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In the first week of June 2026 ending on the 5th, 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 volume expansion amidst a potent mix of opportunism and protection-buying. The LSE in the United Kingdom experienced an expansion of over 42% in traded volume over the prior week, as shorts on AI grew.
Italy witnessed a near doubling of traded volumes as participants joined with LSE with regards to AI. Conviction in Tesla, Ferrari and Uber unwound while Coinbase returned to its anchoring positioning.
Germany saw a traded volumes go up over 117% relative to the previous week and continued to build on its positioning on short Taiwan and Nasdaq-100.
Momentum and RegimesIn the United Kingdom, the overarching theme was “Structural Expansion” as overall trends established throughout the month of May continued into 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
While positioning in shorts in the AI theme – semiconductors, hyperscalers, et al – could be estimated largely to be a function of relatively inexpensive protection (or hedging), Broadcom holding steady in its outlook during its earnings release caused AI-relevant stocks to tumble and the hedges paying off in spades. Crypto-proxies such as MicroStrategy continued in growth as well.
Italy showed a nearly identical story and thematic expression.
Source: Leverage Shares analysis
Germany, meanwhile, also followed suit with the -3X Short Taiwan ETP (3TSA) – itself dominated by semiconductor companies – showing the most significant expansion.
Source: Leverage Shares analysis
In both Italy and Germany, investors’ protection buying across the month of May proved to have paid off.
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 times that of what XETRA did. The gap between LSE and BITA – which was the narrowest throughout the year in the final week – thus narrowed further while XETRA showed a massive pickup in volumes.
Alongside long-running trends within the LSE were added some glimpses of opportunity in week-on-week trends:
Source: Leverage Shares analysis
As Disney’s stock price showed volatility amidst CEO transition uncertainty, indications of summer footfalls in its resorts being soft as well as broader market volatility, investors leaned into the 3x Long Disney ETP (DIS3) in a sign of opportunism. An overall sense of disappointment in the lack of AI-relevant progress in Apple during its WWDC led to the stock price sliding, investors capitalized by buying the -3x Short Apple ETP (AAPS).
Over at BITA, the same sense of opportunism was present:
Source: Leverage Shares analysis
A month-long drop in Alibaba’s stock price finally culminated with some strong positioning in the 3x Long Alibaba ETP (3BAB) – albeit from a relatively low volume – in a sign of opportunistic positioning. Going by past trends, this might not be a lasting trend. Meanwhile, a drop in Bitcoin prices led to some opportunistic positioning in the -3x Short MicroStrategy ETP (SMST) – which paid off across the week.
Meanwhile, XETRA too took part in some opportunism:
Source: Leverage Shares analysis
The opportunism in tactically shorting MicroStrategy was a strong picture. Meanwhile, in an interesting development, both longs and shorts in the Nasdaq-100 saw an interesting spike – the former largely on account of pre-emptive positioning and the latter being opportunism.
Potential Trends This WeekTrends seem to indicate that both London and Milan will continue to show an increasingly similar level of correlation in certain ideas. Chief among them is the purchase of protection against the overvaluation of AI-relevant names.
In Frankfurt, SKOR’s high-conviction carry being replaced by 3TSA indicates that geopolitically-driven positioning overlaid on top of protection from AI overvaluation is working out as a convincing driver among investors displaying institutional-grade investment planning. A nascent positioning in the 3x Long Salesforce ETP (3CRE) has been showing some strength over the past few weeks, largely as a result of analyst price upgrades. This might prove to be a breakout in next week’s data read.
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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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