Themes ETF Trust – Leverage Shares 2X Long USAR Daily ETF is an actively managed, U.S.-domiciled exchange-traded fund that seeks to deliver, before fees and expenses, 200% of the daily percentage change in the share price of USA Rare Earth, Inc. (Nasdaq: USAR). Trading on The Nasdaq Stock Market under the ticker USGG, the fund provides leveraged, single-stock exposure to USA Rare Earth, a metals-and-mining company focused on rare earth and critical-minerals activities. The fund is managed by Themes Management Company LLC and is sponsored through Themes ETF Trust, which is headquartered in Greenwich, Connecticut.
The fund’s principal investment products and techniques include direct investments in the common stock of USA Rare Earth; total-return swaps and other swap agreements referencing USA Rare Earth shares; options; cash and cash-equivalent instruments; and other financial instruments designed, in combination, to maintain daily leveraged exposure to the underlying security. USGG normally invests at least 80% of net assets, plus borrowings for investment purposes, in USA Rare Earth common stock and/or instruments with economic characteristics that collectively provide approximately two times daily exposure to USAR. The ETF is intended for sophisticated traders and investors seeking tactical, short-term leveraged exposure rather than long-term, buy-and-hold investment results, as daily compounding may cause returns over periods longer than one day to differ materially from twice the underlying stock’s cumulative return.
USGG was introduced in January 2026 as part of Leverage Shares by Themes’ expansion of its single-stock leveraged ETF platform. The launch added six 2X long daily ETFs tied to USA Rare Earth, Ondas Holdings, Plug Power, Albemarle, Hut 8 and Energy Fuels, expanding Themes’ offering of leveraged products focused on individual companies and themes associated with critical minerals, energy transition, artificial intelligence infrastructure and emerging technologies. The fund charges a 0.75% management fee and is offered to U.S. investors through Nasdaq-listed ETF distribution channels.