Market Momentum: June 22, 2026

In the third week of June 2026 ending on the 19th, volume trends in Leverage Shares’ products across 3 exchanges across Europe – the London Stock Exchange (LSE), the Borsa Italiana (BITA) and Germany’s XETRA – saw contradictory volume trends alongside long-abiding convictions. The LSE in the United Kingdom experienced a contraction of over 33% in traded volume over the prior week, which reflected an unwind rather than a collapse. This was confirmed by the blockbuster debut of new products. The 3x Long SpaceX ETP (ELON) and the 3x Long Memory ETP (DRM3) accounted for over 10.5% of total volumes, with SpaceX leading Memory 3:2. Debuting at the same time were two focused memory products – the 3x Long SK Hynix ETP (HNX3) and the 3x Long Samsung ETP (SMG3). These products accounted for around 1.2% of total volume with SK Hynix leading 3:1 between them. As of now, investors seem to be expressing a more pronounced conviction more in memory as a “theme” rather than by name.

Italy witnessed over a 6% drop in traded volumes coupled with strong performances in new products, which accounted for over 7% of traded volumes for the entire week. ELON accounted for almost the entirety of the conviction.

Germany did a clean reversal with volumes rising over 33% relative to the previous week.

In the United Kingdom, most trends seen throughout June were firmly in place – with one interesting new addition.

Source: Leverage Shares analysis

BIUS rose from very low volumes in May to progressively stronger conviction throughout the month. Considering Baidu’s AI positioning, this might be considered as both an extension of the “protection” purchasing from potential AI overvaluation – as evidenced by resilient volumes seen in GPTS as well as shorts on Japan and South Korea – and opportunism given that Baidu’s stock price tumbled almost 15% over the past month.

Paired with this is the steadily strengthening positioning in GLD5 to access storehouse/safe harbour convictions.

Italy also vigorously continued to ramp up in “protection volumes”, albeit with a small twist.

Source: Leverage Shares analysis

3MST witnessed a mean reversion upwards as Bitcoin wavered throughout the week while conviction in 5QQQ remained simultaneously stable and tactical.

Germany, meanwhile, expressed some of the same convictions as Italy and the United Kingdom.

Source: Leverage Shares analysis

Volatility in the Nasdaq-100 and Bitcoin propelled spikes in both QQQ5 and 3COI while the spike in SJAP is a reflection of a catch-up being enacted in trends regarding Taiwan via 3TSA.

In terms of volumes for the week, LSE traded over four times the volume that Italy’s BITA did which, in turn were nearly twice that of what XETRA did. The gap between LSE and BITA was successfully tested and narrowed throughout the week while XETRA’s spike narrowed its gap relative to BITA.

In week-on-week convictions within the LSE, there were few surprises:

Source: Leverage Shares analysis

Over at BITA, however, the week brought an interesting spike in one product – Ferrari:

Source: Leverage Shares analysis

Italian investors expressed conviction in 3RAC almost simultaneously with bullish trends re-emerging in the stock’s trajectory, which raised volumes from otherwise generally steady levels.

Meanwhile, XETRA expressed some familiar additional themes seen in past weeks:

Source: Leverage Shares analysis

During the week, TLT5 rose in a now-familiar conviction in safe harbours – likely triggered by new Fed Chair Kevin Warsh appearing in his first Federal Open Market Committee meeting on June 17 and striking a hawkish tone on inflation (as expected). Simultaneously, the rise in conviction behind 3TSC mirrors the already strong conviction in 3TSA seen over several past weeks.

In London, ELON is unambiguously the product of the year. New launches rarely peak in their first week and it’s likely to give INTS a run for its money in the weeks to come. The AI-driven DRAM demand narrative remains intact and the strong positioning of DRM3 relative to the individual Korean chipmaker products will likely be tested or further widen in the week to come.

In both Milan and Frankfurt, crypto-proxies are running at strength. Whether HNX3 and SMG3 manages to tap into the conviction DRM3 has enjoyed will be a factor to watch for. A common theme in all three venues is the resilient conviction in AI “protection” trades, which is an interesting contrast when considering the memory narrative.

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