# Leverage Shares Public Limited Company Exchange Traded Product 2024-25.09.74 on Microstrategy-A (SMST)

**Source:** https://fundology.uk/fund/smst · ISIN XS2970736307 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS

## 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 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.

## Summary

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:** 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: **£0.565** (30/09/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | SMST |
| ISIN | XS2970736307 |
| Category | Leveraged & inverse |
| Type | ETF |
| Provider | Leverage Shares |
| Tracks | Euronext -3x Short MicroStrategy Index - Benchmark TR Net |
| Income | Accumulating |
| Ongoing charge | 0.01% a year (£1 per £10,000) |
| Fund size | £2.6m |
| Launched | 2024 |
| Domicile | Ireland |

## Past returns (periods to 30/09/2026)

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

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | -83.84% | -84.35% | income reinvested |

Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published.

## Calendar-year 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 CPIH inflation | Measured as |
|---|---|---|---|
| 2025 | -69.3% | -70.3% | Price |
| 2026 to 30/09/2026 | -96.6% | -96.7% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 254.07% | -97.93% |

## Largest fall

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.

## Charges compared with similar funds

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).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.01%** per year
- ISA eligible: yes
- SIPP eligible: yes

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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.