# GraniteShares 3x Short Bae Systems Daily ETP (3SBA)

**Page:** https://fundology.uk/fund/3sba · ISIN XS2698604563

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, 3SBA (GraniteShares 3x Short Bae Systems Daily ETP, ISIN XS2698604563) closed at £0.632 on the London Stock Exchange. Its ongoing charge is 3.29% a year (about £329 on £10,000). Over the three years to 13/11/2026 its total return was −95.9%, or −96.3% after UK CPIH inflation.

## Summary

GraniteShares 3x Short Bae Systems Daily ETP is an exchange-traded product from GraniteShares, launched in 2019. It aims to deliver a multiple, or the opposite, of one day’s move in what it tracks. The multiple resets daily, so over longer periods its return can differ a lot from the multiple of the index return. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 3.29% a year — about £329 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

> **Leveraged & inverse:** Built for short-term trading. Because the multiple resets every day, losses can build up quickly when held for longer, even if the index ends up where it started.

Latest close: **£0.632** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | 3SBA |
| ISIN | XS2698604563 |
| Category | Leveraged & inverse |
| Type | ETN / ETP |
| Provider | GraniteShares |
| Tracks | Solactive Daily Leveraged 3x Short BAE Systems plc Index - GBP - Benchmark TR Net |
| Income | Accumulating |
| Ongoing charge | 3.29% a year (£329 per £10,000) |
| Fund size | £107k |
| Launched | 2019 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 23/10/2023 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -53.63% | -55.27% | income reinvested |
| 3 years | -95.90% | -96.29% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of GraniteShares 3x Short Bae Systems Daily ETP in pounds (price, with income reinvested in the fund): 2024 −27.7%, 2025 −87.0%; 2026 to 13/11/2026 −57.1%. Returns of GraniteShares 3x Short Bae Systems Daily ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −31.8%; to 30/09/2025: −90.3%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2024 | -27.7% | -30.1% | Price |
| 2025 | -87.0% | -87.4% | Price |
| 2026 to 13/11/2026 | -57.1% | -58.5% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 117.66% | -74.00% |
| 3 years | 94.96% | -97.58% |

## Largest fall

Volatility of GraniteShares 3x Short Bae Systems Daily ETP in pounds, annualised from weekly returns to 13/11/2026: 117.7% over 1 year, 95.0% over 3 years. Largest fall in the price of GraniteShares 3x Short Bae Systems Daily ETP since October 2023, in pounds: −97.6% from 08/12/2023 to 14/08/2026. The lowest 12-month return of GraniteShares 3x Short Bae Systems Daily ETP in pounds (price, with income reinvested in the fund) since October 2023 was −91.5% (12 months to 09/01/2026); the highest was −18.8% (12 months to 14/02/2025). On 13/11/2026 the price of GraniteShares 3x Short Bae Systems Daily ETP was 96.7% below its highest weekly close since October 2023 (08/12/2023), in pounds.

## Charges compared with similar funds

Ongoing charge of GraniteShares 3x Short Bae Systems Daily ETP 3.29% a year. Compared on 14/11/2026, 62 of the 210 other leveraged and inverse products charge more, 0 the same and 148 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **3.29%** per year
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## Questions people ask

**What is the ongoing charge of 3SBA?**

The ongoing charge of 3SBA is 3.29% a year — about £329 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of GraniteShares 3x Short Bae Systems Daily ETP 3.29% a year. Compared on 14/11/2026, 62 of the 210 other leveraged and inverse products charge more, 0 the same and 148 less (share classes counted once).

**What does 3SBA track?**

3SBA tracks the Solactive Daily Leveraged 3x Short BAE Systems plc Index.

**Is 3SBA accumulating or distributing?**

3SBA is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

**What is the ISIN of 3SBA?**

The ISIN of 3SBA is XS2698604563. An ISIN identifies one exact share class of a fund; 3SBA is its ticker on the London Stock Exchange.

**What were 3SBA’s returns in each of the last five years?**

Calendar-year returns of 3SBA in pounds (price, with income reinvested in the fund): 2024 −27.7%, 2025 −87.0%; 2026 to 13/11/2026 −57.1%. Past performance is not a guide to future returns.

**How has 3SBA done after inflation?**

Over the three years to 13/11/2026 3SBA’s total return was −95.9%, or −96.3% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.