805
Leverage Shares 2X Long OPEN Daily ETF
 
 
1,473,182
Leverage Shares 2X Long ORLY Daily ETF
 
 
626,116
Leverage Shares 2X Long OSCR Daily ETF
 
 
1,066,088
Leverage Shares 2X Long PANW Daily ETF
 
 
7,393,360
Leverage Shares 2X Long PBR Daily ETF
 
 
3,537,539
Leverage Shares 2X Long PLTR Daily ETF
 
 
50,166,951
Leverage Shares 2X Long PLUG Daily ETF
 
 
3,166,464
Leverage Shares 2X Long PYPL Daily ETF
 
 
62,312,875
Leverage Shares 2X Long RTX Daily ETF
 
 
5,218,730
Leverage Shares 2X Long SATS Daily ETF
 
 
14,503,970
Leverage Shares 2X Long SBUX Daily ETF
 
 
1,497,792
Leverage Shares 2X Long SNAP Daily ETF
 
 
3,747,685
Leverage Shares 2X Long SPOT Daily ETF
 
 
4,618,811
Leverage Shares 2X Long TER Daily ETF
 
 
10,489,576
Leverage Shares 2X Long TSLA Daily ETF
 
 
86,996,622
Leverage Shares 2X Long TSM Daily ETF
 
 
32,718,031
Leverage Shares 2X Long UEC Daily ETF
 
 
1,683,629
Leverage Shares 2X Long UNH Daily ETF
 
 
364,596,024
Leverage Shares 2X Long UPS Daily ETF
 
 
1,336,368
Leverage Shares 2X Long USAR Daily ETF
 
 
17,561,744
Leverage Shares 2X Long UUUU Daily ETF
 
 
28,839,691
Leverage Shares 2X Long VALE Daily ETF
 
 
1,542,780
Leverage Shares 2X Long World Stock Daily ETF
 
 
4,277,651
Leverage Shares 2X Long XPEV Daily ETF
 
 
1,645,247
Leverage Shares 2X Long XYZ Daily ETF
 
 
6,774,777
 
 
 
 
 
271
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. As of April 30, 2026, the Funds were invested in total return swap contracts and option contracts, whose primary risk is equity price risk, which are reflected in the Statements of Assets and Liabilities as follows:
 
 
 
 
Derivatives Assets1
 
 
Amount
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$30,104
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
57,294
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
182,781
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
70,470
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
132,160
 
 
 
 
 
 
 
 
Derivatives Assets2
 
 
Amount
Leverage Shares 2X Long AAL Daily ETF
 
 
$​617,378
Leverage Shares 2X Long ABNB Daily ETF
 
 
130,298
Leverage Shares 2X Long ADBE Daily ETF
 
 
1,430,621
Leverage Shares 2X Long ALB Daily ETF
 
 
207,620
Leverage Shares 2X Long AMD Daily ETF
 
 
2,600,068
Leverage Shares 2X Long ARM Daily ETF
 
 
12,291,102
Leverage Shares 2X Long ASML Daily ETF
 
 
8,448,698
Leverage Shares 2X Long AVGO Daily ETF
 
 
8,454,648
Leverage Shares 2X Long AXP Daily ETF
 
 
47,343
Leverage Shares 2X Long BA Daily ETF
 
 
1,026,759
Leverage Shares 2X Long BBAI Daily ETF
 
 
​779,984
Leverage Shares 2X Long BE Daily ETF
 
 
2,870,693
Leverage Shares 2X Long BIDU Daily ETF
 
 
325,681
Leverage Shares 2X Long BLSH Daily ETF
 
 
45,331
Leverage Shares 2X Long BMNR Daily ETF
 
 
5,403,528
Leverage Shares 2X Long BULL Daily ETF
 
 
​965,957
Leverage Shares 2X Long CIFR Daily ETF
 
 
​400,969
Leverage Shares 2X Long CMG Daily ETF
 
 
47,767
Leverage Shares 2X Long CNC Daily ETF
 
 
33,713
Leverage Shares 2X Long COIN Daily ETF
 
 
919,489
Leverage Shares 2X Long COST Daily ETF
 
 
602,433
Leverage Shares 2X Long CRCL Daily ETF
 
 
8,261,029
Leverage Shares 2X Long CRM Daily ETF
 
 
188,062
Leverage Shares 2X Long CRML Daily ETF
 
 
​729,127
Leverage Shares 2X Long CRWV Daily ETF
 
 
​9,692,504
Leverage Shares 2X Long DNN Daily ETF
 
 
24,739
Leverage Shares 2X Long DUOL Daily ETF
 
 
1,469,282
Leverage Shares 2X Long FCX Daily ETF
 
 
6,977
Leverage Shares 2X Long FIG Daily ETF
 
 
283,063
Leverage Shares 2X Long FUTU Daily ETF
 
 
801,878
Leverage Shares 2X Long GEMI Daily ETF
 
 
73,414
Leverage Shares 2X Long GEV Daily ETF
 
 
1,898,056
Leverage Shares 2X Long GLW Daily ETF
 
 
3,670,841
Leverage Shares 2X Long GLXY Daily ETF
 
 
1,281,351
Leverage Shares 2X Long GRAB Daily ETF
 
 
32,632
Leverage Shares 2X Long HOOD Daily ETF
 
 
405,060
Leverage Shares 2X Long HUT Daily ETF
 
 
210,221
Leverage Shares 2X Long IREN Daily ETF
 
 
775,217
 
 
 
 
 
272
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
Derivatives Assets2
 
 
Amount
Leverage Shares 2X Long KLAC Daily ETF
 
 
$177,507
Leverage Shares 2X Long LAC Daily ETF
 
 
​231,850
Leverage Shares 2X Long LULU Daily ETF
 
 
—
Leverage Shares 2X Long MP Daily ETF
 
 
573,879
Leverage Shares 2X Long NBIS Daily ETF
 
 
921,019
Leverage Shares 2X Long NEM Daily ETF
 
 
277,794
Leverage Shares 2X Long NET Daily ETF
 
 
346,449
Leverage Shares 2X Long NIO Daily ETF
 
 
333,432
Leverage Shares 2X Long NU Daily ETF
 
 
17,978
Leverage Shares 2X Long NVDA Daily ETF
 
 
1,725,212
Leverage Shares 2X Long OKTA Daily ETF
 
 
173,866
Leverage Shares 2X Long ONDS Daily ETF
 
 
​1,572,180
Leverage Shares 2X Long OPEN Daily ETF
 
 
184,347
Leverage Shares 2X Long ORLY Daily ETF
 
 
25,445
Leverage Shares 2X Long OSCR Daily ETF
 
 
274,396
Leverage Shares 2X Long PANW Daily ETF
 
 
1,012,979
Leverage Shares 2X Long PBR Daily ETF
 
 
683,059
Leverage Shares 2X Long PLTR Daily ETF
 
 
2,102,126
Leverage Shares 2X Long PLUG Daily ETF
 
 
​106,006
Leverage Shares 2X Long PYPL Daily ETF
 
 
3,309,446
Leverage Shares 2X Long RTX Daily ETF
 
 
22,865
Leverage Shares 2X Long SATS Daily ETF
 
 
1,476,188
Leverage Shares 2X Long SBUX Daily ETF
 
 
133,507
Leverage Shares 2X Long SNAP Daily ETF
 
 
​297,149
Leverage Shares 2X Long SPOT Daily ETF
 
 
157,491
Leverage Shares 2X Long TER Daily ETF
 
 
2,789,877
Leverage Shares 2X Long TSLA Daily ETF
 
 
4,050,163
Leverage Shares 2X Long TSM Daily ETF
 
 
1,778,801
Leverage Shares 2X Long UEC Daily ETF
 
 
245,855
Leverage Shares 2X Long UNH Daily ETF
 
 
39,618,377
Leverage Shares 2X Long UPS Daily ETF
 
 
103,163
Leverage Shares 2X Long USAR Daily ETF
 
 
3,897,403
Leverage Shares 2X Long UUUU Daily ETF
 
 
1,586,168
Leverage Shares 2X Long VALE Daily ETF
 
 
121,419
Leverage Shares 2X Long World Stock Daily ETF
 
 
359,766
Leverage Shares 2X Long XPEV Daily ETF
 
 
55,179
Leverage Shares 2X Long XYZ Daily ETF
 
 
509,585
 
 
 
 
 
 
 
 
Derivatives Liabilties3
 
 
Amount
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$(22,584)
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
(42,426)
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
(113,919)
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
(49,560)
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
(78,792)
 
 
 
 
 
273
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
Derivatives Liabilties4
 
 
Amount
Leverage Shares 2X Long AAL Daily ETF
 
 
$—
Leverage Shares 2X Long ABNB Daily ETF
 
 
—
Leverage Shares 2X Long ADBE Daily ETF
 
 
(438,048)
Leverage Shares 2X Long ALB Daily ETF
 
 
—
Leverage Shares 2X Long AMD Daily ETF
 
 
—
Leverage Shares 2X Long ARM Daily ETF
 
 
—
Leverage Shares 2X Long ASML Daily ETF
 
 
(27,837)
Leverage Shares 2X Long AVGO Daily ETF
 
 
(30,308)
Leverage Shares 2X Long AXP Daily ETF
 
 
—
Leverage Shares 2X Long BA Daily ETF
 
 
—
Leverage Shares 2X Long BBAI Daily ETF
 
 
(988,049)
Leverage Shares 2X Long BE Daily ETF
 
 
(437,420)
Leverage Shares 2X Long BIDU Daily ETF
 
 
—
Leverage Shares 2X Long BLSH Daily ETF
 
 
(99,913)
Leverage Shares 2X Long BMNR Daily ETF
 
 
(68)
Leverage Shares 2X Long BULL Daily ETF
 
 
(334,321)
Leverage Shares 2X Long CIFR Daily ETF
 
 
​(10,385)
Leverage Shares 2X Long CMG Daily ETF
 
 
—
Leverage Shares 2X Long CNC Daily ETF
 
 
(6,500)
Leverage Shares 2X Long COIN Daily ETF
 
 
—
Leverage Shares 2X Long COST Daily ETF
 
 
—
Leverage Shares 2X Long CRCL Daily ETF
 
 
​(9,789,111)
Leverage Shares 2X Long CRM Daily ETF
 
 
(1,261,593)
Leverage Shares 2X Long CRML Daily ETF
 
 
—
Leverage Shares 2X Long CRWV Daily ETF
 
 
(4,225,345)
Leverage Shares 2X Long DNN Daily ETF
 
 
​(2,761)
Leverage Shares 2X Long DUOL Daily ETF
 
 
(4,367)
Leverage Shares 2X Long FCX Daily ETF
 
 
(119,500)
Leverage Shares 2X Long FIG Daily ETF
 
 
(319,461)
Leverage Shares 2X Long FUTU Daily ETF
 
 
—
Leverage Shares 2X Long GEMI Daily ETF
 
 
(1,802)
Leverage Shares 2X Long GEV Daily ETF
 
 
—
Leverage Shares 2X Long GLW Daily ETF
 
 
—
Leverage Shares 2X Long GLXY Daily ETF
 
 
—
Leverage Shares 2X Long GRAB Daily ETF
 
 
(1,501)
Leverage Shares 2X Long HOOD Daily ETF
 
 
​(2,392,131)
Leverage Shares 2X Long HUT Daily ETF
 
 
—
Leverage Shares 2X Long IREN Daily ETF
 
 
—
Leverage Shares 2X Long KLAC Daily ETF
 
 
—
Leverage Shares 2X Long LAC Daily ETF
 
 
—
Leverage Shares 2X Long LULU Daily ETF
 
 
(148,584)
Leverage Shares 2X Long MP Daily ETF
 
 
—
Leverage Shares 2X Long NBIS Daily ETF
 
 
(724,762)
Leverage Shares 2X Long NEM Daily ETF
 
 
(42,311)
Leverage Shares 2X Long NET Daily ETF
 
 
(102,763)
Leverage Shares 2X Long NIO Daily ETF
 
 
—
Leverage Shares 2X Long NU Daily ETF
 
 
(7,144)
 
 
 
 
 
274
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
Derivatives Liabilties4
 
 
Amount
Leverage Shares 2X Long NVDA Daily ETF
 
 
$(2,588,600)
Leverage Shares 2X Long OKTA Daily ETF
 
 
(289)
Leverage Shares 2X Long ONDS Daily ETF
 
 
(6,703)
Leverage Shares 2X Long OPEN Daily ETF
 
 
—
Leverage Shares 2X Long ORLY Daily ETF
 
 
(2,409)
Leverage Shares 2X Long OSCR Daily ETF
 
 
—
Leverage Shares 2X Long PANW Daily ETF
 
 
(34,221)
Leverage Shares 2X Long PBR Daily ETF
 
 
—
Leverage Shares 2X Long PLTR Daily ETF
 
 
—
Leverage Shares 2X Long PLUG Daily ETF
 
 
(496,692)
Leverage Shares 2X Long PYPL Daily ETF
 
 
(653,424)
Leverage Shares 2X Long RTX Daily ETF
 
 
(217,520)
Leverage Shares 2X Long SATS Daily ETF
 
 
—
Leverage Shares 2X Long SBUX Daily ETF
 
 
—
Leverage Shares 2X Long SNAP Daily ETF
 
 
—
Leverage Shares 2X Long SPOT Daily ETF
 
 
(93,857)
Leverage Shares 2X Long TER Daily ETF
 
 
(417)
Leverage Shares 2X Long TSLA Daily ETF
 
 
(626,625)
Leverage Shares 2X Long TSM Daily ETF
 
 
(646,148)
Leverage Shares 2X Long UEC Daily ETF
 
 
—
Leverage Shares 2X Long UNH Daily ETF
 
 
—
Leverage Shares 2X Long UPS Daily ETF
 
 
—
Leverage Shares 2X Long USAR Daily ETF
 
 
—
Leverage Shares 2X Long UUUU Daily ETF
 
 
—
Leverage Shares 2X Long VALE Daily ETF
 
 
—
Leverage Shares 2X Long World Stock Daily ETF
 
 
—
Leverage Shares 2X Long XPEV Daily ETF
 
 
(37,997)
Leverage Shares 2X Long XYZ Daily ETF
 
 
—
 
 
 
 
1
Statement of Assets and Liabilities location: Investments, at value.
2
Statement of Assets and Liabilities location: Unrealized appreciation on swap contracts.
3
Statement of Assets and Liabilities location: Written option contracts, at value.
4
Statement of Assets and Liabilities location: Unrealized depreciation on swap contracts.
The effect of derivative instruments on the Statements of Operations whose underlying risk exposure is equity price risk for the period ended April 30, 2026 is as follows:
 
 
 
 
 
 
 
 
 
 
Realized
Gain (Loss) on
Derivatives1
 
 
Change in
Unrealized
Appreciation
(Depreciation)
on Derivatives2
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$(470,273)
 
 
$58
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
(226,744)
 
 
9
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
(294,829)
 
 
28
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
(476,330)
 
 
74
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
(755,155)
 
 
6
 
 
 
 
 
 
 
 
275
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Realized
Gain (Loss) on
Derivatives3
 
 
Change in
Unrealized
Appreciation
(Depreciation)
on Derivatives4
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$75,107
 
 
$88
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
(24,195)
 
 
14
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
284,166
 
 
41
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
284,249
 
 
112
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
641,491
 
 
9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized
Gain (Loss) on
Derivatives5
 
 
Change in
Unrealized
Appreciation
(Depreciation)
on Derivatives6
Leverage Shares 2X Long AAL Daily ETF
 
 
$​(701,773)
 
 
$​428,018
Leverage Shares 2X Long ABNB Daily ETF
 
 
(37,799)
 
 
130,298
Leverage Shares 2X Long ADBE Daily ETF
 
 
(23,758,995)
 
 
1,201,318
Leverage Shares 2X Long ALB Daily ETF
 
 
(346,112)
 
 
207,620
Leverage Shares 2X Long AMD Daily ETF
 
 
15,220,768
 
 
(3,216,699)
Leverage Shares 2X Long ARM Daily ETF
 
 
12,580,932
 
 
10,489,251
Leverage Shares 2X Long ASML Daily ETF
 
 
484,814
 
 
5,987,364
Leverage Shares 2X Long AVGO Daily ETF
 
 
3,249,420
 
 
4,983,011
Leverage Shares 2X Long AXP Daily ETF
 
 
(86,746)
 
 
47,343
Leverage Shares 2X Long BA Daily ETF
 
 
(11,601)
 
 
1,319,997
Leverage Shares 2X Long BBAI Daily ETF
 
 
​(25,401,259)
 
 
​(1,327,057)
Leverage Shares 2X Long BE Daily ETF
 
 
13,583,148
 
 
2,433,273
Leverage Shares 2X Long BIDU Daily ETF
 
 
(873,150)
 
 
325,681
Leverage Shares 2X Long BLSH Daily ETF
 
 
(557,884)
 
 
(2,170)
Leverage Shares 2X Long BMNR Daily ETF
 
 
(47,652,744)
 
 
5,376,510
Leverage Shares 2X Long BULL Daily ETF
 
 
​(14,111,228)
 
 
​1,185,022
Leverage Shares 2X Long CIFR Daily ETF
 
 
​(378,944)
 
 
​390,584
Leverage Shares 2X Long CMG Daily ETF
 
 
(100,292)
 
 
47,767
Leverage Shares 2X Long CNC Daily ETF
 
 
624,531
 
 
27,213
Leverage Shares 2X Long COIN Daily ETF
 
 
(8,172,582)
 
 
(365,913)
Leverage Shares 2X Long COST Daily ETF
 
 
1,211,408
 
 
697,604
Leverage Shares 2X Long CRCL Daily ETF
 
 
​(65,837,526)
 
 
​(34,692)
Leverage Shares 2X Long CRM Daily ETF
 
 
(11,140,093)
 
 
(4,423,950)
Leverage Shares 2X Long CRML Daily ETF
 
 
​(68,955)
 
 
​729,127
Leverage Shares 2X Long CRWV Daily ETF
 
 
​25,258,281
 
 
​(7,383,147)
Leverage Shares 2X Long DNN Daily ETF
 
 
​(141,590)
 
 
​21,978
Leverage Shares 2X Long DUOL Daily ETF
 
 
(3,648,171)
 
 
1,464,915
Leverage Shares 2X Long FCX Daily ETF
 
 
(281,133)
 
 
(112,523)
Leverage Shares 2X Long FIG Daily ETF
 
 
(16,370,889)
 
 
(51,053)
Leverage Shares 2X Long FUTU Daily ETF
 
 
(1,987,288)
 
 
310,957
Leverage Shares 2X Long GEMI Daily ETF
 
 
(2,182,147)
 
 
71,612
Leverage Shares 2X Long GEV Daily ETF
 
 
2,506,310
 
 
1,898,056
Leverage Shares 2X Long GLW Daily ETF
 
 
2,455,966
 
 
3,670,841
Leverage Shares 2X Long GLXY Daily ETF
 
 
(3,534,410)
 
 
1,150,462
Leverage Shares 2X Long GRAB Daily ETF
 
 
(434,193)
 
 
31,131
Leverage Shares 2X Long HOOD Daily ETF
 
 
​(104,285,460)
 
 
​(24,299,777)
Leverage Shares 2X Long HUT Daily ETF
 
 
121,003
 
 
210,221
Leverage Shares 2X Long IREN Daily ETF
 
 
(1,857,898)
 
 
775,217
 
 
 
 
 
 
 
 
276
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Realized
Gain (Loss) on
Derivatives5
 
 
Change in
Unrealized
Appreciation
(Depreciation)
on Derivatives6
Leverage Shares 2X Long KLAC Daily ETF
 
 
$1,008,408
 
 
$177,507
Leverage Shares 2X Long LAC Daily ETF
 
 
​(264,151)
 
 
​231,850
Leverage Shares 2X Long LULU Daily ETF
 
 
(1,232,360)
 
 
(148,584)
Leverage Shares 2X Long MP Daily ETF
 
 
(1,844,033)
 
 
663,761
Leverage Shares 2X Long NBIS Daily ETF
 
 
14,052,185
 
 
34,370
Leverage Shares 2X Long NEM Daily ETF
 
 
(304,019)
 
 
235,483
Leverage Shares 2X Long NET Daily ETF
 
 
1,913,221
 
 
243,686
Leverage Shares 2X Long NIO Daily ETF
 
 
1,162,718
 
 
333,432
Leverage Shares 2X Long NU Daily ETF
 
 
(290,831)
 
 
10,834
Leverage Shares 2X Long NVDA Daily ETF
 
 
2,663,546
 
 
(4,834,976)
Leverage Shares 2X Long OKTA Daily ETF
 
 
(145,695)
 
 
173,577
Leverage Shares 2X Long ONDS Daily ETF
 
 
​(7,348,280)
 
 
​1,565,477
Leverage Shares 2X Long OPEN Daily ETF
 
 
(535,632)
 
 
184,347
Leverage Shares 2X Long ORLY Daily ETF
 
 
(55,730)
 
 
23,036
Leverage Shares 2X Long OSCR Daily ETF
 
 
(43,464)
 
 
274,396
Leverage Shares 2X Long PANW Daily ETF
 
 
(1,797,566)
 
 
184,713
Leverage Shares 2X Long PBR Daily ETF
 
 
565,764
 
 
683,059
Leverage Shares 2X Long PLTR Daily ETF
 
 
(14,987,633)
 
 
(5,648,550)
Leverage Shares 2X Long PLUG Daily ETF
 
 
​1,074,507
 
 
​(390,686)
Leverage Shares 2X Long PYPL Daily ETF
 
 
(26,830,353)
 
 
2,393,040
Leverage Shares 2X Long RTX Daily ETF
 
 
(366,283)
 
 
(587,576)
Leverage Shares 2X Long SATS Daily ETF
 
 
(1,330,884)
 
 
1,476,188
Leverage Shares 2X Long SBUX Daily ETF
 
 
66,252
 
 
133,507
Leverage Shares 2X Long SNAP Daily ETF
 
 
​360,791
 
 
​297,149
Leverage Shares 2X Long SPOT Daily ETF
 
 
(745,674)
 
 
63,634
Leverage Shares 2X Long TER Daily ETF
 
 
(1,789,799)
 
 
2,789,460
Leverage Shares 2X Long TSLA Daily ETF
 
 
(10,378,885)
 
 
(9,847,968)
Leverage Shares 2X Long TSM Daily ETF
 
 
8,942,711
 
 
(744,616)
Leverage Shares 2X Long UEC Daily ETF
 
 
(371,629)
 
 
245,855
Leverage Shares 2X Long UNH Daily ETF
 
 
5,853,922
 
 
(2,589,575)
Leverage Shares 2X Long UPS Daily ETF
 
 
(31,700)
 
 
103,163
Leverage Shares 2X Long USAR Daily ETF
 
 
(1,883,533)
 
 
3,897,403
Leverage Shares 2X Long UUUU Daily ETF
 
 
(8,210,863)
 
 
1,586,168
Leverage Shares 2X Long VALE Daily ETF
 
 
(29,688)
 
 
121,419
Leverage Shares 2X Long World Stock Daily ETF
 
 
(29,624)
 
 
359,766
Leverage Shares 2X Long XPEV Daily ETF
 
 
(457,849)
 
 
17,182
Leverage Shares 2X Long XYZ Daily ETF
 
 
(852,528)
 
 
(31,614)
 
 
 
 
 
 
 
1
Statement of Operations location: Net realized gain (loss) on investments.
2
Statement of Operations location: Net change in unrealized appreciation (depreciation) on investments.
3
Statement of Operations location: Net realized gain (loss) on written options closed or expired.
4
Statement of Operations location: Net change in unrealized appreciation (depreciation) on written options.
5
Statement of Operations location: Net realized gain (loss) from swap contracts.
6
Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts.
Security Transactions – Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated based on the specific identification basis.
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
Investment Income – Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. Withholding taxes on foreign dividends has been provided for in accordance with Funds’ understanding of the applicable tax rules and regulations.
Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions – The Funds are treated as separate entities for Federal income tax purposes. Each Fund has qualified and intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. To qualify and remain eligible for the special tax treatment accorded to RICs, each Fund must meet certain annual income and quarterly asset diversification requirements and must distribute annually at least 90% of the sum of (i) its investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, each Fund will not be subject to Federal income tax.
Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from net investment income, if any, annually, and distribute its net capital gains, if any, to shareholders at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profit for tax purposes are reported as a tax return of capital. See Note 6. Income Tax Information for information on the distributions made to shareholders. 
Management evaluates the Funds’ tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. Based on this evaluation, Management has concluded that there are no uncertain tax positions that require recognition in the financial statements as of April 30, 2026. The Funds’ Federal income tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Operating Segments – The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Treasurer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
Indemnification – In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties, and which provide general indemnifications. The Funds’ maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser expects the risk of loss to be remote.
 
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TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Investment Advisory Agreement – The Trust has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Under the Advisory Agreement, the Adviser provides a continuous investment program for the Funds’ assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who are not “interested persons” of the Trust as defined in the 1940 Act.
Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds and Themes, each Fund pays a unified management fee to the Adviser of 0.75%, which is calculated daily and paid monthly at an annual rate.
The Adviser has agreed to pay all expenses of the Funds except the fee paid to the Adviser under the Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any) (collectively, “Excluded Expenses”). The Trust acknowledges and agrees that the Adviser may delegate its responsibility to pay some or all expenses incurred by the Funds, except for Excluded Expenses, to one or more third parties, including but not limited to, sub-advisers.
Distribution Agreement and 12b-1 Plan – ALPS Distributors, Inc. (the “Distributor”) serves as each Fund’s distributor pursuant to a Distribution Agreement. The Distributor receives compensation from the Adviser for certain statutory underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be “Authorized Participants” and to subscribe for and redeem shares of the Funds. The Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.
The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, each Fund is authorized to pay an amount up to 0.25% of the Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of each Fund’s assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
Other Services – U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) serves as administrator, transfer agent and fund accounting agent of the Funds pursuant to an Administration Agreement, Transfer Agency and Service Agreement and Fund Accounting Agreement. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays each Fund’s administrative, custody and transfer agency fees.
Pursuant to an agreement between the Trust, on behalf of the Funds, and ACA Global, an employee of ACA Global serves as Chief Compliance Officer of the Trust. Fees for these services are paid by the Adviser under the terms of the Advisory Agreement.
At April 30, 2026, certain Officers and a Trustee of the Trust were also officers or employees of the Adviser.
4. CREATION AND REDEMPTION TRANSACTIONS
Shares of the Funds are listed and traded on the NASDAQ Stock Market LLC. Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Market prices for the shares may be different from their NAV. The NAV is determined as of the close of trading (generally, 4:00 p.m. Eastern Time) on each day the NYSE is open for trading. The NAV of the shares of each Fund will be equal to a Fund’s total assets minus a Fund’s total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to four decimal places.
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
Creation Unit Transaction Fee – Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the “Creation Unit Transaction Fee”) in connection with the issuance or redemption of Creation Units. The standard Creation Unit Transaction Fee will be the same regardless of the number of Creation Units purchased or redeemed by an investor on the applicable business day. The Creation Unit Transaction Fee charged by each Fund for each creation order is $300.
The fixed creation unit transaction fee may be waived on certain orders if the applicable Fund’s custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.
An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for (i) creations effected outside the Clearing Process and (ii) creations made in an all cash amount (to offset the Trust’s brokerage and other transaction costs associated with using cash to purchase or redeem the requisite deposit securities). Each Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statement of Changes in Net Assets.
Only “Authorized Participants” may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
A creation unit will generally not be issued until the transfer of good title of the deposit securities to the Funds and the payment of any cash amounts have been completed. To the extent contemplated by the applicable participant agreement, Creation Units of the Funds will be issued to such authorized participant notwithstanding the fact that the Funds’ deposits have not been received in part or in whole, in reliance on the undertaking of the authorized participant to deliver the missing deposit securities as soon as possible. If the Funds or their agents do not receive all of the deposit securities, or the required cash amounts, by such time, then the order may be deemed rejected and the authorized participant shall be liable to the Funds for losses, if any.
5. INVESTMENT TRANSACTIONS
For the period ended April 30, 2026, the aggregate purchases and sales of securities by the Funds (excluding short-term transactions) were as follows:
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$—
 
 
$—
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Long AAL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ABNB Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ADBE Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ALB Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long AMD Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ARM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ASML Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long AVGO Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long AXP Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BA Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
 
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TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
Leverage Shares 2X Long BBAI Daily ETF
 
 
$—
 
 
$—
Leverage Shares 2X Long BE Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BIDU Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BLSH Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BMNR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BULL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CIFR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CMG Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CNC Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long COIN Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long COST Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRCL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRML Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRWV Daily ETF
 
 
91,752,992
 
 
92,902,297
Leverage Shares 2X Long DNN Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long DUOL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long FCX Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long FIG Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long FUTU Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long GEMI Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long GEV Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long GLW Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long GLXY Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long GRAB Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long HOOD Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long HUT Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long IREN Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long KLAC Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long LAC Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long LULU Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long MP Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NBIS Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NEM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NET Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NIO Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NU Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NVDA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long OKTA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ONDS Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long OPEN Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ORLY Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long OSCR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PANW Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PBR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PLTR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PLUG Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
 
281
 

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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Purchases
 
 
Sales
Leverage Shares 2X Long PYPL Daily ETF
 
 
$—
 
 
$—
Leverage Shares 2X Long RTX Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long SATS Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long SBUX Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long SNAP Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long SPOT Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long TER Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long TSLA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long TSM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long UEC Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long UNH Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long UPS Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long USAR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long UUUU Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long VALE Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long World Stock Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long XPEV Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long XYZ Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
There were no in-kind transactions associated with creations and redemptions of Fund shares in the Funds during the period ended April 30, 2026.
There were no long-term purchases or sales of U.S. Government Securities in the Funds during the period ended April 30, 2026.
6. INCOME TAX INFORMATION
The components of accumulated earnings/losses for federal income tax purposes as of October 31, 2025, were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Capped
Accelerated
COIN Monthly
ETF
 
 
Leverage Shares
2X Capped
Accelerated
MSTR Monthly
ETF
 
 
Leverage Shares
2X Capped
Accelerated
NVDA Monthly
ETF
 
 
Leverage Shares
2X Capped
Accelerated
PLTR Monthly
ETF
Tax cost of investments*
 
 
$983,667
 
 
$575,730
 
 
$1,662,700
 
 
$1,140,459
Gross unrealized appreciation*
 
 
222
 
 
171
 
 
374
 
 
251
Gross unrealized depreciation*
 
 
(220)
 
 
(177)
 
 
(622)
 
 
(440)
Net unrealized appreciation (depreciation)*
 
 
$2
 
 
$(6)
 
 
$(248)
 
 
$(189)
Undistributed ordinary income
 
 
118,783
 
 
4,669
 
 
212,232
 
 
185,775
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
118,783
 
 
4,669
 
 
212,232
 
 
185,775
Other accumulated losses
 
 
—
 
 
(200,967)
 
 
—
 
 
—
Total accumulated earnings (losses)
 
 
$118,785
 
 
$(196,304)
 
 
$211,984
 
 
$185,586
 
 
 
 
 
 
 
 
 
 
 
 
 
 
282
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Capped
Accelerated
TSLA Monthly
ETF
 
 
Leverage Shares
2X Long
AAL Daily
ETF
 
 
Leverage Shares
2X Long
ADBE Daily
ETF
 
 
Leverage Shares
2X Long
AMD Daily
ETF
Tax cost of investments*
 
 
$1,437,487
 
 
$—
 
 
$3,543,467
 
 
$4,517,303
Gross unrealized appreciation*
 
 
351
 
 
189,360
 
 
342,699
 
 
5,816,767
Gross unrealized depreciation*
 
 
(238)
 
 
—
 
 
(551,444)
 
 
—
Net unrealized appreciation (depreciation)*
 
 
$113
 
 
$189,360
 
 
$(208,745)
 
 
$5,816,767
Undistributed ordinary income
 
 
232,389
 
 
24,818
 
 
—
 
 
8,415,359
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
232,389
 
 
24,818
 
 
—
 
 
8,415,359
Other accumulated losses
 
 
—
 
 
—
 
 
(2,239,498)
 
 
(1,908,355)
Total accumulated earnings (losses)
 
 
$232,502
 
 
$214,178
 
 
$(2,448,243)
 
 
$12,323,771
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
ARM Daily
ETF
 
 
Leverage Shares
2X Long
ASML Daily
ETF
 
 
Leverage Shares
2X Long
AVGO Daily
ETF
 
 
Leverage Shares
2X Long
BA Daily
ETF
Tax cost of investments*
 
 
$1,852,045
 
 
$1,453,727
 
 
$2,891,297
 
 
$400,539
Gross unrealized appreciation*
 
 
2,301,107
 
 
2,674,607
 
 
3,605,386
 
 
—
Gross unrealized depreciation*
 
 
(499,256)
 
 
(241,110)
 
 
(164,057)
 
 
(293,238)
Net unrealized appreciation (depreciation)*
 
 
$1,801,851
 
 
$2,433,497
 
 
$3,441,329
 
 
$(293,238)
Undistributed ordinary income
 
 
512,982
 
 
3,943,347
 
 
834,501
 
 
—
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
512,982
 
 
3,943,347
 
 
834,501
 
 
—
Other accumulated losses
 
 
—
 
 
—
 
 
—
 
 
(230,512)
Total accumulated earnings (losses)
 
 
$2,314,833
 
 
$6,376,844
 
 
$4,275,830
 
 
$(523,750)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
BBAI Daily
ETF
 
 
Leverage Shares
2X Long
BLSH Daily
ETF
 
 
Leverage Shares
2X Long
BMNR Daily
ETF
 
 
Leverage Shares
2X Long
BULL Daily
ETF
Tax cost of investments*
 
 
$1,212,413
 
 
$49,301
 
 
$14,292
 
 
$1,427,104
Gross unrealized appreciation*
 
 
1,266,422
 
 
—
 
 
26,950
 
 
62,871
Gross unrealized depreciation*
 
 
(147,430)
 
 
(52,412)
 
 
—
 
 
(616,257)
Net unrealized appreciation (depreciation)*
 
 
$1,118,992
 
 
$(52,412)
 
 
$26,950
 
 
$(553,386)
Undistributed ordinary income
 
 
1,007,741
 
 
—
 
 
—
 
 
—
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
1,007,741
 
 
—
 
 
—
 
 
—
Other accumulated losses
 
 
—
 
 
(827)
 
 
(89,203)
 
 
(5,146,302)
Total accumulated earnings (losses)
 
 
$2,126,733
 
 
$(53,239)
 
 
$(62,253)
 
 
$(5,699,688)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
283
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
COIN Daily
ETF
 
 
Leverage Shares
2X Long
COST Daily
ETF
 
 
Leverage Shares
2X Long
CRCL Daily
ETF
 
 
Leverage Shares
2X Long
CRM Daily
ETF
Tax cost of investments*
 
 
$798,379
 
 
$1,085,694
 
 
$3,061,107
 
 
$3,273,245
Gross unrealized appreciation*
 
 
1,302,354
 
 
—
 
 
360,038
 
 
3,350,419
Gross unrealized depreciation*
 
 
(16,952)
 
 
(95,171)
 
 
(1,853,428)
 
 
—
Net unrealized appreciation (depreciation)*
 
 
$1,285,402
 
 
$(95,171)
 
 
$(1,493,390)
 
 
$3,350,419
Undistributed ordinary income
 
 
—
 
 
—
 
 
—
 
 
—
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
—
 
 
—
 
 
—
 
 
—
Other accumulated losses
 
 
(720,817)
 
 
(216,933)
 
 
(12,987,691)
 
 
(1,737,833)
Total accumulated earnings (losses)
 
 
$564,585
 
 
$(312,104)
 
 
$(14,481,081)
 
 
$1,612,586
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
CRWV Daily
ETF
 
 
Leverage Shares
2X Long
FIG Daily
ETF
 
 
Leverage Shares
2X Long
FUTU Daily
ETF
 
 
Leverage Shares
2X Long
GLXY Daily
ETF
Tax cost of investments*
 
 
$5,166,911
 
 
$28,006
 
 
$—
 
 
$155,961
Gross unrealized appreciation*
 
 
13,588,918
 
 
32,600
 
 
490,921
 
 
426,292
Gross unrealized depreciation*
 
 
(738,612)
 
 
(17,945)
 
 
—
 
 
(295,403)
Net unrealized appreciation (depreciation)*
 
 
$12,850,306
 
 
$14,655
 
 
$490,921
 
 
$130,889
Undistributed ordinary income
 
 
6,538,250
 
 
—
 
 
—
 
 
—
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
6,538,250
 
 
—
 
 
—
 
 
—
Other accumulated losses
 
 
—
 
 
(1,201,888)
 
 
(10,005)
 
 
(413,250)
Total accumulated earnings (losses)
 
 
$19,388,556
 
 
$(1,187,233)
 
 
$480,916
 
 
$(282,361)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
HOOD Daily
ETF
 
 
Leverage Shares
2X Long
MP Daily
ETF
 
 
Leverage Shares
2X Long
NBIS Daily
ETF
 
 
Leverage Shares
2X Long
NVDA Daily
ETF
Tax cost of investments*
 
 
$12,725,644
 
 
$70,656
 
 
$69,551
 
 
$5,915,803
Gross unrealized appreciation*
 
 
22,386,848
 
 
—
 
 
161,887
 
 
4,009,482
Gross unrealized depreciation*
 
 
(74,142)
 
 
(89,882)
 
 
—
 
 
(37,894)
Net unrealized appreciation (depreciation)*
 
 
$22,312,706
 
 
$(89,882)
 
 
$161,887
 
 
$3,971,588
Undistributed ordinary income
 
 
22,833,268
 
 
—
 
 
—
 
 
8,668,329
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
22,833,268
 
 
—
 
 
—
 
 
8,668,329
Other accumulated losses
 
 
(12,191,425)
 
 
(3,652)
 
 
(1,091)
 
 
—
Total accumulated earnings (losses)
 
 
$32,954,549
 
 
$(93,534)
 
 
$160,796
 
 
$12,639,917
 
 
 
 
 
 
 
 
 
 
 
 
 
 
284
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
PANW Daily
ETF
 
 
Leverage Shares
2X Long
PLTR Daily
ETF
 
 
Leverage Shares
2X Long
PYPL Daily
ETF
 
 
Leverage Shares
2X Long
RTX Daily
ETF
Tax cost of investments*
 
 
$499,376
 
 
$4,169,328
 
 
$3,591,380
 
 
$370,709
Gross unrealized appreciation*
 
 
794,045
 
 
7,750,676
 
 
433,503
 
 
392,921
Gross unrealized depreciation*
 
 
—
 
 
—
 
 
(170,521)
 
 
—
Net unrealized appreciation (depreciation)*
 
 
$794,045
 
 
$7,750,676
 
 
$262,982
 
 
$392,921
Undistributed ordinary income
 
 
1,258,290
 
 
4,153,504
 
 
—
 
 
86,732
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
1,258,290
 
 
4,153,504
 
 
—
 
 
86,732
Other accumulated losses
 
 
—
 
 
—
 
 
(2,221,122)
 
 
—
Total accumulated earnings (losses)
 
 
$2,052,335
 
 
$11,904,180
 
 
$(1,958,140)
 
 
$479,653
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Shares
2X Long
TSLA Daily
ETF
 
 
Leverage Shares
2X Long
TSM Daily
ETF
 
 
Leverage Shares
2X Long
UNH Daily
ETF
 
 
Leverage Shares
2X Long
XYZ Daily
ETF
Tax cost of investments*
 
 
$6,242,918
 
 
$1,620,616
 
 
$28,102,913
 
 
$880,829
Gross unrealized appreciation*
 
 
13,271,506
 
 
1,877,269
 
 
45,759,459
 
 
541,199
Gross unrealized depreciation*
 
 
—
 
 
—
 
 
(3,551,507)
 
 
—
Net unrealized appreciation (depreciation)*
 
 
$13,271,506
 
 
$1,877,269
 
 
$42,207,952
 
 
$541,199
Undistributed ordinary income
 
 
2,788,689
 
 
1,390,540
 
 
38,343,729
 
 
216,446
Undistributed capital gain
 
 
—
 
 
—
 
 
—
 
 
—
Total distributable earnings
 
 
2,788,689
 
 
1,390,540
 
 
38,343,729
 
 
216,446
Other accumulated losses
 
 
(4,349,277)
 
 
—
 
 
—
 
 
—
Total accumulated earnings (losses)
 
 
$11,710,918
 
 
$3,267,809
 
 
$80,551,681
 
 
$757,645
 
 
 
 
 
 
 
 
 
 
 
 
 
*
Includes derivatives contracts, which include swaps and written options.
The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales.
Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. For the period ended October 31, 2025, the Funds had the following post-October and late year losses:
 
 
 
 
 
 
 
 
 
 
Post-October
Capital Losses
 
 
Late Year
Ordinary Losses
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$    —
 
 
$—
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Long AAL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ADBE Daily ETF
 
 
—
 
 
(2,239,498)
Leverage Shares 2X Long AMD Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ARM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ASML Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
 
285
 

TABLE OF CONTENTS

Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Post-October
Capital Losses
 
 
Late Year
Ordinary Losses
Leverage Shares 2X Long AVGO Daily ETF
 
 
$    —
 
 
$—
Leverage Shares 2X Long BA Daily ETF
 
 
—
 
 
(230,512)
Leverage Shares 2X Long BBAI Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BLSH Daily ETF
 
 
—
 
 
(827)
Leverage Shares 2X Long BMNR Daily ETF
 
 
—
 
 
(89,203)
Leverage Shares 2X Long BULL Daily ETF
 
 
—
 
 
(5,146,302)
Leverage Shares 2X Long COIN Daily ETF
 
 
—
 
 
(720,817)
Leverage Shares 2X Long COST Daily ETF
 
 
—
 
 
(216,933)
Leverage Shares 2X Long CRCL Daily ETF
 
 
—
 
 
(12,987,691)
Leverage Shares 2X Long CRM Daily ETF
 
 
—
 
 
(1,737,833)
Leverage Shares 2X Long CRWV Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long FIG Daily ETF
 
 
—
 
 
(1,201,888)
Leverage Shares 2X Long FUTU Daily ETF
 
 
—
 
 
(10,005)
Leverage Shares 2X Long GLXY Daily ETF
 
 
—
 
 
(413,250)
Leverage Shares 2X Long HOOD Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long MP Daily ETF
 
 
—
 
 
(3,652)
Leverage Shares 2X Long NBIS Daily ETF
 
 
—
 
 
(1,091)
Leverage Shares 2X Long NVDA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PANW Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PLTR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PYPL Daily ETF
 
 
—
 
 
(2,221,122)
Leverage Shares 2X Long RTX Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long TSLA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long TSM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long UNH Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long XYZ Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
Capital loss carryforwards will retain their character as either short-term or long-term capital losses and may be carried forward indefinitely. At October 31 2025, the Funds had capital loss carryforwards on a tax basis of:
 
 
 
 
 
 
 
 
 
 
Unlimited ST
 
 
Unlimited LT
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$—
 
 
$   —
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
(200,967)
 
 
—
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
—
 
 
—
Leverage Shares 2X Long AAL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ADBE Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long AMD Daily ETF
 
 
(1,908,355)
 
 
—
Leverage Shares 2X Long ARM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long ASML Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long AVGO Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BBAI Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BLSH Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BMNR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long BULL Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
 
Unlimited ST
 
 
Unlimited LT
Leverage Shares 2X Long COIN Daily ETF
 
 
$—
 
 
$   —
Leverage Shares 2X Long COST Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRCL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long CRWV Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long FIG Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long FUTU Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long GLXY Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long HOOD Daily ETF
 
 
(12,191,425)
 
 
—
Leverage Shares 2X Long MP Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NBIS Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long NVDA Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PANW Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PLTR Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long PYPL Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long RTX Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long TSLA Daily ETF
 
 
(4,349,277)
 
 
—
Leverage Shares 2X Long TSM Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long UNH Daily ETF
 
 
—
 
 
—
Leverage Shares 2X Long XYZ Daily ETF
 
 
—
 
 
—
 
 
 
 
 
 
 
To the extent that a Fund realizes future net capital gains, those gains will be offset by any unused capital loss carryover.
The tax character of distributions during the period ended October 31, 2025 were as follows:
 
 
 
 
 
 
 
Distributions Paid From:
 
Ordinary
Income
 
 
Long Term
Capital Gains
 
 
Return of
Capital
Leverage Shares 2X Capped Accelerated COIN Monthly ETF
 
 
$123,554
 
 
$   —
 
 
$   —
Leverage Shares 2X Capped Accelerated MSTR Monthly ETF
 
 
7,450
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated NVDA Monthly ETF
 
 
219,489
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated PLTR Monthly ETF
 
 
190,652
 
 
—
 
 
—
Leverage Shares 2X Capped Accelerated TSLA Monthly ETF
 
 
238,954
 
 
—
 
 
—
Leverage Shares 2X Long AAL Daily ETF
 
 
24,818
 
 
—
 
 
—
Leverage Shares 2X Long ABNB Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long ADBE Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long ALB Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long AMD Daily ETF
 
 
8,415,359
 
 
—
 
 
—
Leverage Shares 2X Long ARM Daily ETF
 
 
512,982
 
 
—
 
 
—
Leverage Shares 2X Long ASML Daily ETF
 
 
3,961,298
 
 
—
 
 
—
Leverage Shares 2X Long AVGO Daily ETF
 
 
834,501
 
 
—
 
 
—
Leverage Shares 2X Long AXP Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long BA Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long BBAI Daily ETF
 
 
1,007,741
 
 
—
 
 
—
Leverage Shares 2X Long BE Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long BIDU Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long BLSH Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long BMNR Daily ETF
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
Distributions Paid From:
 
Ordinary
Income
 
 
Long Term
Capital Gains
 
 
Return of
Capital
Leverage Shares 2X Long BULL Daily ETF
 
 
$—
 
 
$   —
 
 
$   —
Leverage Shares 2X Long CIFR Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long CMG Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long CNC Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long COIN Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long COST Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long CRCL Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long CRM Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long CRML Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long CRWV Daily ETF
 
 
6,538,250
 
 
—
 
 
—
Leverage Shares 2X Long DNN Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long DUOL Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long FCX Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long FIG Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long FUTU Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long GEMI Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long GEV Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long GLW Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long GLXY Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long GRAB Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long HOOD Daily ETF
 
 
22,833,268
 
 
—
 
 
—
Leverage Shares 2X Long HUT Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long IREN Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long KLAC Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long LAC Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long LULU Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long MP Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long NBIS Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long NEM Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long NET Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long NIO Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long NU Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long NVDA Daily ETF
 
 
8,668,329
 
 
—
 
 
—
Leverage Shares 2X Long OKTA Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long ONDS Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long OPEN Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long ORLY Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long OSCR Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long PANW Daily ETF
 
 
1,258,290
 
 
—
 
 
—
Leverage Shares 2X Long PBR Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long PLTR Daily ETF
 
 
4,153,504
 
 
—
 
 
—
Leverage Shares 2X Long PLUG Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long PYPL Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long RTX Daily ETF
 
 
86,732
 
 
—
 
 
—
Leverage Shares 2X Long SATS Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long SBUX Daily ETF
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
Distributions Paid From:
 
Ordinary
Income
 
 
Long Term
Capital Gains
 
 
Return of
Capital
Leverage Shares 2X Long SNAP Daily ETF
 
 
$—
 
 
$   —
 
 
$   —
Leverage Shares 2X Long SPOT Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long TER Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long TSLA Daily ETF
 
 
2,788,689
 
 
—
 
 
—
Leverage Shares 2X Long TSM Daily ETF
 
 
1,390,540
 
 
—
 
 
—
Leverage Shares 2X Long UEC Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long UNH Daily ETF
 
 
38,343,729
 
 
—
 
 
—
Leverage Shares 2X Long UPS Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long USAR Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long UUUU Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long VALE Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long World Stock Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long XPEV Daily ETF
 
 
—
 
 
—
 
 
—
Leverage Shares 2X Long XYZ Daily ETF
 
 
217,010
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
 
There were no distributions to shareholders made for the period ended April 30, 2026.
7. PRINCIPAL RISKS
As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to the principal risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A complete description of the principal risks is included in the Funds’ prospectuses under the heading “Principal Investment Risks.”.
8. ADDITIONAL INFORMATION
On April 24, 2026, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock splits is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds
 
 
Effective Date
 
 
Rate
 
 
Net Asset
Value
Before Split
 
 
Net Asset
Value
After Split
 
 
Shares
Outstanding
Before Split
 
 
Shares
Outstanding
After Split
Leverage Shares 2X Long BULL Daily ETF
 
 
4/24/2026
 
 
1:20
 
 
$2.05
 
 
$41.00
 
 
4,570,000
 
 
228,500
Leverage Shares 2X Long GEMI Daily ETF
 
 
4/24/2026
 
 
1:20
 
 
$0.54
 
 
$10.80
 
 
1,170,000
 
 
58,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Themes ETF Trust
Notes to the Financial Statements
April 30, 2026 (Unaudited)(Continued)
9. SUBSEQUENT EVENTS
On May 5, 2026, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock splits is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds
 
 
Effective Date
 
 
Rate
 
 
Net Asset
Value
Before Split
 
 
Net Asset
Value
After Split
 
 
Shares
Outstanding
Before Split
 
 
Shares
Outstanding
After Split
Leverage Shares 2X Long BBAI Daily ETF
 
 
5/5/2026
 
 
1:10
 
 
$3.78
 
 
$37.80
 
 
4,580,000
 
 
458,000
Leverage Shares 2X Long BMNR Daily ETF
 
 
5/5/2026
 
 
1:20
 
 
$1.53
 
 
$30.60
 
 
23,375,000
 
 
1,168,750
Leverage Shares 2X Long CRCL Daily ETF
 
 
5/5/2026
 
 
1:10
 
 
$3.83
 
 
$38.30
 
 
58,245,000
 
 
5,824,500
Leverage Shares 2X Long CRWV Daily ETF
 
 
5/5/2026
 
 
1:10
 
 
$5.80
 
 
$58.00
 
 
35,305,000
 
 
3,530,500
Leverage Shares 2X Long DUOL Daily ETF
 
 
5/5/2026
 
 
1:10
 
 
$3.84
 
 
$38.40
 
 
1,460,000
 
 
146,000
Leverage Shares 2X Long FIG Daily ETF
 
 
5/5/2026
 
 
1:20
 
 
$0.99
 
 
$19.80
 
 
12,170,000
 
 
608,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Board has determined that it is in the best interests of shareholders to liquidate and close the Capped Accelerated Funds (each, a “Fund” and collectively, the “Funds”), based on the recommendation of the Adviser. The Funds will cease trading on the Cboe BZX Exchange, Inc. (“Cboe”) and will be closed to purchase by investors as of the close of regular trading on the Cboe on June 16, 2026. Between June 17, 2026 and June 25, 2026 (the “Liquidation Date”), each Fund will be in the process of closing down and liquidating its portfolio. This process will result in a Fund increasing its cash holdings and, as a consequence, shareholders should not expect the Funds to achieve their stated investment objectives. On or about the Liquidation Date, each Fund will liquidate its assets and distribute cash pro rata to all shareholders who have not previously redeemed or sold their shares. These distributions are taxable events. In addition, these payments to shareholders may include accrued capital gains and dividends. As calculated on the Liquidation Date, each Fund’s net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Funds will terminate.
Management has evaluated subsequent events through the date the financial statements were available for issuance. Based on this evaluation, no additional adjustments or disclosures were required to the financial statements.
 
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THEMES ETF TRUST
FORM N-CSR ITEMS (Unaudited)
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES
There were no changes in or disagreements with accountants during the period covered by this report.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES
There were no matters submitted to a vote of shareholders during the period covered by this report.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT COMPANIES
Certain officers and a Trustee of the Trust are affiliated with the Adviser and are not paid any fees by the registrant for serving in such capacities. Each current Independent Trustee of the Board is paid $32,250 for his or her services as a Board member to the Trust. Independent Trustee fees are paid by Themes Management Company, LLC through a unitary management fee, not by the registrant.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
November 2024 meeting
At a meeting held on November 15, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 22 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long CMG Daily ETF.
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors; and (v) Themes’ practices regarding possible conflicts of interest.
In assessing these factors and reaching its conclusions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each New Fund, including information presented to the Board by representatives of Themes. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each New Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) a summary of the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision. 
The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each New Fund, summaries of Themes’ compliance program, including its Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each New Fund’s performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the New Funds.
 
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THEMES ETF TRUST
FORM N-CSR ITEMS (Unaudited)(Continued)
The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including: 
1. The nature, extent, and quality of the services to be provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their assets. The Board considered Themes’ staffing, personnel, shared services arrangement with an affiliated company and methods of operating, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that while Themes was a recently formed entity and that it had limited experience managing registered funds, its personnel had significant experience in managing the investment strategies of the New Funds, the portfolios of other registered funds and the overall operations of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the New Funds’ portfolio managers in trading total return swaps and options. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2. Investment Performance of the New Funds and Themes.
The Board noted that, as the New Funds had not commenced operations and the other operational series of the Trust had only limited performance information available, the consideration of the performance of the New Funds or other series of the Trust was not relevant at this time. It was also noted that Themes was an entity formed in 2023 expressly to manage funds and did not manage any other accounts. As such, there was no relevant investment performance to review at this time. The Board acknowledged that the investment management, operational, trading and compliance teams at Themes have extensive experience in their respective roles and are qualified to manage the New Funds in accordance with their respective investment objectives and strategies. 
3. The costs of services to be provided and profits to be realized by Themes from its relationship with the New Funds. 
The Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses of each New Fund, including the nature and frequency of advisory fee payments. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective New Funds. The Board considered how the New Funds’ proposed management fees compare to other similar funds, noting that each New Fund’s proposed management fee was lower than the management fees charged by similar funds. They also compared the New Funds’ estimated expense ratios to the respective group of similar funds, finding that each New Fund’s estimated expense ratio was below that of the similar funds. The Board considered the complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. The differences in certain of the New Funds’ investment strategies from the group of similar funds was also considered. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.
 
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4. The extent to which economies of scale would be realized as a New Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth, and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.
5. Possible conflicts of interest and other benefits. 
In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the New Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes’ standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the New Funds were satisfactory.
Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.
February 2025
At a meeting held on February 28, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 36 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long ABNB Daily ETF and Leverage Shares 2X Long NEM Daily ETF.
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors; and (v) Themes’ practices regarding possible conflicts of interest. 
In assessing these factors and reaching its conclusions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each New Fund, including information presented to the Board by representatives of Themes. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each New Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) a summary of the fiduciary
 
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duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.
The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each New Fund, summaries of Themes’ compliance program, including its Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each New Fund’s performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the New Funds.
The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including: 
1. The nature, extent, and quality of the services to be provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their assets. The Board considered Themes’ staffing, personnel, shared services arrangement with an affiliated company and methods of operating, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that while Themes was a recently formed entity and that it had limited experience managing registered funds, its personnel had significant experience in managing the investment strategies of the New Funds, the portfolios of other registered funds and the overall operations of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the New Funds’ portfolio managers in trading total return swaps and options. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2. Investment Performance of the New Funds and Themes.
The Board noted that, as the New Funds had not commenced operations and the other operational series of the Trust had only limited performance information available, the consideration of the performance of the New Funds or other series of the Trust was not relevant at this time. It was also noted that Themes was an entity formed in 2023 expressly to manage funds and did not manage any other accounts. As such, there was no relevant investment performance to review at this time. The Board acknowledged that the investment management, operational, trading and compliance teams at Themes have extensive experience in their respective roles and are qualified to manage the New Funds in accordance with their respective investment objectives and strategies. 
3. The costs of services to be provided and profits to be realized by Themes from its relationship with the New Funds.
The Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses of each New Fund, including the nature and frequency of advisory fee payments. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective New Funds. The Board considered how the New Funds’ proposed management fees compare to other similar funds, noting that each New Fund’s proposed management fee was lower than the management fees charged by similar funds. They also compared the New Funds’ estimated expense ratios to the
 
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respective group of similar funds, finding that each New Fund’s estimated expense ratio was below that of the similar funds. The Board considered the complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. The differences in certain of the New Funds’ investment strategies from the group of similar funds was also considered. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.
4. The extent to which economies of scale would be realized as a New Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth, and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.
5. Possible conflicts of interest and other benefits. 
In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the New Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes’ standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the New Funds were satisfactory.
Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.
June 2025
At a special meeting held on June 20, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 41 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long DUOL Daily ETF, Leverage Shares 2X Long GRAB Daily ETF, Leverage Shares 2X Long NET Daily ETF, Leverage Shares 2X Long NU Daily ETF, Leverage Shares 2X Long OKTA Daily ETF, Leverage Shares 2X Long OSCR Daily ETF, Leverage Shares 2X Long PBR Daily ETF, Leverage Shares 2X Long SBUX Daily ETF, Leverage Shares 2X Long SPOT Daily ETF and Leverage Shares 2X Long VALE Daily ETF. 
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors; and (v) Themes’ practices regarding possible conflicts of interest. 
In assessing these factors and reaching its conclusions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each New Fund, including
 
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information presented to the Board by representatives of Themes, and information provided at past Board meetings. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each New Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) a summary of the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision. 
The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each New Fund, summaries of Themes’ compliance program, including its Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each New Fund’s performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the New Funds. 
The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including: 
1. The nature, extent, and quality of the services to be provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their assets. The Board considered Themes’ staffing, including additional recently hired portfolio management personnel, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that Themes personnel had significant experience in managing the investment strategies of the New Funds, the portfolios of other registered funds and the overall operations of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the portfolio managers in trading total return swaps and options. The Board also considered Themes distribution plan focusing on marketing and advertising and the addition of employees to assist in this plan. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2. Investment Performance of the New Funds and Themes.
The Board noted that, as the New Funds had not commenced operations and the other operational series of the Trust had a track record of less than 2 years, performance was not a key factor at this time. The Board did consider certain performance reports and data provided by the Adviser at regular Board meetings throughout the past year regarding the operational series of the Trust and found such funds’ performance to be reasonable. It was noted that Themes was formed to manage funds and did not manage any other accounts.
 
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3. The costs of services to be provided and profits to be realized by Themes from its relationship with the New Funds. 
The Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses of each New Fund. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective New Funds where such information was available. The Board considered how the New Funds’ proposed management fees compare to other similar funds, where applicable, noting that each New Fund’s proposed management fee was lower than or in line with the management fees charged by similar funds and that in the case of many of the New Funds, there were no directly comparable peers. The Board considered the complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.
4. The extent to which economies of scale would be realized as a New Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth, and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.
5. Possible conflicts of interest and other benefits. 
In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures and legal protections to be put in place related thereto. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the New Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes’ standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the New Funds were satisfactory.
Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.
August 2025
At a meeting held on August 26, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 45 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long CIFR Daily ETF, Leverage Shares 2X Long CNC Daily ETF, Leverage Shares 2X Long GEMI Daily ETF, Leverage Shares 2X Long KLAC Daily ETF, Leverage Shares 2X Long LULU Daily ETF, Leverage Shares 2X Long OPEN Daily ETF, Leverage Shares 2X Long TER Daily ETF and Leverage Shares 2X Long UPS Daily ETF.
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of
 
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the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors; and (v) Themes’ practices regarding possible conflicts of interest. 
In assessing these factors and reaching its conclusions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each New Fund, including information presented to the Board by representatives of Themes, and information provided at past Board meetings. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each New Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) a summary of the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision. 
The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each New Fund, summaries of Themes’ compliance program, including its Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each New Fund’s performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the New Funds.
The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including: 
1. The nature, extent, and quality of the services to be provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their assets. The Board considered Themes’ staffing, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that Themes personnel had significant experience in managing the investment strategies of the New Funds and the overall operations of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the portfolio managers in trading derivatives. The Board also considered Themes distribution plan focusing on marketing and advertising and the addition of employees to assist in this plan. After reviewing the foregoing and further information from Themes, the Board concluded that Themes has the resources, experience and expertise to provide the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2. Investment Performance of the New Funds and Themes.
The Board noted that, as the New Funds had not commenced operations and the other operational series of the Trust had a track record of less than 2 years, performance was not a key factor at this time. The Board did consider certain performance reports and data provided by the Adviser at regular Board meetings throughout the past year
 
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regarding the operational series of the Trust and found such funds’ performance to be reasonable. It was noted that Themes was formed to manage funds and did not manage any other accounts.
3. The costs of services to be provided and profits to be realized by Themes from its relationship with the New Funds. 
The Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses of each New Fund. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective New Funds where such information was available. The Board considered how the New Funds’ proposed management fees compare to other similar funds, where applicable, noting that each New Fund’s proposed management fee was lower than the management fees charged by similar funds. The Board considered the complexity of the New Funds’ investment strategies and the operational burdens of overseeing daily trading. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.
4. The extent to which economies of scale would be realized as a New Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth, and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.
5. Possible conflicts of interest and other benefits. 
In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures and legal protections put in place related thereto. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the New Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes’ standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the New Funds were satisfactory.
Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.
November 2025
At a meeting held on November 14, 2025 (the “Meeting”), the Board of Trustees (the “Board”) of Themes ETF Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the approval of an advisory agreement (the “Agreement”) between Themes Management Company, LLC (the “Adviser” or “Themes”) and the Trust, on behalf of 168 series of shares (each, a “Fund” and together, the “Funds”), including Leverage Shares 2X Long ALB Daily ETF, Leverage Shares 2X Long AXP Daily ETF, Leverage Shares 2X Long BE Daily ETF, Leverage Shares 2X Long BIDU Daily ETF, Leverage Shares 2X Long CRML Daily ETF, Leverage Shares 2X Long DNN Daily ETF, Leverage Shares 2X Long FCX Daily ETF, Leverage Shares 2X Long GEV Daily ETF, Leverage Shares 2X Long GLW Daily ETF, Leverage Shares 2X Long HUT Daily ETF, Leverage Shares 2X Long IREN Daily ETF, Leverage Shares 2X Long
 
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LAC Daily ETF, Leverage Shares 2X Long NIO Daily ETF, Leverage Shares 2X Long ONDS Daily ETF, Leverage Shares 2X Long ORLY Daily ETF, Leverage Shares 2X Long PLUG Daily ETF, Leverage Shares 2X Long SATS Daily ETF, Leverage Shares 2X Long SNAP Daily ETF, Leverage Shares 2X Long UEC Daily ETF, Leverage Shares 2X Long USAR Daily ETF, Leverage Shares 2X Long UUUU Daily ETF, Leverage Shares 2X Long World Stock Daily ETF and Leverage Shares 2X Long XPEV Daily ETF.
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature, extent, and quality of the services to be provided by Themes; (ii) the investment performance of the Fund and Themes; (iii) the costs of the services to be provided and profits to be realized by Themes from its relationship with each Fund; (iv) the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors; and (v) Themes’ practices regarding possible conflicts of interest. 
In assessing these factors and reaching its conclusions, the Board took into consideration information specifically prepared and/or presented in connection with the approval process with respect to each New Fund, including information presented to the Board by representatives of Themes, and information provided at past Board meetings. The Independent Trustees noted having met with Independent Trustee Counsel prior to the Meeting and that they discussed at length their duties and responsibilities in considering approval of the Advisory Agreement and the information provided in Themes’ 15c response and the various exhibits. The Board noted that it requested and/or was provided with information and reports relevant to the approval of the Advisory Agreement, including: (i) reports regarding the services and support to be provided to each New Fund and its shareholders; (ii) presentations by management of Themes addressing the investment strategy, personnel and operations to be utilized in managing each New Fund; (iii) disclosure information contained in the registration statement of the Trust and the Form ADV and/or policies and procedures of Themes; and (iv) a summary of the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreement, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision. 
The Board also requested and received various informational materials including, without limitation: (i) documents containing information about Themes, including financial information, a description of personnel and the services to be provided to each New Fund, summaries of Themes’ compliance program, including its Code of Ethics and other general information; (ii) comparative expense information; (iii) the anticipated effect of size on each New Fund’s performance and expenses; and (iv) benefits to be realized by Themes from its relationship with the New Funds.
The Board reflected on its discussions regarding the Advisory Agreement and the anticipated manner in which each New Fund would be managed with representatives of Themes. The Board did not identify any particular information that was most relevant to its consideration to approve the Advisory Agreement and each Trustee may have assigned different weight to the various factors. In deciding whether to approve the Advisory Agreement, the Trustees considered numerous factors, including: 
1.The nature, extent, and quality of the services to be provided by Themes.
The Board considered the responsibilities of Themes under the Advisory Agreement and the services to be provided including, without limitation, the process for assuring compliance with each New Fund’s investment objectives and limitations, the anticipated coordination of services for the New Funds among the service providers, and the anticipated efforts of Themes to promote the New Funds and grow their assets. The Board considered Themes’ staffing, the education and experience of its personnel, and its compliance programs, policies and procedures. The Board considered that Themes personnel had significant experience in managing the investment strategies of the New Funds and the overall operations of a large family of funds. The Board also considered the financial condition of Themes and the commitment of financial support from its owners. The Board considered the measures that Themes had put in place to ensure compliance with applicable law and regulations, including the hiring of an independent compliance firm to assist with the development and maintenance of its compliance policies and procedures and the hiring of an independent chief compliance officer to oversee its compliance program. The Board also considered the trading and operational capabilities of Themes, noting in particular the highly automated trading, portfolio management and compliance systems and the significant past experience of the portfolio managers in trading derivatives. The Board also considered Themes’ distribution plan for the New Funds, focusing on marketing and advertising and the addition of employees to assist in this plan. After reviewing the foregoing and further information from Themes, the Board
 
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FORM N-CSR ITEMS (Unaudited)(Continued)
concluded that Themes has the resources, experience and expertise to provide the New Funds with the quality, extent, and nature of the services required by the Advisory Agreement.
2. Investment Performance of the New Funds and Themes.
The Board noted that, as the New Funds had not commenced operations, performance was not a key factor at this time. The Board did consider certain performance reports and data provided by the Adviser at regular Board meetings throughout the past year regarding the operational series of the Trust and found such funds’ performance to be reasonable. It was noted that Themes was formed to manage funds and did not manage any other accounts.
3. The costs of services to be provided and profits to be realized by Themes from its relationship with the New Funds.
The Board considered the financial condition of Themes and the level of commitment to the New Funds by its owners and the estimated expenses of each New Fund. The Board noted projections from Themes as to the level of assets under management required in each New Fund in order for it to become profitable. The Board reviewed comparative information on other ETFs that employ an investment strategy that is similar to the respective New Funds where such information was available. The Board considered how the New Funds’ proposed management fees compare to other similar funds, where applicable, noting that each New Fund’s proposed management fee was lower than the management fees charged by similar funds. The Board considered the complexity of certain of the New Funds’ investment strategies and the additional operational burdens of overseeing daily trading where a comparison to similar Funds was not applicable. Following a review of the comparative information provided for each New Fund and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Themes were fair and reasonable.
4. The extent to which economies of scale would be realized as a New Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the New Fund’s investors.
The Board considered each New Fund’s proposed fee arrangements with Themes, noting that each New Fund has a unitary fee structure. The Board noted that none of the proposed advisory fees include a breakpoint but that the unitary fee structure would have the effect of capping the expenses for each New Fund. Following further discussion of each New Fund’s projected asset levels, expectations for growth, and levels of fees, the Board determined that each New Fund’s proposed fee arrangement with Themes was fair and reasonable in relation to the nature and quality of the services to be provided by Themes.
5. Possible conflicts of interest and other benefits. 
In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the New Funds; the basis of decisions to buy or sell securities for the New Funds; the substance and administration of the Code of Ethics and other relevant policies described in Themes’ Form ADV and compliance policies and procedures; and the use of the name of the Adviser’s affiliate, Leverage Shares, in the name of the New Funds and the compliance policies and procedures and legal protections put in place related thereto. The Board considered that Themes does not currently manage any investments for clients other than the Trust. The Board also considered potential benefits for Themes in managing the New Funds. The Board noted that Themes represented that it does not currently utilize soft dollars but may at some point in the future. Following further consideration and discussion, the Board indicated that Themes’ standards and practices relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Themes from managing the New Funds were satisfactory.
Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the terms of the Agreement, including the compensation payable under the Agreement, are fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Agreement for an initial term of two years was in the best interests of each Fund and its respective shareholders.
 
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SUPPLEMENTAL INFORMATION (Unaudited)
Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Funds. Please read the prospectus carefully before investing. A copy of the prospectus for the Funds may be obtained without charge by writing to the Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-866-584-3637, or by visiting the Funds’ website at www.ThemesETFs.com.
FEDERAL TAX INFORMATION
For the fiscal period ended October 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.5%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income for each Fund was 0.00%.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended October 31, 2025 for each Fund was 0.00%.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the fiscal period ended October 31, 2025 for each Fund was 0.00%. 
QUARTERLY PORTFOLIO HOLDING INFORMATION
Each Fund files its complete schedule of portfolio holdings for its first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at 1-866-584-3637. Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
PROXY VOTING INFORMATION
Each Fund is required to file a Form N-PX, with the Fund’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. The Fund’s proxy voting record will be available without charge, upon request, by calling toll-free 1-866-584-3637 and on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available without charge, on the Funds’ website at www.ThemesETFs.com.
 
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