Themes ETF Trust - Leverage Shares 2x Long BLSH Daily ETF (BLSG) is an actively managed exchange-traded fund that seeks to deliver two times (200%) the daily performance of Bullish Limited (NASDAQ: BLSH) stock, before fees and expenses. The ETF employs derivatives such as total return swaps with counterparties including Cantor, Clear Street, and Marex, alongside holdings in treasury obligations and cash equivalents; it trades on the NASDAQ exchange under ticker BLSG with CUSIP 88340C834 and a total expense ratio of 0.75%. Launched on October 27, 2025, and headquartered in Greenwich, Connecticut as part of the Leverage Shares suite under Themes ETF Trust, BLSG targets sophisticated active traders seeking leveraged short-term exposure to BLSH in the financials sector, primarily within the United States market.
The fund maintains a concentrated portfolio typically comprising four holdings, rebalanced daily to achieve its leverage objective while mitigating risks like margin calls, with losses capped at the invested amount. It operates without passive indexing, focusing on single-stock amplification suitable only for investors who monitor positions frequently due to compounding effects, volatility decay, and potential full principal loss if BLSH declines over 50% in a day.
In recent developments, Leverage Shares by Themes launched BLSG on October 27, 2025, alongside the 2x Long BMNR Daily ETF (BMNG), expanding its U.S. single-stock leveraged ETF lineup to over 30 products covering technology, energy, consumer, and financial sectors; this followed additional launches like the 2x Long GEMI Daily ETF (GEMG) on November 5, 2025, and a broader suite of six single-stock leveraged ETFs on December 11, 2025, targeting names such as Opendoor Technologies, Cipher Mining, Grab Holdings, Duolingo, Lithium Americas, and UPS. These expansions underscore Themes ETF Trust's strategy to grow its footprint in daily leveraged equity products since its initial U.S. suite in December 2023, with no reported acquisitions, funding rounds, or reorganizations specific to BLSG in the past year.