The story centers on a heteronormative romance between Jacob and Marlena. It lacks explicit queer identities or non-cisnormative expressions, adhering to the historical constraints of the era.

Marlena is depicted with significant agency, navigating complex power dynamics rather than remaining submissive. The film also subverts male leadership archetypes by portraying the circus owner as volatile and exploitative.

The circus troupe reflects a diverse socioeconomic melting pot of the Great Depression. However, the central romantic arc remains anchored in a white, Anglo-Saxon core with limited agency for characters of color.

The film critiques traditional Western institutions and the instability of the standard family unit. It uses an anti-capitalist subtext to frame the circus as a site of both survival and systemic exploitation.

Physical and psychological trauma are present as part of the era's hardships. However, disability often serves as a backdrop for character struggle rather than being explored through characters with self-determined agency.