Leverage Shares Public Limited Company
Directors' report and audited financial statements
For the financial year ended 30 June 2025
Registered number 597399
Leverage Shares Public Limited Company
Contents
Page (s)
Directors and other information 1 - 2
Directors' report 3 - 6
Directors' responsibilities statement 7
Independent auditor's report 8 - 15
Statement of comprehensive income 16
Statement of financial position 17
Statement of changes in equity 18
Statement of cash flows 19
Notes to the financial statements 20 - 43
Leverage Shares Public Limited Company
Page 1
Directors and other information
Directors
Neil Fleming (Irish) (Independent and Non-Executive)
Ciaran Connolly (Irish) (Non-Executive )
Tracy Grant (Irish) (Appointed on 22 July 2024 and resigned on 10 January 2025)
Stephen McQuaid (Irish) (Non-Executive Alternate Director ) (Appointed on 28 October and resigned on 30 October 2025 )
Registered Office
2nd Floor, Block 5
Irish Life Centre
Abbey Street Lower
Dublin 1
Ireland
Apex IFS Limited
2nd Floor, Block 5
Irish Life Centre
Abbey Street Lower
Dublin 1
Ireland
Arranger
Leverage Shares Management Company Limited
116 Mount Prospect Avenue
Clontarf
Dublin 3
Ireland
GWM Limited Flexinvest Limited FlexAdvisor Limited
(Terminated on 27 October 2025) (Appointed on 23 June 2025) (Appointed on 23 June 2025)
41 Cedar Avenue Suite B, Unit D, Building 3 P.O. Box 446
5th Floor, Hamilton 331 Rosedale Road Grand Cayman KY1-116
HM12 Albany, Auckland 0632
Bermuda New Zealand
Interactive Brokers LLC Morgan Stanley & Co LLC BNY Pershing LLC
One Pickwick Plaza 1585 Broadway One Pershing Plaza
Greenwich New York Jersey City
CT 0683082 NY 10036-8293 New Jersey
United States of America United States of America United States of America
BNP Paribas Arbitrage S.N.C. GWM Limited Virtu Financial Ireland Limited
160-162 Boulevard Macdonald 41 Cedar Avenue North Dock One, 5th Floor
75019 Paris 5th Floor, Hamilton 91-92 North Wall Quay
France HM12 Dublin 1
Bermuda Ireland
Optiver VOF Jane Street Financial Limited
(Appointed on 6 May 2025) (Appointed on 15 September 2025)
Strawinskylaan 3095 2 & A Half Devonshire Square
1077 ZXAmsterdam London
The Netherlands United Kingdom
Elavon Financial Services DAC
Block F1
Cherrywood Business Park
Cherrywood
Dublin 18
Ireland
Independent Auditor
Grant Thornton
Chartered Accountants and Statutory Audit Firm
13-18 City Quay
Dublin 2
Ireland
Determination Agent
Calculation Agent Services LLC
34E Putnam Avenue
Greenwich
CT 06830
United States of America
Margin Loan Providers
Company Secretary and
Administrator
Portfolio
Administrator
Authorised
Participants
Registrar and Issuing &
Paying Agent
Leverage Shares Public Limited Company
Page 2
Directors and other information
Solicitor
Matheson LLP Mason Hayes Curran LLP
70 Sir John Rogerson's Quay South Bank House
Dublin 2 Barrow Street
Ireland Dublin 4 D04 TR29
Ireland
Trustee
Apex Corporate Trustees (UK) Limited
4th Floor
140 Aldersgate Street
London
United Kingdom
Leverage Shares Public Limited Company
Page 3
Directors' report
Principal activities and business review
General information regarding the Company is further described in note 1 to the financial statements.
Key performance indicators
dividend income from Component Securities amounted to USD 8,375,588 (2024: USD 2,719,636);
5 Series were fully redeemed (2024: 43 Series); and
the Company issued 23 new Series of ETP Securities (2024: 17 Series).
Financials 91 66
Information Technology 50 52
Consumer Discretionary 11 10
Communication Services - 10
Industrials - 1
Energy - 3
Oil and gas 4 4
Materials - 1
Health Care - 2
Defense 2 -
Automobile 9 -
167 149
Future developments
the net liabilities of the Company were USD 66,227 (2024: USD 13,004); and
The Company has plans to grow its range of ETPs over the course of 2025/ 2026 and is actively working on increasing its market penetration across its full range of
products and developing new ETPs. The Company keeps its range of products under review and may redeem ETPs from time to time which don't meet performance
criteria, which may include market demand for the product.
The Series of ETPs in issue at 30 June 2025 and 30 June 2024 related to the following industries:
Financial year ended 30 June 2025 Financial year ended 30 June 2024
Number of ETPs issued Number of ETPs issued
During the financial year:
the Company had a profit before tax of USD 212,865 (2024: profit of USD 137,155) and a loss after tax of USD 53,223 (2024: profit of USD 4,935) ;
the Company's realised gains on Component securities amounted to USD 377,883,371 (2024: gains of USD 101,493,283);
the Company's unrealised gains on Component securities amounted to USD 75,864,000 (2024: losses USD 62,729,346);
the total fair value of the ETP Securities in issue was USD 1,249,420,168 (2024: USD 715,400,215) as disclosed in note 11 to the financial statements;
The Directors ("the Directors") present their annual report and audited financial statements of Leverage Shares Public Limited Company (the “Company”) for the
financial year ended 30 June 2025.
The Company is a limited liability company, incorporated in Ireland on 27 January 2017, under Irish Company law with registered number 597399. The Company
is an orphan vehicle, with the shares held for the benefit of a charitable trust (see note 15). The Company is registered in Ireland for taxation as a Section 110
vehicle. The Company has been established as a special purpose vehicle (the "SPV") for the purpose of issuing exchange traded securities. The Company
commenced trading on 8 December 2017. The Company does not have any branches. There were no acquisitions of own shares by the Company during the
financial year (2024:nil).
The Company established a collateralised exchange traded product programme (the "Programme") under which the Company issues, on an ongoing basis,
collateralised exchange traded products (the “ETPs”) of different series (each a “Series”) or tranches (each a ''Tranche'') linked to underlying traded financial
instruments each providing leveraged long or short exposure to specified financial instruments (including derivatives) or basket of financial instruments tracking
particular investment strategies, indices, commodities or industry sectors (each individually a “Component Security”, collectively the “Component Securities”). The
aggregate number of ETPs issued under the Programme will not at any time exceed 5,000,000,000,000.
Each Series constitutes limited recourse obligations of the Company, secured on and payable solely from the Component Securities constituting the ETPs in respect
of such Series. Each Series of ETPs may comprise one or more Tranches. The ETPs have been listed for trading on the London Stock Exchange, Euronext
Amsterdam, Borsa Italiana and Deutsche Borse Xetra.
Each ETP provides leveraged or short exposure to a Component Security. Each Series is assigned a leverage factor in the relevant final terms. The proceeds of the
issuance of each Series or Tranche will be deposited with a margin loan provider, being Interactive Brokers LLC, Morgan Stanley & Co LLC or BNY Pershing LLC
for the financial year ended 30 June 2025 (the "Custodian" and the "Margin Account Provider"). For leveraged Series, the Margin Account Provider provides
funding so as to enable an amount equal to the proceeds of the issuance of the relevant Series multiplied by the applicable leverage factor will be invested in the
Component Security of the relevant Series. For each Series providing long exposure, the Company has physical ownership of the Component Securities. For Series
providing short exposure, the Company will short sell the Component Securities which it will borrow from the Margin Account Provider with the proceeds from the
issuance acting as collateral.
The ETPs do not bear interest at a fixed rate with certain new ETPs launched in the current financial year bearing interest that is set monthly. The return (if any) on
the ETPs is calculated in accordance with the redemption provisions set out in the base prospectus of the Company.
the Company's realised losses on ETP securities amounted to USD 377,883,371 (2024: losses of USD 101,493,283);
During the financial year ended 30 June 2025, the Company redeemed in full 5 Series (2024: 43 series) and issued 23 Series of ETPs (2024: 17 Series). As at 30
June 2025, the Company had 167 Series in issue (2024: 149 Series). Refer to note 11 to the financial statements for further details.
the Company's unrealised gains on ETP securities amounted to USD 83,860,747 (2024: gains of USD 118,276,297);
As at 30 June 2025:
Leverage Shares Public Limited Company
Page 4
Directors' report (continued)
Going concern
Principal risks and uncertainties
Market overview
The following aspects of the underlying market may affect the market price of the ETP Securities among other factors:
the value and volatility of the Index referenced by such Series of ETP Securities and the Component Securities underlying that Index;
the nature and value of any Component Securities relating to such Series of ETP Securities;
market perception, interest rates, yields and foreign exchange rates; and
whether or not any market disruption is subsisting.
Results and dividends for the financial year
Significant events during the financial year
Morgan Stanley LLC and BNY Pershing LLC were appointed as Margin Loan providers;
Optiver VOF was appointed as an Authorised Participant with effect from 6 May 2025;
FlexAdvisor Limited was appointed as an Portfolio Administrator with effect from 23 June 2025; and
Flexinvest Limited was appointed as an Portfolio Administrator with effect from 23 June 2025. *
There were no other significant events occurring during the financial year ended 30 June 2025 (2024: nil).
Directors, Company secretary and their Interests
The following persons who acted as Directors and Company secretary during the financial year end are:
Neil Fleming (Irish) (Independent and Non-Executive)
Ciaran Connolly (Irish) (Non-Executive)
Tracy Grant (Irish) (Appointed on 22 July 2024 and resigned on 10 January 2025)
Stephen McQuaid (Appointed on 28 October and resigned on 30 October 2025 )
Apex IFS Limited (Company secretary)
Shares and shareholders
The ETP's are exposed to investor sentiment as regards: the overall markets, specific sectors; individual equities; and, investment strategies. The ETPs can therefore
be exposed to significant price adjustments, which are magnified by the use of leverage in some of the products.
The key risks to the business relate to the use of financial instruments, which are further disclosed below in this report.
For the period from 1 July 2024 to 30 June 2025, the S&P 500 was up 13.2% while the Nasdaq-100 was up 15.2%. Tech companies dominated investor appetite at
the start of 2025 pushing both indices up at a rate higher than that seen in the second half of 2024. As consumption of goods and services continue to be impacted
by inflationary effects and high rates, energy and financials showed some signs of resilience unlike most non-tech stocks.
The total comprehensive loss for the financial year amounted to USD 53,223 (2024: profit of USD 4,935). The Directors do not recommend the payment of a
dividend for the financial year (2024: USD Nil).
The Directors have assessed the ability of the Company to continue in operational existence for twelve months from the date of approval of the financial statements
("the period of assessment") and have concluded that it is appropriate to prepare the financial statements on a going concern basis. The nature of the Company’s
business dictates that the outstanding ETPs may be redeemed at any time by any authorised participant who has entered into an authorised participant agreement
with the Company. As the redemption of ETPs will coincide with the sale of an equal amount of the Component Security, no liquidity risk is considered to arise.
The Company has entered into its primary service contracts with service providers on a non-recourse and non-petition basis and these costs are being met by
Leverage Shares Management Company Limited (as Arranger) and in return the Arranger receives the arrangement fees earned on the Series. Therefore, the
Directors are confident that the Company will have the ability to continue to pay its operating costs and any redemptions that may arise within the period of
assessment.
None of the Directors who held office from 1 July 2024 to 30 June 2025 held any ETP securities, shares, debentures or loan stock of the Company on that date or
during the financial year (2024: same). There were no contracts of any significance in relation to the business of the Company in which the Directors had any
interest, as defined in Section 329 of the Companies Act 2014, at any time during the financial year. Further information is set out in note 16 to the financial
statements.
The authorised share capital of the Company is EUR 25,000 which has been fully issued and paid. All the issued shares are held by Monument Trustees Limited.
All shares are held in trust for an undefined charity under the terms of declaration of trust. Further information is set out in note 14 and note 15 to the financial
statements.
The Company had a small deficit in reserves since prior years and had engaged with the Arranger on the means to address same. For this financial year, the
Company has incurred a further loss that increased the deficit.
Based on the above, the directors have concluded that the Company has no material uncertainties which would cast a significant doubt on the Company's ability to
continue as a going concern over the period of assessment.
* Pursuant to the terms of the agreement, the Portfolio Administrator will be appointed in relation to each Series in respect of which the Issuer and the Portfolio
Administrator have entered into a Confirmation of Appointment of Portfolio Administrator letter (“Confirmation Letter”). Flexinvest Limited has entered into two
Confirmation Letter, dated 15 September 2025 and 27 October 2025 respectively, with respect to all current Series.
The below service provider changes also occurred during the year:
Leverage Shares Public Limited Company
Page 5
Directors' report (continued)
Corporate Governance Statement
Introduction
There are no restrictions on voting rights of shareholders.
Appointment and replacement of Directors and Amendments in the Constitution
Powers of Directors
Financial Reporting Process
Risk Assessment
Control Activities
Transfer of shares
Accounting records
Risk management objectives and policies
There are no other significant subsequent events which need to be adjusted or disclosed in the audited financial statements.
The Company is subject to and complies with the Irish statute comprising the Companies Act 2014 and the listing rules of various exchanges on which the
Company has ETPs listed.
No Director has any direct or indirect holding of securities in the Company. No Director has any special rights of control over the Company’s share capital.
Regarding the appointment and replacement of Directors, the Company is governed by its constitution and Irish Statute comprising the Companies Act 2014. The
constitution may be amended by special resolution of the shareholders.
The Board of Directors (the “Board”) is responsible for managing the business affairs of the Company in accordance with the constitution. The Directors may
delegate certain functions to the issuing & paying agent (the "IPA") and other parties, subject to the supervision and direction of the Directors. The Directors have
delegated the day to day administration of the Company to Apex IFS Limited (the “Administrator”).
The Board in appointing various service providers has given consideration to their experience and their processes to: assess the risk of irregularities, whether caused
by fraud or error in financial reporting; ensure that processes are in place for the timely identification of internal and external matters with a potential effect on
financial reporting; identify changes in accounting rules and recommendations; and to ensure that these changes are accurately reflected in the Company’s financial
statements.
The Administrator is contractually obliged to design and maintain control structures to manage the risks which the Board judges to be significant for internal
control over financial reporting. These control structures include appropriate division of responsibilities and specific control activities aimed at detecting or
preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements and the related ETPs in the Company’s
financial statements.
The Directors believe that they have complied with requirements of Section 281 to 285 of the Companies Act 2014 with regards to keeping adequate accounting
records by contracting with the Administrator who has appropriate experience and expertise. The accounting records of the Company are maintained at 2nd Floor,
Block 5, Irish Life Centre, Abbey Street Lower, Dublin 1, Ireland.
The principal risks and uncertainties facing the Company relate to the financial instruments held by the Company. The main risks the Company has exposure to are
credit risk, liquidity risk, market risk, operational risk and concentration risk. The risk profile of the Company is such that market, credit, liquidity and other risks of
the Component Securities are borne fully by the holders of ETPs issued due to the limited recourse nature of these ETPs. Information about the financial risk
management objectives and policies of the Company, along with exposure of the Company to these risks, are disclosed in note 17 to the financial statements.
The Board is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial
reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company’s financial reporting objectives and can
only provide reasonable and not absolute assurance against material misstatement or loss.
The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of the financial reporting process.
These include appointing the Administrator to maintain the accounting records of the Company. The Administrator is contractually obliged to maintain proper
books and records as required by the Corporate Services agreement. The Administrator is also contractually obliged to prepare, for review and approval by the
Board, the annual report including financial statements intended to give a true and fair view.
The Board evaluates and discusses significant accounting and reporting issues as the need arises. From time to time, the Board may examine and evaluate the
Administrator financial accounting and reporting routines and monitors and evaluates the external auditors’ performance, qualifications and independence. The
Administrator has operating responsibility for internal control in relation to the financial reporting process and reports to the Board.
The Company has issued ordinary shares and any transfer of these must be in accordance with the trust deed and any trustee restrictions. The instrument of transfer
of any share shall be executed by or on behalf of the transferor and, in cases where the share is not fully paid, by or on behalf of the transferee. The transferor shall
be deemed to remain the holder of the share until the name of the transferee is entered on the register in respect thereof. The Directors in their absolute discretion
and without assigning any reason therefore may decline to register any transfer of a share. If the Directors refuse to register a transfer they shall, within two months
after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.
Significant subsequent events
The following service providers were appointed:
Jane Street Financial Limited was appointed as an Authorised Participant effective 15 September 2025;
Flow Trader B.V was approved as a Authorised Participant at a board meeting held on 10 October 2025; and
GWM Limited ceased as a Portfolio Administrator effective 27 October 2025.
Leverage Shares Public Limited Company
Page 16
Statement of comprehensive income
For the financial year ended 30 June 2025
30-Jun-25 30-Jun-24
Note USD USD
Dividend income 4 8,375,588 2,719,636
Realised gains on Component securities 4 377,883,371 101,493,283
Unrealised gains/(losses) on Component securities 4 75,864,000 (62,729,346)
Realised losses on ETP securities 4 (377,883,371) (101,493,283)
Unrealised gains on ETP securities 4 83,860,747 118,276,297
Operating expenses 6 (7,787,435) (3,723,723)
Interest expense 5 (160,100,035) (54,405,709)
Operating profit before tax
212,865 137,155
Tax on profit on ordinary activities 7 (266,088) (132,220)
Total comprehensive (loss)/profit
(53,223) 4,935
All of the items dealt with in arriving at the profit for the financial year are from continuing operations, no income is recognised in other comprehensive income.
Financial year
ended
Financial year
ended
The notes on pages 20 to 43 form an integral part of the financial statements.
Leverage Shares Public Limited Company
Page 18
Statement of changes in equity
For the financial year ended 30 June 2025
Note
USD USD USD
Balance as at 1 July 2023 26,703 (44,642) (17,939)
Total comprehensive profit for the financial year - 4,935 4,935
Balance as at 30 June 2024
14 26,703 (39,707) (13,004)
Balance as at 1 July 2024 26,703 (39,707) (13,004)
Total comprehensive loss for the financial year - (53,223) (53,223)
Balance as at 30 June 2025
14 26,703 (92,930) (66,227)
Retained deficit
The notes on pages 20 to 43 form an integral part of the financial statements.
Called up share
capital presented
as equity
Total
shareholders'
funds
Leverage Shares Public Limited Company
Page 19
Statement of cash flows
For the financial year ended 30 June 2025
30-Jun-25 30-Jun-24
Note USD USD
Cash flows from operating activities
Total comprehensive (loss)/profit (53,223) 4,935
Adjustments for:
Realised gains on Component securities 4 (377,883,371) (101,493,283)
Realised losses on ETP securities 4 377,883,371 101,493,283
Unrealised (gains)/losses on Component securities 4 (75,864,000) 62,729,346
Unrealised gains on ETP securities 4 (83,860,747) (118,276,297)
Movements in working capital
Net cash outflow on Component securities (934,990,325) (479,173,850)
(Increase)/decrease in other receivables 9 (255,718) 1,295,285
Increase/(decrease) in other payables 12 29,662,028 (4,556,522)
Change in amounts due from Custodian and due to Custodian 10 825,943,927 327,724,753
Net cash used in operating activities
(239,418,058) (210,252,350)
Cash flows from financing activities
ETP Securities issuances at cost during the financial year 2,038,319,008 510,676,766
ETP Securities redemptions during the financial year (1,798,900,950) (300,424,416)
239,418,058 210,252,350
Movement in cash and cash equivalents
- -
Cash and cash equivalents at start of the financial year - -
Cash and cash equivalents at end of the financial year
- -
Supplementary information
Dividends received 8,119,870 1,146,247
Interest expense paid 155,860,670 55,559,931
The dividend received and interest paid are classified within the operating activities.
Financial year
ended
Financial year
ended
Net cash generated from financing activities
The notes on pages 20 to 43 form an integral part of the financial statements.
Leverage Shares Public Limited Company
Page 20
Notes to the financial statements
For the financial year ended 30 June 2025
1 General information
2 Basis of preparation
(a) Statement of compliance
Going Concern
(b) Functional and presentation currency
The accounting policies set out below have been applied in preparing the financial statements for the financial year ended 30 June 2025 and in the
comparative information presented in these financial statements which is for the financial year ended 30 June 2024.
The Directors have assessed the ability of the Company to continue in operational existence for twelve months from the date of approval of the financial
statements ("the period of assessment") and have concluded that it is appropriate to prepare the financial statements on a going concern basis. The nature
of the Company’s business dictates that the outstanding ETPs may be redeemed at any time by any authorised participant who has entered into an
authorised participant agreement with the Company. As the redemption of ETPs will coincide with the sale of an equal amount of the Component
Security, no liquidity risk is considered to arise. The Company has entered into its primary service contracts with service providers on a non-recourse and
non-petition basis and these costs are being met by Leverage Shares Management Company Limited (as Arranger) and in return the Arranger receives the
arrangement fees earned on the Series. Therefore, the Directors are confident that the Company will have the ability to continue to pay its operating costs
and any redemptions that may arise within the period of assessment.
These financial statements are presented in US dollar ("USD") which is the Company’s functional currency. The Directors have elected to present the
Company’s financial statements in USD. Functional currency is the currency of the primary economic environment in which the entity operates. The
Directors of the Company believe that USD most faithfully represents the economic effects of the underlying investing and financing activities of the
Company.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary items
that are denominated in foreign currencies are recognised in the Statement of comprehensive income in the year. Foreign exchange gains and losses on
financial assets and financial liabilities are included in the Statement of comprehensive income.
The Company had a small deficit in reserves since prior years and had engaged with the Arranger on the means to address same. For this financial year,
the Company has incurred a further loss that increased the deficit.
Transactions in currencies other than USD are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date,
monetary items denominated in foreign currency are retranslated at the rates prevailing at the reporting date and the non-monetary items that are measured
in terms of historical cost in a foreign currency is translated using the exchange rate at the date of the transaction.
Each Series constitutes limited recourse obligations of the Company, secured on and payable solely from the Component Securities (including cash held as
collateral) constituting the ETP in respect of such Series. Each Series of ETPs may comprise one or more Tranches. The ETPs have been listed for trading on
the London Stock Exchange, Euronext Amsterdam, Borsa Italiana and Deutsche Boerse Xetra.
Each ETP provides leveraged or short exposure to a single Component Security. Each Series is assigned a leverage factor in the relevant final terms. The
proceeds of the issuance of each Series or Tranche will be deposited with the Custodian and the Margin Account Provider. For leveraged Series, the Margin
Account Provider will procure that an amount equal to the proceeds of the issuance of the relevant Series multiplied by the applicable leverage factor will be
invested in the Component Security of the relevant Series. For each Series providing long exposure, the Company has physical ownership of the Component
Securities. For Series providing short exposure, the Company will short sell the Component Securities which it will borrow from the Margin Account Provider
with the proceeds from the issuance acting as collateral.
The financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the European Union ("IFRS") and in accordance with
the Companies Act, 2014.
The financial statements have been prepared on the historical cost basis except financial assets and liabilities held for trading at fair value through profit of
loss which are measured at fair value.
Based on the above, the directors have concluded that the Company has no material uncertainties which would cast a significant doubt on the Company's
ability to continue as a going concern over the period of assessment.
The Company is a limited liability company, incorporated in Ireland on 27 January 2017, under Irish Company law with registered number 597399. The
Company is an orphan vehicle, with the shares held for the benefit of a charitable trust (see note 15). The Company is registered in Ireland as a Section 110
vehicle. The Company has been established as an SPV for the purpose of issuing exchange traded securities. The Company commenced trading on 8 December
2017.
The Company established a collateralised Programme under which the Company issues, on an ongoing basis, collateralised ETPs of different Series or Tranche
linked to underlying financial instruments each providing leveraged long or short exposure to specified Component Securities. The aggregate number of ETPs
issued under the Programme will not at any time exceed 5,000,000,000,000.
Leverage Shares Public Limited Company
Page 21
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
2 Basis of preparation (continued)
(c)
Use of estimates and judgements
Critical judgements in applying accounting policies on the valuation of financial instruments
Key sources of estimation uncertainty
Determining the fair value of financial instruments as disclosed in Note 8 and 11 of the financial statements
(d) New standards, amendments or interpretations
(i)
Standards effective for annual periods beginning on or after 1 January 2024
The following standards were effective during the financial period:
- Amendment to IAS 1 – Classification of Liabilities as Current or Non-Current and Non-current liabilities with covenants
- Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements
(ii) Standards not yet effective, but available for early adoption
Description
3
Material accounting policy information
(a) Realised gains on Component securities
For financial instruments that trade infrequently and have little price transparency, fair value is less objective, and requires varying degrees of judgment
depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument.
Fair values of ETPs are calculated using predetermined formula, where prices of underlying financial instruments, which track quoted market prices, are
used as inputs to the formula alongside the leverage factor, margin account interest expense and arrangement fees (which are all observable and set out in
the agreement for each ETP). These prices are compared to prior day prices and any variation results in either an unrealised gain or loss. The use of
defined underlying financial instruments and formulae reduces estimation uncertainty.
The following are the critical judgements on the valuation of the financial instruments, apart from those involving estimations, that the Directors have
made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial
statements. Refer to note 3(i) to the financial statements.
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that may affect the application of
accounting policies and the reported amounts of receivables, payables, income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
IFRS 18- Presentation and Disclosure in Financial Statements
The Directors have considered the new standards as detailed in the above table and does not plan to adopt these standards early. The application of the
above standards will be considered in detail in advance of a confirmed effective date by the Company. The Directors do not expect these standards to have
a material impact on the disclosures in the financial statements.
These are recognised on disposal of component securities, when the disposal price is not equal to the initial carrying value of the component securities and
its related short exposures. Any gains and losses arising from sale of the component securities are recorded in the Statement of comprehensive income.
Details of recognition and measurement of financial assets and financial liabilities are disclosed in the accounting policy of financial instruments (note 3(i)
to the financial statements).
01 January 2027*
IFRS 19- Subsidiaries without Public Accountability: Disclosures 01 January 2027*
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period or in the period of the revision and in future periods affected.
*Where new requirements are endorsed, the EU effective date is disclosed. For un-endorsed standards and interpretations, the IASB’s effective date
is noted. Where any of the upcoming requirements are applicable to the Company, it will apply them from their EU effective date.
- Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback
The adoption of the above standards has not had any material impact on the disclosures or on the amounts reported in these financial statements.
Effective date*
Amendments to IAS 21- The Effects of changes in Foreign Exchange Rates: Lack of Exchangeability 01 January 2025*
Annual Improvements to IFRS Accounting Standards - Volume 11 01 January 2026*
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9,
Financial Instruments and IFRS 7, Financial Instruments: Disclosures)
01 January 2026*
01 January 2026*
The Component Securities are traded regularly on US stock exchanges and the prices listed on the exchange of these securities as at 30 June 2025
represent their fair value. The last traded prices were used to determine their fair value.
Amendment to IFRS 9 and IFRS 7 - Contract Referencing Nature-Dependent Electricity
The fair value of the ETPs and the component securities are disclosed in Note 8 and Note 11, respectively.
Leverage Shares Public Limited Company
Page 22
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
3
Material accounting policy information (continued)
(b) Realised losses on ETP securities
(c) Unrealised gains/(losses) on Component securities
(d) Unrealised gains on ETP securities
(e)
(f)
(g)
(h)
(i)
Classification
Financial assets are measured at fair value through profit or loss if:
These relate to issuances of ETP Securities and includes unrealised fair value changes. All unrealised gains and losses on ETP securities are primarily
attributable to market risk arising from price movements on the ETP Securities. Any gains and losses arising from changes in fair value of the ETP
securities are recorded in the Statement of comprehensive income. Details of recognition and measurement of financial liabilities are disclosed in the
accounting policy of financial instruments (note 3(i) to the financial statements).
Dividend income
Dividend income is shown net of withholding tax and is recognised on the ex-dividend date of the dividends. The Company receives dividend income on
its Component Securities.
Interest expense
Taxation
These relate to investments in Component securities and its related short exposures and includes unrealised fair value changes. All unrealised
(losses)/gains on Component securities and its related short exposures are attributable to market risk arising from price movements on the Component
Securities. Any gains and losses arising from changes in Component securities and its related short exposures are recorded in the Statement of
comprehensive income. Details of recognition and measurement of financial assets and financial liabilities are disclosed in the accounting policy of
financial instruments (note 3(i) to the financial statements).
A daily margin interest rate corresponding to the relevant benchmark rate plus a margin is charged to the relevant Series arising from the borrowing costs
incurred in obtaining exposure to the Component Security of such Series.
Corporation tax is provided on taxable profits at current rates applicable to the Company’s activities in accordance with Section 110 of the Taxes
Consolidation Act 1997. Deferred taxation is accounted for, without discounting, in respect of all temporary differences between the treatment of certain
items for taxation and accounting purposes which have arisen but not reversed by the reporting date.
Provision is made at the tax rates which are expected to apply in the periods in which the temporary differences reverse. Deferred tax assets are recognised
only to the extent that it is considered more likely than not that they will be recovered.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that related tax benefit will be realised.
Withholding tax is a generic term used for withholding tax deducted at source from the income. The Company shows the net investment income after
deducting the withholding tax in the Statement of comprehensive income.
Operating expenses
The Company pays an arrangement fee to Leverage Shares Management Company Limited (the "Arranger") calculated based on a percentage per annum
of the ETP Security value (as defined in the base prospectus of the Company) of the ETP Securities. The arrangement fees are accrued daily and are
recorded in the Statement of comprehensive income.
Financial instruments
it is not held within a business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and sell; or
at initial recognition, it is irrevocably designated as measured at fair value through profit or loss when doing so eliminates or significantly reduces a
measurement or recognition inconsistency that would otherwise arise measuring assets or liabilities or recognising the gains and losses on them on
different bases.
Note that the financial assets and financial liabilities are not only composed of financial instruments measured at FVTPL. There are other assets and
liabilities measured at amorised cost.
its contractual terms do not give rise to cash flows on specified dates that are solely payments of principal and interest (SPPI) on the principal
amount outstanding;
In return for the arrangement fee, various operational expenses such as initial portfolio administrator fees, determination agent fees, registrar fees, trustee
fees, listing fees, audit fees, tax fees and legal fees are borne by Leverage Shares Management Company Limited.
These are recognised on redemption of the ETP securities when the redemption price is not equal to the initial carrying value of the ETP securities. Any
gains and losses arising from sale of the ETP securities are recorded in the Statement of comprehensive income. Details of recognition and measurement of
financial liabilities are disclosed in the accounting policy of financial instruments (note 3(i) to the financial statements).
Interest on ETP Securities arise on distributions declared out of the relevant ETP based on the stipulation of terms and are recognised in the Statement of
Comprehensive Income as and when incurred.
Interest expense is recognised using the effective interest rate method for interest expense on margin borrowings and using accrual basis for interest
expense on ETP securities.
Leverage Shares Public Limited Company
Page 23
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
3
Material accounting policies (continued)
(i)
Financial assets are classified at amortised cost when both of the conditions are met:
its contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding; and
it is held within a business model whose objective is to hold the financial instruments to collect contractual cash flows.
The Company's other receivables, amounts due to and from custodian and other payables are measured at amortised cost.
Recognition
Initial measurement
Subsequent measurement
Derecognition
Offsetting
Expected credit losses ("ECLs")
Financial liabilities that are not classified as at fair value through profit or loss are measured at amortised cost.
Loss allowances are measured on either of the following basis: 12-month ECLs that result from possible default events within the 12 months after the
reporting date; and lifetime ECLs that result from all possible default events over the expected life of a financial instrument. For other receivables, the
Company measures loss allowances applying a simplified approach at an amount equal to lifetime ECLs.
A financial asset is derecognised where the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive
cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through
arrangement and either the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of
the asset.
When the Company has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither
transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the
Company’s continuing involvement in the asset. In that case, the Company also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights and obligations that the Company has retained.
The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired. Any gains or losses on
derecognition of financial instruments are recorded in realised gain/loss on financial assets/liabilities at fair value through profit or loss.
Financial assets and liabilities are offset and the net amount presented in the Statement of financial position when, and only when, the Company has a
legal right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Income and
expenses are presented on a net basis only when permitted by the accounting standards, or for gains and losses arising from a group of similar transactions.
The Company initially recognises all financial assets and liabilities on the trade date at which the Company becomes a party to the contractual provisions
of the instruments.
Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the
marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
Financial assets and financial liabilities at fair value through profit or loss are recorded in the Statement of financial position at fair value. All transaction
costs for such instruments are recognised directly in Statement of comprehensive income.
Financial assets and liabilities (other than those classified as held for trading or designated at fair value) are measured initially at their fair value plus or
minus any directly attributable incremental costs of acquisition or issue. For financial assets and liabilities where the fair value at initial recognition does
not equal the transaction price, the Company recognises the difference in the Statement of comprehensive income, unless specified otherwise.
Under IFRS 9 the “expected credit loss” (or “ECL”) model is utilised as it requires a more timely recognition of expected credit losses. An allowance for
expected credit losses is recorded for financial assets classified as amortised cost.
Financial liabilities are measured at fair value through profit or loss when they are either held for trading or designated upon initial recognition at fair
value through profit or loss.
The Company’s Component Securities, as well as the ETPs, are by nature financial assets and financial liabilities at fair value through profit or loss
respectively as they are held for trading.
Financial instruments (continued)
After initial measurement, all financial instruments classified as at fair value through profit or loss are measured at fair value. Subsequent changes in the
fair value of those financial instruments are recorded in unrealised gains or losses on financial assets and financial liabilities at fair value through profit or
loss. Interest paid and dividend earned on these instruments are recorded separately in interest expense and dividend income.
Financial assets and financial liabilities are subsequently measured at amortised cost using the effective interest method. Financial assets measured at
amortised cost are subject to impairment assessment in accordance with the expected credit loss model under IFRS 9. Other receivables, amount due to
and from custodian and other payables are measured at amortised cost.
Leverage Shares Public Limited Company
Page 24
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
3
Material accounting policies (continued)
(i)
Expected credit losses ("ECLs") (continued)
(j)
(k) Segmental reporting
The financial results from this segment are equivalent to the financial statements of the Company as a whole.
The following is a geographical analysis of the revenue from dividend income by the country of the counterparty:
30-Jun-25 30-Jun-24
USD USD
United States 6,235,644 2,024,775
China and Hong Kong 1,982,003 643,576
United Kingdom 157,941 51,285
8,375,588 2,719,636
(l)
Other receivables
(m)
Other payables
Other payables are accounted at amortised cost.
(n)
4 Revenue
30-Jun-25 30-Jun-24
USD USD
Dividend income 8,375,588 2,719,636
Realised gains on Component securities 377,883,371 101,493,283
Unrealised gains/(losses) on Component securities 75,864,000 (62,729,346)
Realised losses on ETP securities (377,883,371) (101,493,283)
Unrealised gains on ETP securities 83,860,747 118,276,297
168,100,335 58,266,587
Financial year
ended
Financial year
ended
Expected credit loss provisions are calculated using a forward-looking expectation of deterioration of credit risk. In line with IFRS 9, the Company's
approach to new ECLs reflected a probability-weighted outcome, the time value of money and reasonable and supportable information that was available
without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.
Amounts due to/from Custodian
Amounts due to/from Custodian include margin accounts and payables from Component Securities purchased (in a regular way transaction) that have
been contracted for, but not yet delivered, on the reporting date. Margin accounts represent cash borrowings or, in respect of positive balances, cash held
in the margin account as collateral for short positions or awaiting investment/redemption. Amounts due to/from Custodian are measured initially at their
fair value plus any directly attributable incremental costs of acquisition or issue. These are carried at amortised cost using the effective interest method less
any allowance for impairment.
The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.
See note 17 (b) for further discussion on credit risk.
The standard on segmental reporting puts emphasis on the “management approach” to reporting on operating segments. An operating segment is a
component of the Company that engages in business activities from which it may earn revenue and incur expenses.
The Company is engaged in one segment, being a collateralised ETP Securities Programme under which the Company issues on an ongoing basis ETP
Securities of different Series linked to a range of equity securities. All the Company’s ETPs track equities of US, UK and Chinese companies.
Financial year
ended
Financial year
ended
Financial instruments (continued)
For financial assets classified as at amortised cost, including loss allowances, are measured as 12-month ECLs unless there has been a significant increase
in credit risk since origination, in which case the allowance is based on the lifetime ECLs.
ECL amounts which are material are presented in the Statement of Financial Position as a reduction from the gross carrying amount of the asset.
Based on the ECL review carried out by the directors, no such losses have been recorded for the financial year, as the amount was not considered to be
material at financial year end (2024: Immaterial).
Receivables that are stated at amortised cost are assessed at each reporting date to determine the appropriate ECL in accordance with IFRS 9. Any changes
in the ECL allowance are recognised in the Statement of comprehensive income.
Other receivables do not carry any interest and are short-term in nature and have been reviewed for any evidence of expected credit losses. Other
receivables are accounted at amortised cost.
Share capital
The authorised share capital of the Company is EUR 25,000 divided into 25,000 ordinary shares of EUR 1 each. All of this has been issued and called up.
The issued and called-up share capital is presented under equity in the Statement of financial position. Incremental costs directly attributable to the issue of
new shares are shown in equity as a deduction, net of tax, from the proceeds.
Leverage Shares Public Limited Company
Page 25
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
5 Interest expense
30-Jun-25 30-Jun-24
USD USD
Interest expense incurred for margin financing 148,385,360 54,405,709
Interest expense on ETP Securities 11,714,675 -
160,100,035 54,405,709
Interest on ETP Securities arise on distributions declared out of the relevant ETP based on the stipulation of terms.
6
Operating expenses
30-Jun-25 30-Jun-24
USD USD
Arrangement fee expense 7,715,471 3,723,779
Other expenses/(income) 71,964 (56)
7,787,435 3,723,723
The following expenses that arose in respect of the Company were included in the costs borne by Leverage Shares Management Company Limited:
30-Jun-25 30-Jun-24
USD USD
Auditors’ remuneration – Statutory Assurance services 78,055 64,176
Tax compliance services 4,981 4,550
Filing of 46G Return and iXBRL 1,172 -
Directors’ remuneration 11,720 8,564
7 Tax on profit on ordinary activities
30-Jun-25 30-Jun-24
USD USD
Current tax on income for the financial year 266,088 132,220
266,088 132,220
Reconciliation of effective tax rate
Profit before tax 212,865 137,155
Current tax at 25% 53,216 34,289
Effects of:
Non-deductible expense 212,872 97,931
266,088 132,220
All the above are only for qualifying services during the financial year and there was no other remuneration earned by the Directors of the Company in respect
of services provided to the Company (2024: USD Nil). Leverage Share Management Company Limited covers all director fees in respect of the Company. See
note 16 for additional disclosures.
Financial year
ended
Financial year
ended
A daily margin interest rate corresponding to the relevant benchmark rate plus a margin is charged to the relevant Series arising from the borrowing costs
incurred in obtaining exposure to the Component Security of such Series.
The Company pays arrangement fees that are dependent on the terms of each Series. The majority of Series have a fixed fee of up to 1.25% p.a., calculated
daily, while certain Series include a performance related element.
General operational expenses such as issuing & paying agent fees, determination agent fees, registrar fees, trustee fees, listing fees, audit fees, tax fees and legal
fees are borne by Leverage Shares Management Company Limited.
The auditor of the Company earned no other fees from the Company (2024: USD Nil).
Current tax:
Total tax charge
Financial year
ended
Financial year
ended
Financial year
ended
Financial year
ended
Financial year
ended
Financial year
ended
The Company will continue to be taxed at 25% (2024: 25%) in accordance with Section 110 of the Taxes Consolidation Act, 1997. There is no deferred tax
charge in respect of the financial year (2024: USD Nil).
The Company had no employees during the financial year (2024: none).
Section 305A(1)(a) of the Companies Act 2014 (as amended), requires disclosure that Apex Corporate Services (Ireland) Limited, received USD 326 (2024:
USD 325) for the financial year ended 30 June 2025, as consideration for the making available of individuals to act as Directors of the Company. The terms of
the corporate services agreement in place between the Company and Apex Corporate Services (Ireland) Limited, provides for a single fee for the provision of
corporate administration services (including the making available of individuals to act as Directors of the Company). As a result, the allocation of fees between
the different services provided is a subjective and approximate calculation. The individuals acting as Directors do not (and will not), in their personal capacity
or any other capacity, receive any fee for acting or having acted as Directors of the Company. For the avoidance of doubt, notwithstanding that the Directors of
the Company are employees of Apex Corporate Services (Ireland) Limited, as from the same date, they each do not receive any specific remuneration for acting
as Directors of the Company.
Leverage Shares Public Limited Company
Page 26
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
8 Financial assets at fair value through profit or loss
30-Jun-25 30-Jun-24
USD USD
Investment in Component Securities 3,367,625,495 1,935,575,783
Component Securities Code Fair value Cost Fair value Cost
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
Advanced Micro Devices LS AMD2x 866,016 675,200 950,713 950,746
Advanced micro devices LS AMDYx 22,890 25,777 - -
Airbnb LS ABN3x 752,882 780,067 1,158,453 1,166,984
Alibaba group holding LS BABA2x 2,110,333 2,292,736 1,464,552 1,568,633
Alibaba group holding LS BAB3x 25,755,524 27,700,905 16,280,496 18,214,052
Alphabet Inc LS GOOG 14,096,296 13,194,353 13,104,258 11,419,603
Alphabet Inc LS GOO3x 34,777,842 33,268,013 10,691,185 10,062,314
Alphabet Inc LS 1GOOx 147,234 110,875 384,815 280,210
Alphabet inc-cl c LS GOOIx 833,319 849,636 - -
Amazon.com Inc LS AMZN 13,690,594 12,558,253 14,076,137 12,844,225
Amazon.com Inc LS AMZ3x 23,785,386 22,371,301 15,100,169 14,622,949
Amazon.com Inc LS 1AMZx 310,656 194,223 214,701 130,460
Amazon.com inc LS AMZIx 606,607 613,238 - -
AMD LS AMD3x 75,038,139 64,206,387 23,709,749 23,603,633
Apple Inc LS AAPL 5,547,592 5,695,152 9,912,409 9,017,308
Apple Inc LS AAP3x 18,723,609 18,450,734 10,599,030 9,507,021
Apple inc LS AAPYx 271,369 275,321 - -
ARKG Genomic Tracker LS 1ARGx 861,138 868,724 758,474 869,189
ARKK Innovation Tracker LS 1ARKx 4,537,712 3,018,744 3,608,339 3,397,216
ARKW NextGen Internet Tracker LS 1ARWx 1,262,299 660,691 677,066 497,031
Baidu LS BID3x 11,806,150 12,067,034 2,895,956 3,318,866
Berkshire Hathaway LS BRK2x 10,946,827 11,726,862 2,246,350 2,152,451
Boeing LS BA3x 12,293,963 11,838,402 3,434,165 3,387,067
BP LS BP3Lx 750,106 739,013 793,442 825,544
Broadcom inc LS AVGYx 24,040 25,808 - -
Buffettique Growth ETP LS BUFFx 3,856,935 3,650,923 1,358,439 1,071,768
China ETP LS CHI3x 7,587,160 7,336,049 2,702,760 2,774,124
China Tech LS KWE3x 12,065,073 11,683,756 5,301,432 5,761,112
Coinbase LS 1COIx 996,794 507,020 505,351 516,395
Coinbase LS CON3x 181,963,192 157,623,947 93,321,266 100,305,025
Coinbase global inc -class a LS COIYx 7,393,815 5,638,887 - -
Cordillera Core Balanced Strategy ETP LS CODLx 69,512,130 63,806,376 29,028,917 27,343,495
Disney LS DIS3x 1,359,646 1,231,921 1,741,149 1,959,984
Exxon ETP LS XOM3x 576,191 575,650 630,627 628,928
Facebook Inc LS FB 4,356,207 3,575,045 2,532,697 2,474,083
Facebook Inc LS FB3x 57,602,758 50,072,154 42,974,671 40,437,869
Ferrari ETP LS RAC3x 6,832,573 6,447,486 1,560,876 1,492,120
Germany 40 ETP LS DAX3x 2,531,128 2,363,031 926,871 882,857
Gold ETP LS GLD3x 7,403,406 7,403,722 2,740,732 2,818,068
Gold Miners LS GDX3x 7,448,901 7,197,540 2,662,792 2,799,106
Goldman Sachs Group Inc LS GS 2,606,643 2,159,328 2,047,200 2,013,868
Balance carried forward 633,911,075 575,480,284 322,096,239 321,114,304
All unrealised gains/(losses) on assets are attributable to market risk arising from price movements on the Component Securities.
The Company purchases Component Securities in underlying traded companies, exchange traded funds, derivatives and investment structures as set out in the
relevant Series documentation. The Company has physical ownership of the Component Securities. The Component Securities are traded regularly on US stock
exchanges and the prices listed on the exchange of these securities as at 30 June 2025 represent their fair value.
The Component Securities held by the Company as at 30 June 2025 and 30 June 2024 are as follows:
Leverage Shares Public Limited Company
Page 27
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
8 Financial assets at fair value through profit or loss (continued)
Component Securities Code Fair value Cost Fair value Cost
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 633,911,075 575,480,284 322,096,239 321,114,304
Incomeshares nvidia (nvda) options etp LS MSGYx 100,538 101,665 - -
India ETP LS IND3x 6,969,132 6,540,054 4,440,534 4,217,223
Ishares 20+ year treasury bd LS TLTYx 100,589 99,943 - -
Ishares core ftse 100 acc LS VPBGx 7,749,805 7,722,016 - -
Ishares silver trust LS SLVYx 99,208 100,106 - -
Japan ETP LS JPN3x 2,596,061 2,438,917 1,348,013 1,373,645
JD LS JD3x 2,916,776 3,050,435 1,599,599 2,009,493
JPMorgan Chase & Co LS JPM 1,180,803 1,054,675 804,793 704,399
Kronos Strategy ETP LS KRONOSx 185,584 167,557 979,596 927,550
LCopper ETC LS CULSx - - 110,937 109,923
Long ARKK Innovation LS ARK3x 7,152,570 6,365,471 4,088,141 4,137,326
Long ARM ETP LS ARM3x 9,531,500 8,240,698 9,744,716 9,203,771
Long Artificial Intelligence ETP LS GPT3x 7,254,214 6,506,196 782,569 721,824
Long Financials LS XLF3x 1,358,740 1,300,306 589,065 582,052
Long IONQ ETP LS IONQx - - 1,546,509 1,608,389
Long Magnificent 7 ETP LS MAG7x 232,408,937 221,289,215 32,124,200 31,080,340
Long Oil & Gas LS XLE3x 1,997,106 1,958,786 606,239 620,377
Long Semiconductors ETP LS SOXLx 41,350,892 38,289,676 15,743,790 15,564,809
Long Super Micro Computer ETP LS SMCIx 18,128,358 15,928,248 2,249,935 2,346,772
Long UBS ETP LS UBS3x 182,865 169,850 179,337 183,501
LS Brent Oil ETC LS 1BRNx 79,368 81,363 89,108 84,513
LS FAANG+ ETP LS FAN1x 3,326,345 2,505,300 1,077,629 752,048
LS Natural Gas ETC LS NGLSx 3,866 4,321 1,638 39,043
LS WTI Oil ETC LS WTIx 53,736 53,578 3,900 81,058
Mercedes Benz ETP LS MBG3x 353,658 371,965 287,064 279,763
Meta platforms inc-class a LS METYx 1,167,116 1,013,638 - -
Micron Technology Inc LS MU2x 2,996,454 2,290,972 7,342,662 7,536,317
Microsoft corp LS MSFYx 396,380 348,513 - -
Microsoft Corporation LS MSFT 9,173,733 7,777,039 8,655,634 7,873,817
Microsoft Corporation LS MSF3x 27,171,519 23,002,781 27,848,114 26,273,006
Microsoft Corporation LS 1MSFx 1,179,359 1,005,677 632,881 503,528
Microstrategy inc-cl a LS MST3x 286,538,436 281,495,950 - -
Microstrategy inc-cl a LS MSTYx 21,950 25,515 - -
Moderna LS MRN3x 2,082,190 2,049,016 686,613 856,958
Netflix Inc LS NFLX 7,999,963 6,375,453 4,894,905 4,490,831
Netflix Inc LS NFLX3x 9,511,840 8,256,096 5,035,955 4,683,598
Nio LS 1NIOx - - 355,717 743,530
NIO LS NIO3x 6,773,653 7,455,228 3,929,578 4,649,085
Nvidia corp LS NVDIx 4,442,449 3,837,873 - -
Nvidia Corporation LS NVDA 41,041,220 31,835,132 48,606,072 40,517,253
Nvidia Corporation LS NVD3x 412,377,599 352,524,525 492,541,873 471,568,177
Palantir LS PLT3x 129,654,225 127,003,113 16,565,212 15,358,540
Palantir technologies inc-a LS PLTYx 19,198 25,926 - -
Paypal LS PYP3x 22,858,082 21,235,773 7,844,786 8,530,787
Salesforce.com Inc LS CRM3x 2,292,505 2,268,063 2,617,535 2,448,899
Semiconductors LS SMH3x 12,956,207 11,124,302 7,069,923 6,579,344
Short Volatility Long Tech ETP LS SVLTx 7,806,805 6,059,455 5,594,567 4,778,394
Balance carried forward 1,967,452,609 1,796,830,665 1,040,715,578 1,005,134,187
The Component Securities held by the Company as at 30 June 2025 and 30 June 2024 are as follows (continued):
Leverage Shares Public Limited Company
Page 28
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
8 Financial assets at fair value through profit or loss (continued)
Component Securities Code Fair value Cost Fair value Cost
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 1,967,452,609 1,796,830,665 1,040,715,578 1,005,134,187
Silver ETP LS SLV3x 7,023,243 6,653,097 2,066,402 2,179,618
South Korea ETP LS KOR3x 3,706,073 3,438,420 869,017 853,921
Spdr gold shares LS GLDIx 15,116,344 15,362,738 - -
Square LS SQ3x 3,159,153 2,836,903 1,541,440 1,650,336
Taiwan ETP LS TAI3x 999,621 886,791 141,598 129,164
Taiwan Semiconductor LS TSM3x 22,163,179 19,383,493 23,418,986 22,416,666
Tesla Inc LS TSLA2x 29,843,204 30,806,934 23,254,858 21,049,625
Tesla Inc LS TSL3x 772,812,771 807,874,996 605,105,365 559,457,942
Tesla Inc LS 1TSLx 5,039,994 4,517,600 602,347 685,967
Tesla inc LS TSLIx 4,334,788 4,698,469 - -
TIPS ETP LS TIB5x 673,775 667,806 727,706 725,557
Total World LS VT3x 2,761,766 2,539,174 834,701 802,437
Treasury Bond ETP LS TLT5x 123,761,271 121,539,744 46,416,358 46,349,271
Treasury Bond ETP LS IEF5x 1,685,648 1,668,298 519,851 514,884
Uber LS UBR3x 2,272,788 2,166,308 1,988,597 1,899,877
US 500 LS SP5Yx 40,443,843 38,320,797 14,232,441 13,762,860
US 500 ETP LS SPY3x 4,475,088 4,080,033 2,865,863 2,763,849
US Tech 100 LS QQQ5x 287,395,614 268,141,563 135,437,689 129,278,424
US Tech 100 ETP LS QQL3x 7,990,505 7,249,692 3,043,307 2,965,950
Vanilla Blue Chip Portfolio ETP LS VPCUx 26,388,012 24,565,294 2,824,735 2,786,551
Visa Inc LS V 2,160,834 2,082,950 1,079,539 1,075,693
Wahed FTSE USA Shariah ETP LS WAHEDx 35,426,332 31,485,611 25,907,165 23,606,385
WTI Oil ETP LS WTI2x 539,040 534,858 644,361 595,703
Xpeng ETP LS XPE3x - - 1,337,879 1,461,655
3,367,625,495 3,198,332,234 1,935,575,783 1,842,146,522
9 Other receivables
30-Jun-25 30-Jun-24
USD USD
ETP subscription receivable 13,653,109 3,138,851
Receivable from arranger 667 667
Dividends receivable 936,906 681,188
14,590,682 3,820,706
Based on the review of the Directors, no impairment was recorded for the year (2024:Nil) as the expected losses are considered to be immaterial.
10 Amounts due to/from Custodian
30-Jun-25 30-Jun-24
USD USD
Due from Custodian
Margin accounts - cash collateral for short positions. 177,800,298 102,080,303
Margin cash with Custodian 26,356,957 5,103,296
204,157,255 107,183,599
Due to Custodian
Margin accounts - Leveraged ETPs 2,162,967,104 1,240,049,521
2,162,967,104 1,240,049,521
Based on the review of the Directors, no impairment was recorded for the financial year (2024:Nil) as the expected losses are considered to be immaterial.
The Component Securities held by the Company as at 30 June 2025 and 30 June 2024 are as follows (continued):
The Component Securities are held by the Custodian in margin accounts. Margin accounts include (i) cash borrowings or, (ii) in respect of positive balances,
cash held in the margin account as collateral for short positions. A daily margin interest rate corresponding to the relevant benchmark rate plus a margin is
charged by the Margin Account Provider to the Company due to cash borrowing costs resulting from obtaining exposure to the Component Security of the
relevant index of such Series.
Financial year
ended
Financial year
ended
Financial year
ended
Financial year
ended
Leverage Shares Public Limited Company
Page 29
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
10 Amounts due to/from Custodian (continued)
Component Securities Leverage
30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24
USD USD USD USD
20+ Year Treasury Bond 5 98,383,569 36,928,983 - -
ADVANCED MICRO DEVICES 2 - - 76,663 -
Advanced Micro Devices 2 430,322 473,233 - -
Advanced Micro Devices -1 - - 204,868 850,515
Airbnb 3 494,384 768,486 - -
Alibaba 2 1,080,961 750,734 - -
Alibaba -3 - - 2,458,746 698,806
Alibaba 3 17,515,159 11,140,555 - -
Alphabet 2 6,997,861 6,519,333 - -
Alphabet 3 23,597,636 7,086,539 - -
Alphabet -1 - - 276,808 285,330
Alphabet (Goog) -3 - - 505,473 1,139,378
ALPHABET INC-CL C 3 - - 8,385 -
Alphabet Tracker 1 35 (8) - -
Amazon 2 6,794,434 7,002,028 - -
Amazon 3 15,749,052 10,021,778 - -
Amazon -3 - - 643,762 1,447,703
Amazon Tracker
3 29 (51) - -
AMAZON.COM INC
3 - - 4,788 -
Amd
3 50,537,076 15,446,740 - -
Apple
2 2,752,733 4,931,517 - -
Apple
3 12,411,092 7,029,671 - -
Apple
-1 - - 703,013 303,753
Apple
-3 - - 3,187,637 1,814,012
APPLE INC
3 - - 1,854 -
Arkg Genomic Tracker
3 - - 228 212
Arkk Innovation
-3 - - 872,233 2,294,506
Arkk Innovation Tracker
3 - - 1,114 975
Arkw Nextgen Internet Tracker
1 - - 321 136
ARM ETP
3 6,312,169 6,468,748 - -
Artificial Intelligence (AI) ETP
3 5,046,638 520,154 - -
Artificial Intelligence ETP
-3 - - 539,201 293,415
BABA Jul03'25 118 PUT
1 - - 103,318 -
Baidu
-1 - - 292,983 338,028
Baidu
3 7,816,959 1,920,781 - -
Boeing
3 8,137,967 2,278,728 - -
Boeing
-1 - - 514,556 311,145
Bp
3 496,367 526,157 - -
Brent Oil ETC
3 (357,727) (74) - -
BROADCOM INC
3 - - 78,871 -
Buffettique Growth
3 - 11,301 539 17,648
China
3 5,023,710 1,791,057 - -
China
-3 - - 1,726,288 453,770
China Tech
3 7,986,660 3,512,515 - -
Citigroup
3 - - - -
Coinbase
3 113,592,469 61,821,085 - -
COINBASE GLOBAL INC -CLASS A
3 - - 504,651 -
Coinbase Tracker
1 (108) (138) - -
Copper ETC
3 - - 378,859 -
Cordillera Core Balanced Strategy ETP
3 - 51,690 38,272 -
Disney
3 903,009 1,154,113 - -
Disney
-1 - - 206,873 275,194
Exxon
3 381,005 418,295 - -
Facebook
2 2,161,903 1,258,049 - -
Facebook
3 38,168,827 28,489,926 - -
Facebook
-3 - - 1,198,744 2,308,743
Ferrari
1 4,740,274 1,034,748 - -
Financials
3 897,898 390,721 - -
Financials
-3 - - 483,464 777,763
Germany 40
-3 - - 1,455,181 1,239,211
Germany 40
3 1,678,663 615,805 - -
Balance carried forward 439,731,026 220,363,199 16,467,693 14,850,243
Cash borrowings for long positions Cash collateral for short positions
The following table shows the breakdown of amounts due to/from Custodian on margin accounts as at 30 June 2025 and 30 June 2024:
Leverage Shares Public Limited Company
Page 30
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
10 Amounts due to/from Custodian (continued)
Component Securities Leverage
30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 439,731,026 220,363,199 16,467,693 14,850,243
Gold -3 - - 1,713,512 615,552
Gold 3 4,901,377 1,817,256 - -
Gold Miners 3 4,930,020 1,761,651 - -
Gold Miners -3 - - 1,942,025 742,010
Goldman Sachs 2 1,296,461 1,017,763 - -
Goldman Sachs -1 - - 943,398 335,639
IncomeShares NVIDIA (NVDA) Options ETP 3 - - 129 -
India 3 4,615,298 2,946,300 - -
INVESCO QQQ TRUST SERIES 1 -5 - - 20,420,740 -
IONQ ETP 5 - 1,027,748 - -
ISHARES 20+ YEAR TREASURY BD 3 - - 199 -
ISHARES CORE FTSE 100 ACC 5 571,458 - - -
ISHARES SILVER TRUST 3 255 - 435 -
Japan 3 1,719,352 893,959 - -
Japan -3 - - 715,515 437,667
Jd.Com -1 - - 788,848 542,771
Jd.Com 3 1,930,571 1,058,022 - -
Jpmorgan 2 586,265 400,267 - -
Jpmorgan -1 - - 147,151 224,699
Kronos Strategy -1 - - - 605,854
Long Arkk Innovation 3 4,731,297 2,710,627 - -
Long Berkshire Hathaway 2 5,427,324 1,116,842 - -
Ls Faang+ 1 1,023 (241) - -
Magnificent 7 ETP -3 - - 2,050,091 797,661
Magnificent 7 ETP 5 183,662,860 25,598,264 - -
Mercedes Benz -1 - - - 45
Mercedes Benz 3 234,475 190,612 - -
META PLATFORMS INC-CLASS A -2 - - 10,803 -
Micron Technology 2 1,487,240 4,381,285 - -
Microsoft -3 - - 1,372,242 560,529
Microsoft 2 4,553,538 4,305,413 - -
Microsoft 3 17,996,415 17,587,547 - -
Microsoft -3 - - 324,739 425,428
MICROSOFT CORP -1 - - 1,066 -
Microsoft Tracker 1 (339) 42 - -
MICROSTRATEGY INC-CL A -1 80 - 81,628 -
MICROSTRATEGY INC-CL A 3 189,930,524 - - -
MICROSTRATEGY INC-CL A -3 - - 13,242,547 -
Moderna 3 1,379,360 453,095 - -
Natural Gas ETC -3 - - 66,476 38,912
Netflix 2 3,519,312 2,434,262 - -
Netflix 3 6,304,427 2,980,815 - -
Netflix -1 - - 473,491 479,288
Nio 3 4,600,360 2,602,529 - 44
Nio -3 - - - 861,814
Nvidia -3 - - 17,876,072 20,776,657
Nvidia 2 20,380,652 24,168,075 - -
Nvidia 3 265,288,715 326,573,521 - -
Nvidia -1 - - 815,211 614,464
NVIDIA CORP -3 - - 68,424 -
Oil & Gas 3 1,322,410 402,089 - -
Oil & Gas -3 - - 1,117,586 648,947
Palantir 3 91,154,055 10,980,571 - -
Palantir -1 - - 1,705,602 224,187
PALANTIR TECHNOLOGIES INC-A -3 263 - 76,402 -
Paypal 3 15,242,534 5,201,491 - -
Paypal -1 - - 152,285 510,193
QQQ Jul01'25 554 PUT -3 - - 11,386,932 -
Balance carried forward 1,277,498,608 662,973,004 93,961,242 44,292,604
Cash borrowings for long positions Cash collateral for short positions
The following table shows the breakdown of amounts due to/from Custodian on margin accounts as at 30 June 2025 and 30 June 2024 (continued):
Leverage Shares Public Limited Company
Page 31
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
10 Amounts due to/from Custodian (continued)
Component Securities Leverage
30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 1,277,498,608 662,973,004 93,961,242 44,292,604
Relay Race ETP -3 - - 100,000 -
Salesforce.Com 3 1,520,971 1,293,110 - -
Semiconductors 3 8,584,118 4,690,754 - -
Semiconductors -3 - - 726,424 954,972
Semiconductors ETP 4 30,050,962 11,758,341 - -
Semiconductors ETP -4 - - 3,781,925 842,435
Short 20+ Year Treasury Bond ETP -5 - - 1,464,349 876,963
Short 7-10 Year Treasury Bond ETP -5 - - 899,565 345,797
Short Coinbase ETP -3 - - 9,155,613 7,451,078
Short Exxon ETP -3 - - 1,104,199 403,715
Short Ferrari ETP -5 - - 396,229 406,460
Short India ETP -3 - - 840,910 173,290
Short TIPS Inflation Protected US Bond -5 - - 530,795 696,324
Short Volatility Long Tech ETP -3 - - 1,163,635 865,335
Silver 3 4,649,802 1,370,295 - -
Silver -3 - - 396,464 392,415
South Korea -3 - - 617,309 534,367
South Korea 3 2,455,249 576,449 - -
SPDR GOLD SHARES 1 - - 102,593 -
SPY Jul01'25 620 PUT 1 - - 6,252,798 -
Square 3 2,093,621 1,022,655 - -
Square -1 - - 616,998 531,700
Super Micro Computer ETP 2 9,000,649 1,118,738 - -
Taiwan 3 662,192 93,941 - -
Taiwan -3 - - 526,346 306,287
Taiwan Semiconductor 3 14,757,099 15,585,226 - -
Taiwan Semiconductor -3 - - 524,607 895,151
Tesla -3 - - 35,762,981 16,781,129
Tesla 2 15,552,762 11,745,386 - -
Tesla 3 519,985,873 399,775,704 - -
Tesla -1 - - 5,197,731 4,019,156
Tesla -2 - - 2,998,254 2,087,726
TESLA INC 1 - - 251,736 -
Tesla Tracker 1 (496) (128) - -
Tips Inflation Protected Us Bond 5 535,624 579,124 - -
Total World 3 1,829,275 553,539 - -
Treasury Bond 5 1,340,190 412,586 - -
Uber 3 1,506,716 1,319,569 - -
Uber -1 - - 188,596 282,106
UBS ETP 3 121,157 118,811 - -
UBS ETP -3 - - 317,501 799,181
Us 500 -5 - - 7,586,292 2,975,656
Us 500 5 32,241,269 11,373,325 - -
Us 500 3 2,974,538 1,909,759 - -
Us Tech 100 3 5,298,415 2,023,569 - -
Us Tech 100 5 228,802,873 108,011,258 - -
Us Tech 100 1 - - - 14,240,504
Vanilla Blue Chip Portfolio ETP 1 - - 4,860 3,774
Visa 2 1,071,600 536,451 - -
Wahed Ftse Usa Shariah 1 - - 12,892 9,149
Wti Oil 2 434,039 320,509 (1) -
Wti Oil -2 - - 2,126,258 111,578
WTI Oil ETC 1 (1) - 191,197 80,820
Xpeng 1 (1) - - 720,631
Xpeng 1 - 887,546 - -
2,162,967,104 1,240,049,521 177,800,298 102,080,303
The following table shows the breakdown of amounts due to/from Custodian on margin accounts as at 30 June 2025 and 30 June 2024 (continued):
Cash borrowings for long positions Cash collateral for short positions
Leverage Shares Public Limited Company
Page 32
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
11 Financial liabilities at fair value through profit or loss
30-Jun-25 30-Jun-24
USD USD
Fair value on short exposure to Component Securities - Note 11(b) 118,623,971 75,311,955
ETP Securities issued - Note 11(a) 1,249,420,168 715,400,215
1,368,044,139 790,712,170
Description Fair value Nominal Fair value Nominal
Amount Amount
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
05-Dec-67 7,043,274 1,809,360 6,547,988 1,301,440
05-Dec-67 6,840,376 1,732,180 7,033,608 1,851,720
IE00BF03XP94 05-Dec-67 2,176,672 761,880 1,265,483 758,300
IE00BF03XR19 05-Dec-67 1,302,336 379,200 1,022,947 610,560
IE00BF03XW61 05-Dec-67 590,036 155,060 402,121 189,300
IE00BD09ZV33 05-Dec-67 1,079,775 241,860 539,445 192,420
IE00BD09ZW40 05-Dec-67 3,997,216 541,420 2,445,958 1,070,860
IE00BKT6ZH01 07-Apr-70 - - 2,016,074 56,459,620
IE00BK5BZY66 07-Apr-70 14,909,997 2,565,380 11,620,191 2,734,840
IE00BK5BZS07 04-Jun-70 6,233,826 2,374,460 3,528,635 778,480
IE00BKT6ZG93 04-Jun-70 432,725 305,980 475,078 175,740
IE00BKT66Q62 04-Jun-70 102,582 1,003,500 426,543 3,708,240
IE00BK5BZQ82 04-Jun-70 7,917,879 16,958,820 5,027,186 9,241,960
IE00BKTWZ451 04-Jun-70 352,038 1,337,080 152,328 555,160
IE00BK5C1C97 04-Jun-70 1,054,415 16,506,260 734,434 21,678,140
IE00BK5BZT14 04-Jun-70 763,213 2,996,400 871,842 2,566,060
IE00BK5C1B80 04-Jun-70 19,176,967 30,089,620 14,307,083 39,866,820
IE00BK5BZX59 04-Jun-70 11,577,215 5,752,620 3,559,361 999,920
IE00BKTW9N20 04-Jun-70 138,645 519,720 143,062 519,720
IE00BK5BZV36 04-Jun-70 9,045,547 2,165,420 9,273,130 2,166,620
IE00BKTW9M13 04-Jun-70 162,530 609,520 213,426 697,160
IE00BKT66K01 04-Jun-70 1,497,143 936,660 3,668,397 1,218,380
IE00BKTWZ782 04-Jun-70 236,833 1,911,100 240,366 915,840
IE00BKTW5674 04-Jun-70 - - 308,172 12,402,520
IE00BKT66R79 04-Jun-70 94,441 735,020 141,475 735,020
XS2297551371 21-Mar-71 - - 1,143,313 20,033,050
XS2297636107 21-Mar-71 249,697 542,705 264,161 248,205
1x Tesla Tracker ETP XS2337093798 07-May-71 5,039,842 3,227,975 602,406 618,270
1x Amazon Tracker ETP XS2337104231 07-May-71 310,589 231,170 214,726 181,170
1x Microsoft Tracker ETP XS2337100320 07-May-71 1,179,540 582,465 632,774 349,415
1x Alphabet Tracker ETP XS2337100163 07-May-71 147,181 99,935 384,777 253,375
1x Coinbase Tracker ETP XS2338070282 07-May-71 996,799 650,875 505,423 520,050
3x AMD ETP XS2337090422 07-May-71 24,978,955 192,238,900 7,894,364 14,477,310
3x Alibaba ETP XS2337090851 07-May-71 8,573,941 10,764,775 5,461,259 12,476,020
3x Uber ETP XS2337092550 07-May-71 756,680 2,977,335 662,082 2,601,795
3x Airbnb ETP XS2336344762 07-May-71 - - 385,686 4,421,640
3x Disney ETP XS2335553801 07-May-71 452,636 6,729,125 579,652 11,103,350
1x Nio Tracker ETP XS2337093871 07-May-71 - - 355,713 4,041,715
-1x Paypal ETP XS2297550308 21-Mar-71 76,242 44,580 255,809 105,605
-1x Boeing ETP XS2297551454 21-Mar-71 257,513 332,345 156,006 155,680
Balance carried forward 139,745,296 310,810,705 95,462,484 234,981,490
3x BP ETP
-1x Alphabet ETP
3x Microsoft ETP
-1x Microsoft ETP
3x Salesforce.com ETP
3x Facebook ETP
3x Alphabet ETP
2x Micron Technology ETP
-1x Netflix ETP
-1x Nvidia ETP
-1x Uber ETP
3x Boeing ETP
2x Advanced micro devices ETP
-1x Advanced micro devices ETP
3x Amazon ETP
-1x Apple ETP
2x Alibaba ETP
2x Visa ETP
2x Netflix ETP
-1x Tesla ETP
2x Tesla ETP
3x Apple ETP
2x Facebook ETP
2x Goldman Sachs ETP
2x JPMorgan ETP
2x Alphabet ETP IE00BF01VY89
2x Amazon ETP IE00BF03XH11
The Company's obligations under the financial liabilities at fair value through profit or loss issued are secured by the Component Securities and margin account
balances as per notes 8 and 10 to the financial statements. The noteholders' recourse per Series is limited to the assets of that particular Series. Each Series has
an option for early redemption.
All unrealised gains/(losses) on financial liabilities are primarily attributable to market risk arising from price movements in the Component Securities.
Details about the ETP Securities exchanges on which the ETPs are listed are disclosed in the Director's report.
(a) The ETPs in issue at 30 June 2025 and 30 June 2024 are as follows:
ISIN
Maturity
date
Financial year
ended
Financial year
ended
Fair value on short exposure to Component Securities is the market value of the short positions taken in equities that underlie the short exposure Series and is
measured at fair value through profit and loss. ETP Securities issued for a particular Series are measured at fair value through profit or loss.
Leverage Shares Public Limited Company
Page 33
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
11 Financial liabilities at fair value through profit or loss (continued)
Description Fair value Nominal Fair value Nominal
Amount Amount
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 139,745,296 310,810,705 95,462,484 234,981,490
-1x Square ETP XS2297552932 21-Mar-71 308,942 419,600 266,635 263,915
-1x Goldman Sachs ETP XS2297553153 21-Mar-71 472,498 1,353,830 168,290 278,830
-1x JPMorgan ETP XS2297593456 21-Mar-71 73,720 182,005 112,659 182,005
-1x Disney ETP XS2337085422 07-May-71 103,386 96,530 138,013 96,530
-1x Palantir ETP XS2337086669 07-May-71 854,110 31,221,565 112,442 455,595
-1x JD.COM ETP XS2337087980 07-May-71 395,009 717,270 272,104 298,055
-1x Baidu ETP XS2337093525 07-May-71 146,707 182,325 169,472 182,325
-3x Short ARKK ETP XS2399368906 09-Nov-71 217,457 27,194,945 574,664 4,281,710
-3x Short Financials ETP XS2399369623 09-Nov-71 121,024 685,655 195,104 415,905
-3x Short Gold Miners ETP XS2399369979 09-Nov-71 - - 186,114 1,848,180
-3x Short Oil & Gas ETP XS2399370803 09-Nov-71 279,671 5,324,180 162,811 2,539,400
XS2399367684 09-Nov-71 - - 239,454 7,710,600
XS2399365399 09-Nov-71 - - 224,056 5,616,815
-5x Short S&P500 ETP XS2399364665 09-Nov-71 1,262,593 10,138,445 744,659 1,823,545
-5x Short Nasdaq ETP XS2399364319 09-Nov-71 3,404,457 60,626,980 3,566,702 13,903,905
2x Long Berkshire Hathaway XS2399369110 09-Nov-71 5,469,645 2,780,525 1,122,404 710,350
3x Long Coinbase ETP XS2399367254 09-Nov-71 60,578,991 22,273,560 31,069,760 3,702,075
3x Long Financials ETP XS2399369540 09-Nov-71 452,347 390,715 196,127 266,085
3x Long Gold Miners ETP XS2399369896 09-Nov-71 2,479,981 2,761,170 886,499 2,127,590
3x Long Oil & Gas ETP XS2399370555 09-Nov-71 664,826 522,245 201,849 94,115
3x Long Semiconductors ETP XS2399367502 09-Nov-71 4,313,173 4,796,745 2,353,896 1,559,155
3x Long Taiwan Semiconductor XS2399365043 09-Nov-71 7,378,052 7,424,720 7,814,210 7,901,555
3x Long Total World ETP XS2399364822 09-Nov-71 919,394 970,075 277,894 347,775
5x Long S&P 500 ETP XS2399364582 09-Nov-71 8,069,504 13,692,915 2,839,747 4,570,115
5x Long Nasdaq 100 ETP XS2399364152 09-Nov-71 57,343,562 209,264,740 27,023,170 77,350,475
ARKG Genomic Tracker ETP XS2399368062 09-Nov-71 861,119 2,163,735 758,459 1,968,735
ARKK Innovation Tracker ETP XS2399369037 09-Nov-71 4,537,610 6,247,415 3,608,215 7,916,250
ARKW NextGen Internet XS2399368575 09-Nov-71 1,262,277 1,057,495 677,011 1,069,295
Kronos Strategy ETP XS2338070365 09-Nov-71 185,253 159,290 1,588,926 1,499,935
3x Long Gold ETP XS2472195101 17-May-72 2,464,749 856,390 912,475 690,760
2x Long WTI Oil ETP XS2472195366 17-May-72 268,980 699,190 321,994 567,190
3x Long Silver ETP XS2472195952 17-May-72 2,338,127 1,922,700 687,981 696,960
3x Long South Korea ETP XS2472196257 17-May-72 1,233,845 2,370,510 289,339 508,220
3x Long China ETP XS2472196414 17-May-72 2,525,791 7,166,190 899,858 3,534,190
3x Long Taiwan ETP XS2472196687 17-May-72 332,775 340,950 47,136 40,950
3x Long Japan ETP XS2472196844 17-May-72 864,223 707,830 448,808 375,830
3x Long US Tech 100 ETP XS2472197065 17-May-72 2,660,265 1,087,330 1,013,278 447,350
3x Long US 500 ETP XS2472197149 17-May-72 1,489,992 812,040 954,279 587,540
3x Long Germany 40 ETP XS2472331995 17-May-72 842,620 329,270 308,376 227,350
3x Long Mercedes Benz ETP XS2472333348 17-May-72 117,740 486,020 95,549 163,060
-3x Short Gold ETP XS2472195283 17-May-72 428,751 3,005,260 154,374 328,110
-2x Short WTI Oil ETP XS2472195440 17-May-72 707,783 1,242,620 37,338 53,680
-3x Short Silver ETP XS2472196174 17-May-72 99,188 1,740,190 98,411 575,200
-3x Short South Korea ETP XS2472196331 17-May-72 154,471 589,930 134,056 248,880
-3x Short China ETP XS2472196505 17-May-72 434,313 3,392,780 114,283 177,300
-3x Short Taiwan ETP XS2472196760 17-May-72 131,747 747,490 76,851 218,930
-3x Short Japan ETP XS2472196927 17-May-72 179,001 741,340 109,794 251,340
-3x Short Germany 40 ETP XS2472332290 17-May-72 361,997 2,426,300 309,362 806,180
-3x Short Microsoft ETP XS2472334239 17-May-72 343,469 6,952,960 140,654 1,443,690
-3x Short Amazon ETP XS2472334312 17-May-72 161,294 7,625,530 363,232 6,038,960
-3x Short Alibaba ETP XS2472334585 17-May-72 - - 168,809 1,131,820
Balance carried forward 320,041,725 768,702,200 190,700,067 405,075,800
ISIN
Maturity
date
-3x Short Semiconductors ETP
-3x Short Taiwan Semiconductor ETP
(a) The ETPs in issue at 30 June 2025 and 30 June 2024 are as follows (continued):
Leverage Shares Public Limited Company
Page 34
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
11 Financial liabilities at fair value through profit or loss (continued)
Description Fair value Nominal Fair value Nominal
Amount Amount
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 320,041,725 768,702,200 190,700,067 405,075,800
-3x Short Apple ETP XS2472334742 17-May-72 797,998 8,455,930 455,058 2,855,840
-3x Short Alphabet ETP XS2472335046 17-May-72 126,537 2,520,520 285,897 3,611,340
20+ Year Treasury Bond XS2595672036 21-Mar-73 24,694,967 121,767,440 9,260,744 26,473,020
3x Long Exxon (XOM) ETP XS2595672549 21-Mar-73 191,807 292,960 209,984 200,000
XS2595670501 21-Mar-73 134,446 200,000 145,205 200,000
3x Ferrari ETP XS2595673190 21-Mar-73 2,274,528 904,700 520,917 236,180
3x India ETP XS2595675302 21-Mar-73 2,320,064 1,520,000 1,478,428 769,000
LS FAANG+ ETP XS2595675724 21-Mar-73 3,324,377 1,335,000 1,077,577 564,000
Buffettique Growth ETP XS2583354498 10-Mar-73 3,855,376 1,961,780 1,362,124 800,030
5x Long 7-10 Year Tresury Bond XS2595671814 21-Mar-73 336,329 637,360 103,728 179,900
Wahed FTSE USA Shariah ETP XS2545629631 08-Nov-73 35,437,764 22,824,340 25,915,281 17,735,440
XS2595671905 21-Mar-73 150,134 160,880 57,860 46,480
-3x Short India ETP XS2595675567 21-Mar-73 210,494 546,460 43,484 102,800
Volatility Long Tech ETP XS2595675641 21-Mar-73 7,811,199 4,556,000 5,594,483 3,598,000
XS2595671657 21-Mar-73 88,584 102,900 111,336 102,900
XS2595672382 21-Mar-73 244,405 271,280 146,700 129,140
XS2595672895 21-Mar-73 276,346 575,440 101,290 174,220
-3x Short Ferrari ETP XS2595673786 21-Mar-73 99,216 1,024,760 101,453 396,920
2x Apple ETP XS2820605157 05-Dec-67 2,771,998 1,663,580 4,952,970 2,334,740
2x Microsoft ETP XS2820605314 05-Dec-67 4,583,664 2,549,380 4,324,914 2,572,780
2x Nvidia ETP XS2820604853 05-Dec-67 20,506,321 7,205,980 24,287,872 9,044,220
3x Netflix ETP XS2675739135 04-Jun-70 3,166,838 165,660 1,676,983 424,300
3x Nvidia ETP XS2820604770 04-Jun-70 137,288,677 61,756,740 163,984,716 45,150,360
3x Tesla ETP XS2757381400 21-Mar-71 257,252,319 109,819,455 201,467,368 58,003,290
3x Paypal ETP XS2663695067 21-Mar-71 7,609,669 2,247,435 2,611,781 870,370
3x Square ETP XS2675718139 21-Mar-71 1,051,761 885,425 513,202 125,450
3x Palantir ETP XS2663694680 07-May-71 43,165,422 170,910 5,515,115 640,720
3x JD.com ETP XS2675718642 07-May-71 970,922 837,215 532,513 375,820
3x Baidu ETP XS2757381749 07-May-71 3,930,296 5,258,385 964,146 590,960
3x Long ARK Innovation ETP XS2663694847 09-Nov-71 2,381,196 322,670 1,361,056 334,700
3x Long China Tech ETP XS2800709128 09-Nov-71 4,016,456 1,016,985 1,764,972 486,645
3x Long Moderna ETP XS2675718725 09-Nov-71 - - 228,593 92,810
3x Long NIO ETP XS2663694417 09-Nov-71 - - 1,306,090 30,253,420
3x Long Xpeng ETP XS2675718998 17-May-72 - - 444,818 10,890,140
-2x Short Tesla ETP XS2706221277 21-Mar-71 1,000,725 3,216,620 698,523 159,125
-3x Short Tesla ETP XS2706232803 07-May-71 9,470,152 393,363,285 4,373,188 1,685,140
-3x Short NIO ETP XS2706223133 09-Nov-71 - - 196,005 36,870
-3x Short Xpeng ETP XS2706224883 17-May-72 - - 180,224 144,070
-3x Short Facebook ETP XS2800709557 17-May-72 300,116 1,092,650 579,112 297,740
-3x Short Coinbase ETP XS2757381665 21-Mar-73 - - 1,868,260 88,970,940
-3x Short Nvidia ETP XS2706225427 17-May-72 - - 5,605,650 129,770,610
LS Copper ETC XS2702787875 10-Oct-73 379,790 300,000 111,305 100,000
3x Long ARM ETP XS2691006303 10-Oct-73 3,172,859 2,725,480 3,244,285 530,020
3x Long UBS ETP XS2691035823 10-Oct-73 60,881 39,560 59,707 39,560
-3x Short UBS ETP XS2691036805 10-Oct-73 79,481 526,940 200,340 479,520
LS Brent Oil ETC XS2691037282 10-Oct-73 672,541 860,000 89,407 100,000
LS WTI Oil ETC XS2691037878 10-Oct-73 245,383 320,000 84,987 100,000
LS Natural Gas ETC XS2691038843 10-Oct-73 70,521 200,000 40,690 100,000
4x Long Semiconductors ETP XS2779861082 26-Mar-74 10,320,147 41,877,440 3,930,617 3,319,800
-4x Short Semiconductors ETP XS2779861165 26-Mar-74 756,512 11,756,000 162,320 280,000
5x Long Magnificent 7 ETP XS2779861249 26-Mar-74 46,368,423 47,560,780 6,409,275 4,183,160
-3x Short Magnificent 7 ETP XS2779861595 26-Mar-74 513,425 2,744,000 200,079 300,000
3x Long Artificial Intelligence ETP XS2779861751 26-Mar-74 2,414,170 1,478,100 260,912 220,000
-3x Short Artificial Intelligence ETP XS2779861835 26-Mar-74 135,090 875,600 73,655 100,000
3x Long IONQ ETP Securities XS2779862056 26-Mar-74 - - 514,646 1,779,520
2x Long Super Micro Computer ETP XS2779863021 26-Mar-74 - - 1,124,245 2,071,080
Balance carried forward 967,072,051 1,641,196,225 683,616,157 860,208,890
5x TIPS Inflation Protected US Bond
-5x Short 7-10 Year Treasury Bond
-5x TIPS Inflation Protected US Bond
-3x Short Exxon ETP
(a) The ETPs in issue at 30 June 2025 and 30 June 2024 are as follows (continued):
ISIN
Maturity
date
-5x Short TIPS Inflation Protected US
Bond
Leverage Shares Public Limited Company
Page 35
Notes to the financial statements (continued)
For the financial year ended 30 June 2025
11 Financial liabilities at fair value through profit or loss (continued)
Description Fair value Nominal Fair value Nominal
Amount Amount
30-Jun-25 30-Jun-25 30-Jun-24 30-Jun-24
USD USD USD USD
Balance brought forward (from previous page) 967,072,051 1,641,196,225 683,616,157 860,208,890
Vanilla Blue Chip Portfolio ETP XS2788042245 26-Mar-74 26,393,398 22,118,680 2,826,052 2,761,900
Cordillera Core Balanced Strategy XS2665005059 29-Aug-73 69,501,367 55,346,100 28,958,006 25,254,380
3X BOEING ETP XS3060315895 21-Mar-71 4,092,299 655,770 - -
3X AIRBNB ETP XS3060315465 07-May-71 250,614 38,955 - -
3x Long Moderna (MRNA) ETP XS3005160091 09-Nov-71 693,185 352,900 - -
3x Long NIO ETP XS2970736489 09-Nov-71 2,253,769 793,125 - -
-1X TESLA ETP XS2944886931 07-Apr-70 2,602,566 1,546,100 - -
-1X NVIDIA ETP XS2944886188 04-Jun-70 408,224 373,980 - -
-3x Short Gold Miners ETP XS3072228334 09-Nov-71 430,418 84,400 - -
-3x Short Semiconductors ETP XS3005160257 09-Nov-71 181,775 95,615 - -
-3x Short Taiwan Semiconductor XS2944880066 09-Nov-71 130,912 74,025 - -
-3x Short Alibaba (BABA) ETP XS3037640110 17-May-72 607,512 175,130 - -
-3x Short Coinbase (COIN) ETP XS2854992240 21-Mar-73 2,291,018 510,911,780 - -
-3x Short Nvidia (NVDA) ETP XS2944874416 17-May-72 4,095,342 5,682,080 - -
2x Long Super Micro Computer XS2944889109 26-Mar-74 9,058,124 5,249,160 - -
Vanilla Global Balanced Portfolio XS2944878912 04-Dec-74 7,766,237 5,870,000 - -
3x Long MicroStrategy ETP XS2901882618 25-Sep-74 95,407,498 55,360,000 - -
-3x Short MicroStrategy ETP XS2970736307 25-Sep-74 3,419,931 18,061,080 - -
Gold+ Yield ETP XS2852999775 16-Jul-74 15,115,984 12,385,000 - -
NVIDIA (NVDA) ETP XS2852999692 16-Jul-74 4,442,305 6,215,000 - -
Tesla (TSLA) ETP XS2852999429 16-Jul-74 4,312,767 8,886,000 - -
Nasdaq 100 (0DTE) ETP XS2875105608 27-Aug-74 11,364,176 23,450,000 - -
S&P500 (0DTE) ETP XS2875106242 27-Aug-74 5,957,323 10,265,000 - -
Amazon (AMZN) ETP XS2901884408 25-Sep-74 606,622 600,000 - -
Apple (AAPL) ETP XS2901884663 25-Sep-74 271,402 320,000 - -
Alphabet (GOOG) ETP XS2901885041 25-Sep-74 833,249 840,000 - -
META ETP XS2901885553 25-Sep-74 1,167,107 1,115,000 - -
Microsoft (MSFT) ETP XS2901886288 25-Sep-74 396,367 380,000 - -
Coinbase (COIN) ETP XS2901886445 25-Sep-74 7,393,655 14,720,000 - -
Magnificent 7 ETP XS3068761710 25-Sep-74 102,188 25,000 - -
20+ Year Treasury (TLT) ETP XS3068771271 25-Sep-74 100,781 25,000 - -
Silver+ Yield ETP XS3068774614 25-Sep-74 99,381 25,000 - -
Alibaba (BABA) ETP XS3068774887 25-Sep-74 99,207 25,000 - -
Palantir (PLTR) ETP XS3068775009 25-Sep-74 95,358 25,000 - -
Microstrategy (MSTR) ETP XS3068775264 25-Sep-74 103,521 25,000 - -
AMD ETP XS3068775694 25-Sep-74 99,576 25,000 - -
Broadcom (AVGO) ETP XS3068776312 25-Sep-74 102,934 25,000 - -
Relay Race ETP XS3068791030 25-Sep-74 100,025 100,000 - -
1,249,420,168 2,403,461,105 715,400,215 888,225,170
(a) The ETPs in issue at 30 June 2025 and 30 June 2024 are as follows (continued):
ISIN
Maturity
date