ETF · Leverage Shares
SMST Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A
ISIN XS2970736307London Stock Exchange: SMSTLeverage Shares LLC
- Leveraged & inverse
- ETF
- ISA
- SIPP
- Accumulating
Latest close
LSE£0.565
on
- Ongoing charge
- 0.01% a year
- Fund size
- £2.6m
Source: TradingView, as of , at least 15 min delayed
At a glance
As of 30/09/2026, SMST (Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A, ISIN XS2970736307) closed at £0.565 on the London Stock Exchange. Its ongoing charge is 0.01% a year (about £1 on £10,000). Over the year to 30/09/2026 its total return was −83.8%, or −84.3% after UK CPIH inflation.
Past returns
- 1 year to 30/09/2026
- −83.8%
- −84.3% after inflation (UK CPIH)
Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A in pounds (price, with income reinvested in the fund): 2025 −69.3%; 2026 to 30/09/2026 −96.6%. Returns of Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −87.0%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | −96.6% | −96.7% | |
| −69.3% | −70.3% |
| 12 months to | Return |
|---|---|
| from | −87.0% |
Source: Fundology, from recorded closes and the data vendor’s weekly price history, as of , inflation: ONS CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
254.1%over 1 year
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2024
- −99.2%
- From to
- Below its highest weekly close since November 2024
- 99.1%
- High of , latest
In words: Volatility of Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A in pounds, annualised from weekly returns to 30/09/2026: 254.1% over 1 year. Largest fall in the price of Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A since November 2024, in pounds: −99.2% from 28/02/2025 to 25/09/2026. On 30/09/2026 the price of Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A was 99.1% below its highest weekly close since November 2024 (28/02/2025), in pounds.
Source: Fundology, from recorded closes and the data vendor’s weekly price history, as of , price, with income reinvested in the fund
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.01%
- a year
- On £10,000
- £1
- a year, roughly
- Over five years
- £5
- of £10,000, before growth
- 10 charge less
- 16 the same
- 254 charge more
Ongoing charge of Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A 0.01% a year, as of 01/10/2026: 254 of the 280 other leveraged and inverse products charge more, 16 the same and 10 less (share classes counted once).
Source: Fund ongoing charges via TradingView, as of
A lower charge is not a promise of a higher return: what the fund holds matters more. Charges are the fund’s own published ongoing charges figure.
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A is an exchange-traded fund (ETF) 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 0.01% a year — about £1 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: Products that multiply or reverse a single day’s move — for example three times the daily change of an index.
Terms:ETFIndex fundAccumulating or incomeLeveraged ETPsShare classISIN
Key facts
- Ticker
- SMST
- ISIN
- XS2970736307
- Provider
- Leverage Shares
- Tracks
- Euronext -3x Short MicroStrategy Index
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Accumulating
- Income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
- Ongoing charge
- 0.01% a year · about £1 on £10,000
- Fund size
- £2.6m
- Launched
- Domicile
- Ireland
- Can be held in
- ISA and SIPP
- Currency hedged
- No
- Price currency
- Pounds (GBP)
- Category
- Leveraged & inverse
Price chart
Since 31/07/2026, the closing price went from £7.70 on 31/07/2026 to £0.565 on 30/09/2026 (−92.7%). The lowest close shown was £0.5175 on 25/09/2026 and the highest £7.70 on 31/07/2026.
Chart: closing prices we have recorded since 31/07/2026.
Source: TradingView, as of , at least 15 min delayed
Five years of prices, and after inflation
10 weekly closes, from 31/07/2026 to 30/09/2026. The same history in September 2026 pounds, adjusted with ONS CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
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How we work it out:Prices and returnsNAV and price
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1 year, from weekly returns in pounds.
With a free accountLargest falls and recoveries
The 3 largest falls since November 2024, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Questions people ask
What is the ongoing charge of SMST?
The ongoing charge of SMST is 0.01% a year — about £1 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 Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A 0.01% a year, as of 01/10/2026: 254 of the 280 other leveraged and inverse products charge more, 16 the same and 10 less (share classes counted once).
What does SMST track?
SMST tracks the Euronext -3x Short MicroStrategy Index.
Is SMST accumulating or distributing?
SMST 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 SMST?
The ISIN of SMST is XS2970736307. An ISIN identifies one exact share class of a fund; SMST is its ticker on the London Stock Exchange.
What were SMST’s returns in each of the last five years?
Calendar-year returns of SMST in pounds (price, with income reinvested in the fund): 2025 −69.3%; 2026 to 30/09/2026 −96.6%. Past performance is not a guide to future returns.
How has SMST done after inflation?
Over the year to 30/09/2026 SMST’s total return was −83.8%, or −84.3% after UK CPIH inflation. Past performance is not a guide to future returns.
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Sources and dates
- Prices
- London Stock Exchange closes via TradingView, at least 15 minutes delayed, latest
- Returns
- TradingView reported returns (net asset value with income reinvested where available)
- Calendar years, risk
- Fundology, from recorded closes (weekly history from the data vendor where our record is short)
- Inflation
- ONS CPIH, latest month used August 2026
- Charges
- The fund’s ongoing charges figure, via TradingView
- Identity
- FCA Financial Instruments Reference Data System (FIRDS) and the issuer
- Fund size
- TradingView, converted to pounds at the latest ECB reference rate
Methodology:Data sourcesReturnsCategoriesAll methods
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