09.03.2026 Consolidation Notice

In the third week of March 2026 ending on the 20th, volume trends in Leverage Shares’ products across 3 exchanges across Europe – the London Stock Exchange (LSE), the Borsa Italiana (BITA) and Germany’s XETRA – recorded a third consecutive week of ADV (“average daily volume”) decline. The LSE in the United Kingdom indicates a regime of structural rotation. The unwinding in the -3x Short South Korea (KORS) halted with decisive force while compounding structural capital focused on 3x Long AMD (AMD3). A coherent thesis emerges for the most recent week: buy gold, short South Korea and Japan, hedge oil reversing. Top 3 products’ volume share is at 49.7% of total.

Italy, on the other hand, continues to grow in sophistication by executing structural expansion by resiliently expanding its liquidity baselines in energy products alongside core crypto-proxies. Top 3 account for nearly 85% of volume in the past week and remain leveraged plays in MicroStrategy and Coinbase along with the -5x Nasdaq 100.

In Germany, investor volumes remain committed to structural defensive rotation despite week-on-week noisiness. The dramatic collapses in 3x Long S&P 500 (-97.3%) and 3x Long Nasdaq 100 (-98.1%) confirm those were tactical one-week positions. A heavy monthly anchor proves XETRA is structurally committed to deep macro and equity shorts such as -5x S&P 500 and -3x Korea (SKOR).

Momentum and Regimes

In the United Kingdom, the 3x Long AMD achieved the highest ADV this week, surpassing MicroStrategy to become the first non-crypto, non-defensive product to lead the LSE book by weekly volume in 2026. This was primarily driven by narratives being built around AMD and Celestica announcing a strategic collaboration to bring the “Helios” rack-scale AI platform to market and the announcement of a series of business meetings with Korean firms such as Samsung Electronics. AMD3 constituted a solid 14.9% percentage of total volume for the 3rd week of March.

Volumes in the -3x Short South Korea (KORS) returned with a nearly 250% spike over Week 2. This, however, doesn’t mean that speculative positioning has been abandoned entirely, as the momentum league table reveals.

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 FAN3 is the leader of the league table, its similar to IE5S and PLTS in that they’re all rising from very low volumes over the 2nd week of March. This is not the case with SMCI, wherein volumes returned with force after a slump during the 2nd week nor is it the case with GDX3 wherein ADV grew 5X over the 2nd week and nearly 3X over the 1st week.

KORS shares some similarities and distinction with the trends seen in its “neighbours”: the -3x Short Taiwan (TAIS) and the -3x Short Japan (JPNS) — all of which are elevated above their Year Till Date (YTD) baselines in March. KORS is in a state of “Steady Accumulation”, which in this context means steady deceleration from a prior spike. The 3rd week’s ADV is still dramatically above the baselines prior to March. Meanwhile, JPNS is steadily accelerating in the 3rd week of March, which signals a multi-week institutional thesis: BoJ policy normalisation, the yen’s structural appreciation pressure on Japanese exporters’ earnings, and the Iran-driven risk-off impulse specifically hitting Japan’s energy-import-dependent economy more than other developed markets.

While TAIS rose from nearly no volume traded through the 1st and 2nd weeks, the -3X TSMC (TSMS) is an entirely different yet parallel story: the 3rd week of March 2026 saw a 167% surge over the 2nd week. The catalyst here is almost certainly TSMC supply chain vulnerability as the Iran/Gulf shipping lane tensions raised questions about rare earth and semiconductor component flows through Middle Eastern transit routes.

Meanwhile in Italy, volume spikes in the past week show some connectivity to retail interest in Nvidia’s GTC 2026 keynote.

Source: Leverage Shares analysis

While 3NVD registered a nearly 3X spike in traded volume in the 3rd week over the 2nd, this translates to essentially a flatline relative to ADVs seen prior to March in 2026. 3FB’s 6X rise over the 2nd week finds a potential link to Nvidia’s GTC wherein it received specific mention from Nvidia CEO Jensen Huang for deploying their Llama models on Grace Blackwell clusters. Italian retail investors seemed to have priced the read-through: more NVIDIA compute deployed means more Meta AI capability, which means more Meta advertising efficiency, which means higher Meta revenues. Meanwhile, ARM3 and SMCI are direct expressions of what was taken away from the GTC keynote: ARM’s Armv9 architecture was explicitly cited in Jensen Huang’s GTC keynote as a core component of the Vera CPU in the Grace Blackwell superchip while Super Micro Computer builds the server racks that house NVIDIA GPUs in datacentres, and their revenue is almost entirely a function of NVIDIA shipment velocity.

Meanwhile, S3CO – which saw a nearly 4X week-on-week surge in the 3rd week of March – isn’t necessarily a bear call on Coinbase fundamentals; it is plausibly a partial hedge or a tactical rotation.

Germany’s XETRA, meanwhile, shows a resilient narrative of defensiveness.

Source: Leverage Shares analysis

It bears noting that the 3NFE’s strong performance a technically correct but analytically misleading: very low volumes have been observed in the YTD. While the 3rd Week did see volumes 5X that of the 2nd week, the end result was still very low volumes relative to that seen in other instruments.

Moving at nearly 10X of 3NFE’s volumes is 3TSA – a development mirroring that of the corresponding LSE instrument TAIS, i.e. moving from very low baseline volumes to a massive uptake. Both 3TSA and SKOR share the same trigger but the difference lies in scale of prior volume: SKOR was no stranger to massive volumes but had been fading away in the 2nd week only to return at strength.

3SSM has been a growth story throughout March. Following a slump seen in the 2nd week, it now seems en route to breaking the record set in the 1st week of March while setting a familiar pattern — the position is being rebuilt after each drawdown rather than abandoned.

Meanwhile, the choice of GD3 is an interesting one. Gold is a well-established inflation-hedge but Gold miners amplify the gold price move through operating leverage — when the gold price rises, mining margins expand faster than the price itself because extraction costs are relatively fixed. In prior months, average ADVs had only been a third of what was printed in the 3rd week of March.

Acceleration Trends

In terms of volumes across the week, LSE traded nearly six times the volume that Italy’s BITA did which, in turn were 1.9 times that of what XETRA did. Applying a 50/20/30 winsorized weightage scheme on the Z-Scores of traded volumes for all of March versus previous months’ averages, the 2nd week versus the 1st week, and the 3rd week versus the 2nd week to calculate a combined Z-score reveal several products that have undergone true regime changes while tracking acute tactical execution and registering non-trivial volumes.

In the LSE, a number of resilient hedge favourites paying off in recent weeks stand out:

Source: Leverage Shares analysis

There’s a thread of commonality running between WTIS, GDMS and MSTS in past months: WTIS hedged against oil prices settling after the uncertainty caused by Operation Midnight Hammer (the campaign to strike at Iran’s nuclear facilities), GDMS was a hedge against the steady rise of gold, while MSTS was a hedge against what the market considers a crypto-proxy, i.e. MSTR. In March, they are also valued as positions to be held. GDX3 stands out in this regard: it distinguishes by rising from fairly steady volumes to breakout strength in March by registering a nearly 6X growth in week-on-week growth by the 20th of March.

The energy story is writ large upon XETRA’s Z-score charts.

Source: Leverage Shares analysis

2SWT’s 20X rise in March ADV over February’s suggests that a consistent and opportunistic hedging position has been in place through this month of conflict – largely mirroring that seen in the LSE. A nearly 4X and 6X explosion in OIL2 and 3XEE, on the other hand, indicates that tactical positioning has been strong and unremitting. A doubling of ADV in March over February suggests a hunt for operating leverage layered over inflation-hedging is a resilient narrative while SKOR is a known story: the underlying ETF (EWT) is particularly sensitive to AI sentiment since over 42% is held in Samsung and SK Hynix – two companies deep in the HBM memory race.

While the -5X Nasdaq 100 (SQQQ) is a resilient champion in terms of printing volumes at BITA, its volume growth in March has seesawed relative to past months’ ADV trends. Other names, however, have shown growth at strength in long-term trends for 2026.

Source: Leverage Shares analysis

Doubling in volume from February’s ADV within the 1st week of March itself, SMCI has gone on to print nearly 5X the volume in the 3rd week of March to become a prospective champion from the month. SMCI’s story could be tied to the AI narrative remaining intact in some corners of the Italian investor base who turned up at strength during the 3rd week, leading to 3NVD growing at strength, as well as 3BAB despite its strong underperformance in the YTD. 3x Alibaba constituted 0.1% of Leverage Shares products’ volume for the 3rd week of March, while standing at 1.52% and 0.65% in BITA and LSE respectively.

One strong sign of the Italian market’s rapid maturity is the volume trends in the WTI Oil ETC, which registered a solid 16,156% growth relative to February’s ADV within the 1st week of March itself. Since then, volumes have ebbed and flowed throughout the days of March.

This is no mean feat: in a market dominated by crypto-proxies, WTI’s growth trends indicates a broadening of the investor base onboarding Leverage Shares products.

Potential Trends This Week

The setting up of strong positioning within AMD3 in London and its mirror instrument 3AMD in Milan has been a consistent growing narrative throughout March and February. If current trends continue, traded volumes of 18 million units might be registered across both exchanges in the week ending on the 27th of March 2026. In London, this might cannibalize whatever marginal liquidity remains in the plateauing crypto-proxies based on MicroStrategy and Coinbase. In Milan, this growth might come at expense of the broader Nasdaq/tech flow.

Meanwhile, Frankfurt is resolutely invested in an elevated structural defensive posture. If global risk appetite catches a quarter-end window-dressing bid, massive buy-ins of cover via the -5x S&P 500 (SSPY) could potentially push volume to extremes on a temporary basis.

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