Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF
PBRG
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- Themes ETF Trust – Leverage Shares 2X Long PBR Daily ETF (NASDAQ: PBRG) is an actively managed, non-diversified exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the daily percentage change in the American depositary receipt of Petróleo Brasileiro S.A. (NYSE: PBR), commonly known as Petrobras. The Fund provides leveraged long exposure to a single Brazilian integrated oil and gas issuer through a U.S.-listed ETF structure and is designed principally for sophisticated investors and active traders seeking short-term tactical exposure to PBR. It employs total-return swap agreements with major financial institutions; exchange-traded and FLEX call and put options, including deep-in-the-money calls and synthetic-forward structures; money market funds; deposit accounts; short-term investment-grade debt instruments; U.S. government securities; and repurchase agreements used for collateral and cash management. The Fund invests at least 80% of net assets, plus borrowings for investment purposes, in PBR and financial instruments providing, in combination, 200% daily leveraged exposure to PBR, and it rebalances its portfolio each trading day to maintain its target exposure. The Fund is concentrated in the oil, gas and consumable fuels industry and is exposed to Petrobras-specific, Brazilian market, commodity-price, derivatives, counterparty, leverage, daily correlation, liquidity and volatility risks. Shares trade on Nasdaq under the PBRG ticker; the Fund carries a 0.75% total annual operating expense ratio and issues and redeems shares primarily in 5,000-share Creation Units through authorized participants. PBRG is a series of Themes ETF Trust, a U.S.-registered management investment company advised by Themes Management Company, LLC, headquartered in Greenwich, Connecticut. The Fund commenced trading on Nasdaq on December 18, 2025, representing the principal recent strategic development: the launch of a 2x daily leveraged Petrobras-focused ETF within the Leverage Shares product range. As of early September 2026, the Fund reports four principal holdings and maintains derivative-based PBR exposure alongside First American Treasury Obligations Fund collateral; its daily reset means returns over periods longer than one trading day are not expected to equal twice the cumulative return of PBR because of daily compounding and portfolio rebalancing.