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In the fourth week of June 2026 ending on the 26th, 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 yet another week of contradictory volume trends. The LSE in the United Kingdom experienced an explosive growth of over 87% in traded volume over the prior week, driven by quarter-end index hedging (S&P 500 Short), a rebound in crypto-proxies, and the continuing buildout in Intel shorts.
Italy witnessed nearly an 86% spike in traded volumes, driven by Intel shorts compounding and crypto-proxies recovering volumes.
Germany more-or-less stayed flat with a slight 2% decline relative to the previous week.
Momentum and RegimesIn the United Kingdom, the accumulation in volumes against AI overvaluation mostly remained in place.
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
CRC3 rose from steady volumes into a spike, signalling the expansion of crypto-proxy convictions when considered alongside MST3. The index hedging was also following by a massive uptick in the 3x Short Memory ETP (DRMS) which rose from very modest volumes in the previous week to over half-a-million units in average daily volume in the current week.
Italy also followed a mostly similar trend as seen in past weeks.
Source: Leverage Shares analysis
The opportunistic buildout in 5QQQ largely remained stable with a modest uptick.
Germany, meanwhile, now confirms a solid buildout of geopolitical protection buying against three Asian economies – Japan, Taiwan and South Korea.
Source: Leverage Shares analysis
A steady buildout of opportunism in 5QQQ was joined by a slightly-less pronounced buildout in 3SLV – a signal that is simultaneously contradictory or the play of two distinct sets investors with differing outlook on market direction.
Acceleration TrendsIn terms of volumes for the week, LSE traded over four times the volume that Italy’s BITA did which, in turn were nearly four times that of what XETRA did. The gap between LSE and BITA has held steady throughout the month and might be the new standard. Meanwhile, XETRA’s gap with BITA potentially indicates either a distinct difference in risk behaviour or concentrated institutional expression in the driving seat.
In week-on-week convictions within the LSE, there were few surprises:
Source: Leverage Shares analysis
INTS, along with the 3x Long Coinbase ETP (CON3) and SPYS, led flows by together accounting for over 45% of volume for the week. The 3x Long SpaceX ETP (ELON) slipped from 10% volume share in the past week to around 2.5% while HNX3 saw a healthy near-doubling of share to 2.36%.
Over at BITA, however, the week brought defence play joining the fray:
Source: Leverage Shares analysis
3CON (the Borsa ticker for 3X long Coinbase) and INTS together accounted for over 70% of traded volume while ELON accounted for 4% of total volume.
Meanwhile, XETRA presented some contradictory signalling:
Source: Leverage Shares analysis
3HNX needs context: it rose from very low volumes in the previous week to account for a little under 2% of traded volume, matching that of volumes seen in the 3x Long Memory ETP (DRM3). 5QQQ, SJAP and 3TSA, however, constituted nearly half of all volumes traded for the week.
Potential Trends This WeekWhile the new products underlying highly-vaunted names such as SpaceX, SK Hynix and Samsung have received attention, the overall flavour across the three exchanges haven’t witnessed a substantial flow away from well-established themes built around market/macro conditions.
In London, fervour for INTS seems to show no signs of exhaustion while CRC3 is likely to continue gaining favour vis-à-vis the outlook for US stablecoin legislation. The AI-driven DRAM demand is an interesting juxtaposition relative to the strong positioning against AI names; this likely signals that volumes will continue to be tested in the week to come.
In Milan, a largely similar theme is likely to continue playing out – with some distinction. Both INTS and shorts on AI are at an inflection point while the positioning in ELON shows patterns of stickiness.
In Frankfurt, the memory play – mainly expressed through 3HNX and DRM3 – seemingly shows resilience. However, it bears noting that XETRA investors display strong institutional thinking: a disciplined drop in volumes out once allocations are met isn’t entirely out of order (as previous weeks have shown).
For a list of all products on offer by Leverage Shares in Europe and the United Kingdom, please click here.
Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.
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