Themes ETF Trust – Leverage Shares 2X Long STRL Daily ETF is a U.S.-domiciled, actively managed exchange-traded fund that seeks daily leveraged investment results, before fees and expenses, corresponding to 200% of the daily percentage change in the common stock price of Sterling Infrastructure, Inc. (Nasdaq: STRL). Trading under the ticker STLL on Cboe BZX Exchange, the Fund provides a single-stock, long-bullish leveraged investment vehicle intended principally for active traders and other investors seeking amplified short-term daily exposure to Sterling Infrastructure, a provider of infrastructure, transportation, building and e-infrastructure services. The Fund does not seek to provide its stated multiple of STRL’s cumulative return for periods longer than one trading day, and its daily rebalancing can cause returns over longer holding periods to differ materially from twice the underlying security’s performance.
The Fund’s principal investment products and services consist of ETF shares providing 2x daily long exposure to STRL; direct investments in the underlying security; total-return swap agreements and other financial instruments with economic characteristics designed to create leveraged exposure; cash and collateral-management positions; and daily portfolio rebalancing to maintain long exposure equal to approximately 200% of net assets. It invests at least 80% of net assets, plus borrowings for investment purposes, in STRL and/or instruments that collectively provide the targeted 200% daily exposure. Themes Management Company, LLC serves as investment adviser, while the Fund is offered through Themes ETF Trust and carries a 0.99% annual management fee.
STLL was launched on August 11, 2026, representing a recent strategic expansion of Leverage Shares by Themes’ U.S. lineup of daily leveraged, single-stock ETFs. The Fund was introduced alongside two other 2x daily leveraged products designed to offer active traders convenient ETF-based exposure to selected innovative and growth-oriented public companies. As of September 9, 2026, STLL reported 60,000 shares outstanding, four holdings and daily rebalancing; its exposure was principally implemented through Sterling Infrastructure-linked swap positions.
Themes ETF Trust is a U.S. ETF sponsor and the Fund is domiciled in the United States. STLL’s operations focus on the U.S. listed-equities market and serve investors able to monitor leveraged products frequently, including sophisticated retail investors, professional traders and institutions. The Fund’s investment objective, use of leverage and derivatives, and concentrated exposure to a single underlying issuer make it materially riskier than diversified or unleveraged equity ETFs.