How can I trade the -3x Short Silver ETP?

The Leverage Shares -3x Short Silver 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: SLVS (USD), 3SSL (GBP), SSLE (EUR) Deutsche Börse Xetra: SSLE (EUR) Borsa Italiana: SLVS (EUR) Investors do not need a margin account in order to trade Leverage Shares ETPs.

ISIN: XS3231934442

-3x Short Silver

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

$2.25 (2.27%)

Year-To-Date Change

-75.11%

LSE
Xetra
Borsa Italiana

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

More Leverage Factors:

Overview

What is the -3x Short Silver ETP?

The Leverage Shares -3x Short Silver ETP (ISIN XS3231934442) is an exchange traded product (ETP) that seeks to deliver minus three times (-3x) the daily performance of iShares Silver Trust. 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 Silver ETP has an annual management fee of 0.75% and is listed on the following exchanges: London Stock Exchange, Deutsche Börse Xetra, Borsa Italiana. 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 (SLV).

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

$-2,299,440

or -42,308 shares of SLV

AUM

$766,792

or 340,838 shares of SLVS

Liabilities

$3,066,232

Listings & Tickers

Exchange	Base Currency	Trading Currency	Exchange Code	ISIN	SEDOL	BBG Ticker	WKN	Listing Date
London Stock Exchange	USD	USD	SLVS	XS3231934442	BVPJ978	SLVS LN	N/A	09 Jun 2022
London Stock Exchange	USD	GBP	3SSL	XS3231934442	BVPJ989	3SSL LN	N/A	09 Jun 2022
London Stock Exchange	USD	EUR	SSLE	XS3231934442	BVPJ990	SSLE LN	N/A	09 Jun 2022
Deutsche Börse Xetra	USD	EUR	SSLE	XS3231934442	BVPJ9B2	SSLE GY	A4AQTS	13 Sep 2022
Borsa Italiana	USD	EUR	SLVS	XS3231934442	BWL64V9	SLVS IM	N/A	08 Sep 2026

Key Facts

Net Asset Value

NAV (as of 12 Oct 2026): $2.25
Daily Return (% NAV change): 2.27%

Daily Change (of NAV): $0.05

Structure

Structure: ETP
Domicile: Ireland
Replication Method: Physical

Dividends: Reinvested
Underlying Asset: SLV
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: 1.41%

Tax & Legal

ISA: Eligible
SIPP: Eligible

UK Fund Reporting Status: Yes (effective 01/07/2025)
US IRS Sec 871(m): Not applicable

Passported Countries:

United Kingdom

Italy

Germany

France

Spain

Netherlands

Ireland

Poland

Belgium

Sweden

Norway

Austria

* The information on this website regarding UK Fund Reporting Status is accurate as of the stated effective date (the "Effective Date"). Leverage Shares makes no representation or warranty that such information will remain accurate, complete or current thereafter, assumes no obligation to update it, and, to the fullest extent permitted by applicable law, accepts no responsibility or liability for any inaccuracies or omissions arising after the Effective Date.

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

Final Terms CBI Final Terms FCA

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Reportable Income UK Fund Reporting EMT Supplemental Trust Deeds

Supplement (CBI) 07 July 2026 Supplement (FCA) 07 July 2026 Prospectus (CBI) 11 June 2026 Prospectus (FCA) 09 June 2026 Prospectus (CBI) 13 March 2026 Prospectus (FCA) 13 March 2026 Prospectus (CBI) 23 June 2025 Prospectus (FCA) 23 June 2025 Prospectus (CBI) 17 July 2024 Prospectus (FCA) 17 July 2024 Prospectus (CBI) 15 March 2024 Prospectus (FCA) 15 March 2024 Prospectus (CBI) 18 October 2023 Prospectus (FCA) 18 October 2023 Prospectus (CBI) 04 May 2023 Prospectus (FCA) 04 May 2023 Supplement 01 June 2022 Prospectus 16 May 2022 Prospectus 07 December 2021 Supplement 08 October 2021 Supplement 17 September 2021 Supplement 06 May 2021 Supplement 04 March 2021 Prospectus 18 December 2020 Prospectus 06 November 2020 Prospectus 05 February 2020

Notices

Latest Notice

Frequently Asked Questions about the -3x Short Silver ETP

Expand All

What is the -3x Short Silver ETP?

The Leverage Shares -3x Short Silver ETP has an annual management fee of 0.75%.

The Leverage Shares -3x Short Silver ETP achieves its short exposure to iShares Silver Trust 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 Silver 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 Silver ETP is designed for short term trading. It rebalances daily to maintain its -3x exposure to iShares Silver Trust. 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 iShares Silver Trust 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 Silver ETP can lose value over time even if the underlying ends up flat.

An investor in the Leverage Shares -3x Short Silver ETP cannot lose more than the amount they invest. You could lose the full value of your investment if iShares Silver Trust 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 Silver ETP, the Leverage Shares 3x Long Silver ETP (ISIN XS2472195952) provides 3x exposure to iShares Silver Trust.

The Leverage Shares -3x Short Silver ETP does not pay dividends.

The Leverage Shares -3x Short Silver 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 Silver ETP is SIPP and ISA eligible, subject to availability on your SIPP or ISA platform.

The Leverage Shares -3x Short Silver 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 Silver 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 Silver 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: SLVS (USD), 3SSL (GBP), SSLE (EUR)
Deutsche Börse Xetra: SSLE (EUR)
Borsa Italiana: SLVS (EUR)

Investors do not need a margin account in order to trade Leverage Shares ETPs.

-3x Short Silver

More Leverage Factors:

Overview

What is the -3x Short Silver ETP?

ETP objective

Who is this product for?

Listings & Tickers

Key Facts

Net Asset Value

Structure

Fees

Tax & Legal

Key Services Providers

Frequently Asked Questions about the -3x Short Silver ETP

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