# Leverage Shares -3x Short Microsoft ETP (3SMF)

**Page:** https://fundology.uk/fund/3smf · ISIN XS2472334239

## 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, 3SMF (Leverage Shares -3x Short Microsoft ETP, ISIN XS2472334239) closed at £0.1405 on the London Stock Exchange. Its ongoing charge is 4.78% a year (about £478 on £10,000). Over the three years to 13/11/2026 its price changed by −90.9%, or −91.8% after UK CPIH inflation.

## Summary

Leverage Shares -3x Short Microsoft ETP is an exchange-traded product from Leverage Shares, launched in 2022. 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 4.78% a year — about £478 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: **£0.1405** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | 3SMF |
| ISIN | XS2472334239 |
| Also listed as | 3SMT (London Stock Exchange, euros), MS3S (London Stock Exchange, US dollars), SMF3 (Xetra, euros) |
| Category | Leveraged & inverse |
| Type | ETN / ETP |
| Provider | Leverage Shares |
| Tracks | iSTOXX Inverse Leveraged -3X MSFT (USD)(NR) |
| Income | Accumulating |
| Ongoing charge | 4.78% a year (£478 per £10,000) |
| Fund size | £398k |
| Launched | 2022 |
| Domicile | United Kingdom |

## 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 | -57.21% | -58.73% | income reinvested |
| 3 years | -90.89% | -91.77% | price only |

Returns: as reported (delayed data) and worked out from recorded daily closes. Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Leverage Shares -3x Short Microsoft ETP in pounds (price, with income reinvested in the fund): 2023 −81.9%, 2024 −37.0%, 2025 −54.8%; 2026 to 13/11/2026 −63.7%. Returns of Leverage Shares -3x Short Microsoft ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −50.1%; to 30/09/2025: −60.6%; to 30/09/2024: −68.0%; to 30/09/2023: −76.2%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2023 | -81.9% | -82.6% | Price |
| 2024 | -37.0% | -39.1% | Price |
| 2025 | -54.8% | -56.4% | Price |
| 2026 to 13/11/2026 | -63.7% | -64.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 102.60% | -83.19% |
| 3 years | 77.39% | -91.57% |

## Largest fall

Volatility of Leverage Shares -3x Short Microsoft ETP in pounds, annualised from weekly returns to 13/11/2026: 102.6% over 1 year, 77.4% over 3 years. Largest fall in the price of Leverage Shares -3x Short Microsoft ETP since June 2022, in pounds: −98.8% from 14/10/2022 to 06/11/2026. The lowest 12-month return of Leverage Shares -3x Short Microsoft ETP in pounds (price, with income reinvested in the fund) since June 2022 was −85.2% (12 months to 10/11/2023); the highest was +65.4% (12 months to 26/06/2026). On 13/11/2026 the price of Leverage Shares -3x Short Microsoft ETP was 98.7% below its highest weekly close since June 2022 (14/10/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of Leverage Shares -3x Short Microsoft ETP 4.78% a year. Compared on 14/11/2026, 4 of the 210 other leveraged and inverse products charge more, 17 the same and 189 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **4.78%** per year (as of 16/10/2026)
- 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 3SMF?**

The ongoing charge of 3SMF is 4.78% a year — about £478 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 Leverage Shares -3x Short Microsoft ETP 4.78% a year. Compared on 14/11/2026, 4 of the 210 other leveraged and inverse products charge more, 17 the same and 189 less (share classes counted once).

**What does 3SMF track?**

3SMF tracks the iSTOXX Inverse Leveraged -3X MSFT (USD)(NR).

**Is 3SMF accumulating or distributing?**

3SMF 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 3SMF?**

The ISIN of 3SMF is XS2472334239. An ISIN identifies one exact share class of a fund; 3SMF is its ticker on the London Stock Exchange. The same share class is also listed as 3SMT (London Stock Exchange, euros), MS3S (London Stock Exchange, US dollars) and SMF3 (Xetra, euros).

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

Calendar-year returns of 3SMF in pounds (price, with income reinvested in the fund): 2023 −81.9%, 2024 −37.0%, 2025 −54.8%; 2026 to 13/11/2026 −63.7%. Past performance is not a guide to future returns.

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

Over the three years to 13/11/2026 3SMF’s price changed by −90.9%, or −91.8% 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.