Themes ETF Trust – Leverage Shares 2X Long AXTI Daily ETF (AXTL) is a U.S.-domiciled, non-diversified exchange-traded fund that seeks investment results, before fees and expenses, corresponding to two times (200%) the daily percentage change in the share price of AXT Inc. (NASDAQ: AXTI). The fund provides actively managed, long leveraged single-stock exposure to AXT Inc., a supplier of compound semiconductor wafer substrates, and is designed primarily for sophisticated traders and retail investors seeking short-term bullish exposure to daily movements in AXTI common stock. AXTL invests at least 80% of net assets, plus borrowings for investment purposes, in AXTI common stock and financial instruments with similar economic characteristics, including swap agreements and other derivatives, to obtain its target 200% daily exposure; it rebalances its exposure daily and does not seek to achieve its stated multiple over periods longer than one trading day. The fund is managed by Themes Management Company LLC under the Themes ETF Trust and is marketed under the Leverage Shares by Themes platform. AXTL was launched in June 2026, is domiciled in the United States, trades on Cboe BZX, and carries a 0.99% management fee. Its principal recent development is its June 2026 launch as one of eight new Cboe-listed 2X single-stock leveraged ETFs introduced by Leverage Shares by Themes, expanding the sponsor’s lineup of products targeting companies associated with the digital economy and providing daily leveraged exposure to AXT Inc.