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In the second week of June 2026 ending on the 12th, volume trends in Leverage Shares’ products across 3 exchanges across Europe – the London Stock Exchange (LSE), the Borsa Italiana (BITA) and Germany’s XETRA – see a contraction in volumes while holding on to key themes in conviction. The LSE in the United Kingdom experienced a contraction of 16% in traded volume over the prior week, while shorts on AI remained resilient and longs in cryto-proxies continued to build.
Italy witnessed a 32% drop in traded volumes while participants expressed some of the same convictions as seen in the LSE. A growing position was shorts in crypto-proxies to take advantage of depressed Bitcoin prices.
Germany saw a near-halving of traded volumes and continued to build long exposure on crypto-proxies.
Momentum and RegimesIn the United Kingdom, overall trends broadly indicated a slight moderation of trends resilient from May through the first week of June.
Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at
Source: Leverage Shares analysis
A slight slowdown in positioning in GPTS was observable in the 2nd week which belied the opportunistic positioning that accumulated during the 1st week. Overall, thematic conviction in protection from AI overvaluation ruled the roost in terms of upticks – despite an overall reduction in total volumes.
Italy, once again, showed a nearly identical story, albeit with a couple of interesting twists.
Source: Leverage Shares analysis
The upcoming SpaceX IPO later on in the week caused some volatility in Tesla stock – with JPMorgan interestingly amending its 11-year-long “Sell” recommendation on the stock to a “Hold” – causing Italian investors to run a steady accumulation trend in 3TSL over the month of June so far. Conviction in 3AMD also rose from relatively stable volumes, potentially as an exploratory play in testing Nvidia’s dominance in compute.
Germany, meanwhile, continued to lean into regional shorts on semiconductor economies.
Source: Leverage Shares analysis
Acceleration TrendsIn terms of volumes for the week, LSE traded nearly six times the volume that Italy’s BITA did which, in turn were 2.5 times that of what XETRA did. The gap between LSE and BITA – which had narrowed to the lowest level in the previous week – remains resilient and will potentially be tested in the week to come.
Alongside long-running trends within the LSE were added some tactical market reads on individual tech stocks:
Source: Leverage Shares analysis
CRM3 witnessed an acceleration from relatively relaxed volumes in previous periods as multiple analysts upgraded their outlook on the stock’s valuation earlier in June. The stronger conviction in leveraged expression on crypto-proxy MST3 is a feature that is often expressed in the LSE during periods of uncertainty that lead to drops in overall volumes.
Over at BITA, wherein conviction in crypto-proxies have traditionally run strongest when compared to the other exchanges, Bitcoin’s testing of lows led to some very opportunistic positioning:
Source: Leverage Shares analysis
The hunkering down into 3CON in week-on-week trends was nearly matched by the exact opposite positioning in SMST – truly an expression of growing market sophistication.
Meanwhile, XETRA also took a page out of LSE’s book:
Source: Leverage Shares analysis
A near-total collapse in the -5X Short Nasdaq 100 ETP (QQ3S) was paired with an acceleration into QQQ5 – potentially in light of news that SpaceX might be eligible to join the index. Like LSE, German investors also leaned into the JPMorgan recommendation revision with buy-ins into 3TSE in anticipation of a price breakout. Both of these stand out in light of the German market’s heavy protection-buying in AI-relevant themes via regional positioning in shorts on Taiwan and South Korea.
Potential Trends This WeekTrends seem to indicate that both Milan and Frankfurt will continue to show an increasingly similar level of correlation in AI-relevant themes – with Germany’s positioning in Taiwan shorts particularly standing out in light of nearly three weeks of steady growth.
While London too largely agrees with the protection posture within AI themes expressed across Europe, an interesting positioning in the long within the AI theme is worth mentioning: the 3x Long SanDisk ETP (SND3). Volumes have been steadily rising as news emerged that Western Digital initiated a private exchange agreement to swap approximately 1.04 million shares of SanDisk for its own stock while it continues to focus entirely on high-capacity infrastructure for AI datacenters. The potential for greater value unlocking within SanDisk from the increased separation is a sophisticated read that might see greater expression in the coming weeks.
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