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ISIN: XS2970736307

-3x Short MicroStrategy

NAV as of 15 Oct 2026, 12:00 AM UTC

$0.72 (-17.24%)

Year-To-Date Change

-97.09%

  • Exchange closed LSE
  • Exchange closed Borsa Italiana
  • Exchange closed 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 MicroStrategy ETP?

The Leverage Shares -3x Short MicroStrategy (MSTR) ETP (ISIN XS2970736307) is an exchange traded product (ETP) that seeks to deliver minus three times (-3x) the daily performance of Microstrategy Incorporated. 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 MicroStrategy (MSTR) ETP has an annual management fee of 0.75% and is listed on the following exchanges: London Stock Exchange, Borsa Italiana, 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 (MSTR).

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

$-10,982,746

or -72,594 shares of MSTR

AUM

$3,660,399

or 5,089,961 shares of MSTS

Liabilities

$14,643,145

Listings & Tickers

Exchange Base Currency Trading Currency Exchange Code ISIN SEDOL BBG Ticker WKN Listing Date
London Stock Exchange USD USD MSTS XS2970736307 BTXN4X9 MSTS LN N/A 25 Sep 2024
London Stock Exchange USD GBP SMST XS2970736307 BTXN4Y0 SMST LN N/A 25 Sep 2024
Borsa Italiana USD EUR SMST XS2970736307 BTXN503 SMST IM N/A 10 Oct 2024
Deutsche Börse Xetra USD EUR MSTS XS2970736307 BTXN4Z1 MSTS GY A4A6C6 15 Nov 2024

Key Facts

Index Details

Index Name
Euronext -3x Short MicroStrategy Index
Index Provider
Euronext
Index Bloomberg Ticker
E3XSM
Leverage Factor
-3x

Net Asset Value

NAV (as of 15 Oct 2026)
$0.72
Daily Return (% NAV change)
-17.24%
Daily Change (of NAV)
$-0.15

Structure

Structure
ETP
Domicile
Ireland
Replication Method
Physical
Dividends
Reinvested
Underlying Asset
MSTR
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
1.25%

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, 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
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Reportable Income EMT Supplemental Trust Deeds
Notices
Latest Notice
18.09.2026 Batch Notification 11.09.2026 Notice Appointment of Authorised Participants 26.08.2026 Notification of New Series 21.07.2026 Batch Notification 19.06.2026 Notice to ETP Securityholders 03.06.2026 Notices of Investment Strategy Modifications 21.05.2026 Batch Notification 30.04.2026 Notification of New Series 24.03.2026 Notification of New Series 23.03.2026 Batch Notification 11.03.2026 Notices of Investment Strategy Modifications 09.02.2026 Notice of Intraday Rebalance 31.10.2025 Notice of Publication of Audited Financial Statements 06.08.2025 Updated to IB Margin Account Agreement 08.05.2025 Notice Appointment of Additional Authorised Participant 10.04.2025 Notice of Intraday Rebalance 25.03.2025 Notice of Clerical Error 16.01.2025 Notice to ETP Securityholders 15.01.2025 Consolidation Notice 15.01.2025 Postponement of Adjourned Meeting 15.01.2025 Result of Adjourned Meeting 09.01.2025 Notice of Postponement of Adjourned Meeting 17.12.2024 16.12.2024 Notice of Adjourned Meeting 28.11.2024 Notice of Original Meeting 14.11.2024 Notice of Intraday Rebalance 24.10.2024 Notice of Lifting of Temporary Suspension 23.10.2024 Notice of Temporary Suspension 18.10.2024 Notice of Temporary Suspension 02.10.2024 Notice of Amended & Restated Margin Account Agreement 29.07.2024 Notice of Appointment of Pershing as Additional Margin Load Provider 17.07.2024 Notice of Deed of Amendment and Restatement 10.07.2024 Notice of Increase in Margin Rate 05.06.2024 Notice of Clerical Errors 02.11.2023 Notice of Late Filing of Audited Financial Report 19.10.2023 Notice to ETP Securityholders 20.09.2023 Notice of Migration to IB LLC 04.05.2023 Notice of Amended and Restated Conditions

Frequently Asked Questions about the -3x Short MicroStrategy (MSTR) ETP

The Leverage Shares -3x Short MicroStrategy (MSTR) ETP (ISIN XS2970736307) is an exchange traded product (ETP) that seeks to deliver minus three times (-3x) the daily performance of Microstrategy Incorporated. It is listed on the following exchanges: London Stock Exchange, Borsa Italiana, Deutsche Börse Xetra.
The Leverage Shares -3x Short MicroStrategy (MSTR) ETP has an annual management fee of 0.75%.
The Leverage Shares -3x Short MicroStrategy (MSTR) ETP achieves its short exposure to Microstrategy Incorporated 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 MicroStrategy (MSTR) 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 MicroStrategy (MSTR) ETP is designed for short term trading. It rebalances daily to maintain its -3x exposure to Microstrategy Incorporated. 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 Microstrategy Incorporated 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 MicroStrategy (MSTR) ETP can lose value over time even if the underlying ends up flat.
An investor in the Leverage Shares -3x Short MicroStrategy (MSTR) ETP cannot lose more than the amount they invest. You could lose the full value of your investment if Microstrategy Incorporated 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 MicroStrategy (MSTR) ETP, the Leverage Shares 3x Long MicroStrategy (MSTR) ETP (ISIN XS3304269429) provides 3x exposure to Microstrategy Incorporated.
The Leverage Shares -3x Short MicroStrategy (MSTR) ETP does not pay dividends.
The Leverage Shares -3x Short MicroStrategy (MSTR) 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 MicroStrategy (MSTR) ETP is SIPP and ISA eligible, subject to availability on your SIPP or ISA platform.
The Leverage Shares -3x Short MicroStrategy (MSTR) 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 MicroStrategy (MSTR) 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 MicroStrategy (MSTR) 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: MSTS (USD), SMST (GBP)
  • Borsa Italiana: SMST (EUR)
  • Deutsche Börse Xetra: MSTS (EUR)
Investors do not need a margin account in order to trade Leverage Shares ETPs.