Leverage Shares 2X Long USAR Daily ETF is an actively managed exchange-traded fund designed to deliver two times (200%) the daily performance of USA Rare Earth Inc. (USAR) stock, net of fees and expenses. Launched on January 13, 2026, this leveraged bull ETF targets active traders seeking amplified short-term exposure to USAR, a company in the materials sector focused on rare earth elements critical for technology and industrial applications. It achieves its objective through synthetic holdings, primarily swaps on USAR with counterparties like Marex and Credit Suisse, supplemented by treasury obligations and cash equivalents, totaling around four holdings. With a competitive total expense ratio of 0.75%—below the category average—and daily rebalancing, the fund offers liquid ETF trading without margin call risks, capping losses to the invested amount. However, due to compounding effects and volatility, returns over periods longer than one day may deviate significantly from 2x USAR's performance, even resulting in losses if USAR is flat or modestly positive. Suitable only for knowledgeable investors who actively monitor positions, it underscores the high risks of leveraged products in the single-stock ETF space.