# Leverage Shares 2x Long Super Micro Computer ETP (SMC2) **Page:** https://fundology.uk/fund/smc2 · ISIN XS2944889109 ## 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, SMC2 (Leverage Shares 2x Long Super Micro Computer ETP, ISIN XS2944889109) closed at £2.09 on the London Stock Exchange. Its ongoing charge is 2.78% a year (about £278 on £10,000). Over the year to 13/11/2026 its price changed by −84.2%, or −84.7% after UK CPIH inflation. ## Summary Leverage Shares 2x Long Super Micro Computer ETP is an exchange-traded product from Leverage Shares, launched in 2024. 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 2.78% a year — about £278 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: **£2.09** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | SMC2 | | ISIN | XS2944889109 | | Also listed as | SMCI (London Stock Exchange, US dollars) | | Category | Leveraged & inverse | | Type | ETN / ETP | | Provider | Leverage Shares | | Tracks | Solactive 2x Long SMCI Index - Benchmark TR Net | | Income | Accumulating | | Ongoing charge | 2.78% a year (£278 per £10,000) | | Fund size | £1.7m | | Launched | 2024 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 25/03/2024 | ## 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 | -84.18% | -84.74% | price only | Returns: worked out from recorded daily closes. Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Leverage Shares 2x Long Super Micro Computer ETP in pounds (price, with income reinvested in the fund): 2025 −61.7%; 2026 to 13/11/2026 −73.7%. Returns of Leverage Shares 2x Long Super Micro Computer ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −78.2%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2025 | -61.7% | -63.0% | Price | | 2026 to 13/11/2026 | -73.7% | -74.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 174.72% | -84.18% | ## Largest fall Volatility of Leverage Shares 2x Long Super Micro Computer ETP in pounds, annualised from weekly returns to 13/11/2026: 174.7% over 1 year. Largest fall in the price of Leverage Shares 2x Long Super Micro Computer ETP since January 2025, in pounds: −96.5% from 21/02/2025 to 13/11/2026. On 13/11/2026 the price of Leverage Shares 2x Long Super Micro Computer ETP was 96.5% below its highest weekly close since January 2025 (21/02/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Leverage Shares 2x Long Super Micro Computer ETP 2.78% a year. Compared on 14/11/2026, 69 of the 210 other leveraged and inverse products charge more, 3 the same and 138 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **2.78%** per year (as of 14/10/2026) - 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 SMC2?** The ongoing charge of SMC2 is 2.78% a year — about £278 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 2x Long Super Micro Computer ETP 2.78% a year. Compared on 14/11/2026, 69 of the 210 other leveraged and inverse products charge more, 3 the same and 138 less (share classes counted once). **What does SMC2 track?** SMC2 tracks the Solactive 2x Long SMCI Index. **Is SMC2 accumulating or distributing?** SMC2 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 SMC2?** The ISIN of SMC2 is XS2944889109. An ISIN identifies one exact share class of a fund; SMC2 is its ticker on the London Stock Exchange. The same share class is also listed as SMCI (London Stock Exchange, US dollars). **What were SMC2’s returns in each of the last five years?** Calendar-year returns of SMC2 in pounds (price, with income reinvested in the fund): 2025 −61.7%; 2026 to 13/11/2026 −73.7%. Past performance is not a guide to future returns. **How has SMC2 done after inflation?** Over the year to 13/11/2026 SMC2’s price changed by −84.2%, or −84.7% after UK CPIH inflation. Past performance is not a guide to future returns. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.