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ISIN: XS3393942290

-3x Short Memory

NAV as of 12 Oct 2026, 12:00 AM UTC

$2.51 (13.06%)

Year-To-Date Change

-77.66%

  • Exchange open LSE
  • Exchange open XAMS
  • Exchange open Xetra

Capital at risk. NAV calculated by Leverage Shares. For more information on the calculation please click here

More Leverage Factors:

3x

Overview

What is the -3x Short Memory ETP?

The Leverage Shares -3x Short Memory (DRAM) ETP (ISIN XS3393942290) is an exchange traded product (ETP) that seeks to deliver minus three times (-3x) the daily performance of Roundhill Memory ETF. It achieves leverage through margin borrowing and has physical ownership of the underlying, so it does not use swaps or other derivatives to achieve its exposure, and it does not have credit risk. Exposure is rebalanced daily, and an intraday rebalance mechanism ("airbag") is designed to cushion the largest intra-day moves, triggering at 16.67%. You cannot lose more than the amount you invest. The Leverage Shares -3x Short Memory (DRAM) ETP has an annual management fee of 0.75% and is listed on the following exchanges: London Stock Exchange, Euronext Amsterdam, Deutsche Börse Xetra. It is designed for short term trading and should be monitored daily.

ETP objective

To seek daily investment results, before fees and expenses, that correspond to -300% (-3x) the daily performance of the underlying stock (DRAM).

Who is this product for?

Sophisticated investors and active traders seeking to express short-term bearish views or tactically hedge positions, via inverse exposure and without a margin account.

*However, these are complex products.

Value of Underlying Assets

$-2,981,693

or -54,490 shares of DRAM

AUM

$994,159

or 395,636 shares of DRMS

Liabilities

$3,975,851

Listings & Tickers

Exchange Base Currency Trading Currency Exchange Code ISIN SEDOL BBG Ticker WKN Listing Date
London Stock Exchange USD USD DRMS XS3393942290 BWM3613 DRMS LN N/A 12 Jun 2026
London Stock Exchange USD GBP SDRM XS3393942290 BWM3646 SDRM LN N/A 12 Jun 2026
Euronext Amsterdam USD EUR DRMS XS3393942290 BW5VL53 DRMS NA N/A 15 Jun 2026
Deutsche Börse Xetra USD EUR DRMS XS3393942290 BW5VLH5 DRMS GY A4AU60 15 Jun 2026

Key Facts

Net Asset Value

NAV (as of 12 Oct 2026)
$2.51
Daily Return (% NAV change)
13.06%
Daily Change (of NAV)
$0.29

Structure

Structure
ETP
Domicile
Ireland
Replication Method
Physical
Dividends
Reinvested
Underlying Asset
DRAM
Target Weights
Rebalance Frequency

Fees

Annual Management Fee
0.75%
Interest Paid On Cash Balances
Fed Funds Effective (Overnight Rate) -1%
Performance Fee
Stock Borrow Rate
1.28%

Key Services Providers

Issuer
Leverage Shares plc
Arranger
Leverage Shares Management Company Limited
Trustee
Apex Corporate Trustees (UK) Limited
Issuing and Paying Agent
U.S. Bank Europe DAC
Registrar
U.S. Bank Europe DAC
Portfolio Administrators
Flexinvest Limited
Stock Borrowing Provider and Custodian
Interactive Brokers LLC and/or Morgan Stanley & Co. LLC and/or Pershing LLC
Determination Agent
Calculation Agent Services LLC
Initial Authorised Participant
BNP Paribas Arbitrage S.N.C.,Virtu Financial Ireland Limited, Flow Traders and others
Sponsor
Fact Sheet
2026-09 EN DE ES FR IT NL PL SV
2026-08 EN DE ES FR IT NL PL SV
2026-07 EN DE ES FR IT NL PL SV
2026-06 EN DE ES FR IT NL PL SV
Reportable Income EMT Supplemental Trust Deeds

Frequently Asked Questions about the -3x Short Memory (DRAM) ETP

The Leverage Shares -3x Short Memory (DRAM) ETP (ISIN XS3393942290) is an exchange traded product (ETP) that seeks to deliver minus three times (-3x) the daily performance of Roundhill Memory ETF. It is listed on the following exchanges: London Stock Exchange, Euronext Amsterdam, Deutsche Börse Xetra.
The Leverage Shares -3x Short Memory (DRAM) ETP has an annual management fee of 0.75%.
The Leverage Shares -3x Short Memory (DRAM) ETP achieves its short exposure to Roundhill Memory ETF through short selling. It borrows securities and sells them at the current market price, and the proceeds of the sale are held in its margin account. Over a single day, its value is expected to rise when the underlying falls and to fall when the underlying rises, excluding fees and costs.
The Leverage Shares -3x Short Memory (DRAM) is an exchange traded product, not an ETF. ETPs are structured as debt securities and lie outside the remit of UCITS. While not UCITS compliant, they may be UCITS eligible, meaning they are capable of being an eligible investment for another UCITS fund. It trades on exchange in the same way as a share.
The Leverage Shares -3x Short Memory (DRAM) ETP is designed for short term trading. It rebalances daily to maintain its -3x exposure to Roundhill Memory ETF. Held for longer than one day, returns may differ from -3x the return of the underlying over that period, because of daily rebalancing and compounding.
Volatility decay is the effect of daily rebalancing and compounding on a leveraged product. When Roundhill Memory ETF moves up and down repeatedly, compounding erodes value, and the effect is stronger the higher the leverage and the longer the holding period. This means the Leverage Shares -3x Short Memory (DRAM) ETP can lose value over time even if the underlying ends up flat.
An investor in the Leverage Shares -3x Short Memory (DRAM) ETP cannot lose more than the amount they invest. You could lose the full value of your investment if Roundhill Memory ETF moves against the ETP by more than one-third (roughly 33%) in a single day. An intraday rebalance mechanism ("airbag") is designed to cushion the largest intra-day moves, triggering at 16.67%.
Yes. Alongside the Leverage Shares -3x Short Memory (DRAM) ETP, the Leverage Shares 3x Long Memory (DRAM) ETP (ISIN XS3388191457) provides 3x exposure to Roundhill Memory ETF.
The Leverage Shares -3x Short Memory (DRAM) ETP does not pay dividends.
The Leverage Shares -3x Short Memory (DRAM) ETP is designed for short term trading, not long-term investing. Investing in Short and Leveraged ETPs is only suitable for sophisticated traders who understand leverage, daily rebalancing and compounded daily returns. Only use these ETPs if you can monitor your positions daily.
Yes, the Leverage Shares -3x Short Memory (DRAM) ETP is SIPP and ISA eligible, subject to availability on your SIPP or ISA platform.
The Leverage Shares -3x Short Memory (DRAM) ETP is 100% backed with the underlying using a margin loan for long ETPs and with cash for short ETPs. Leverage Shares does not use derivatives, like swaps, to offer leveraged exposures.
Experienced investors may use the Leverage Shares -3x Short Memory (DRAM) ETP for a variety of strategies. Some examples include responding to technical indicators, acting on earnings or news announcements, and hedging existing exposures in a portfolio. The recommended holding period is one day.
The Leverage Shares -3x Short Memory (DRAM) ETP can be traded through brokerage accounts that have access to the exchanges where it is listed. It trades on the following exchanges, each with the ticker(s) to search on that exchange:
  • London Stock Exchange: DRMS (USD), SDRM (GBP)
  • Euronext Amsterdam: DRMS (EUR)
  • Deutsche Börse Xetra: DRMS (EUR)
Investors do not need a margin account in order to trade Leverage Shares ETPs.