# Leverage Shares -3x Short Semiconductors ETP (SSMH)

**Page:** https://fundology.uk/fund/ssmh · ISIN XS3005160257

## 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, SSMH (Leverage Shares -3x Short Semiconductors ETP, ISIN XS3005160257) closed at £0.409 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 total return was −99.8%, or −99.8% after UK CPIH inflation.

## Summary

Leverage Shares -3x Short Semiconductors ETP is an exchange-traded product from Leverage Shares, launched in 2021. 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: **£0.409** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | SSMH |
| ISIN | XS3005160257 |
| Also listed as | SMHS (London Stock Exchange, US dollars) |
| Category | Leveraged & inverse |
| Type | ETN / ETP |
| Provider | Leverage Shares |
| Tracks | MarketVector US Listed Semiconductor 10% Capped Screened Index |
| Income | Accumulating |
| Ongoing charge | 4.78% a year (£478 per £10,000) |
| Fund size | £924k |
| Launched | 2021 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/07/2025 |

## 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 | -88.89% | -89.29% | income reinvested |
| 3 years | -99.79% | -99.81% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Leverage Shares -3x Short Semiconductors ETP in pounds (price, with income reinvested in the fund): 2022 +27.3%, 2023 −88.1%, 2024 −81.2%, 2025 −88.4%; 2026 to 13/11/2026 −82.7%. Returns of Leverage Shares -3x Short Semiconductors ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −93.3%; to 30/09/2025: −83.1%; to 30/09/2024: −90.0%; to 30/09/2023: −87.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +27.3% | +16.5% | Price |
| 2023 | -88.1% | -88.6% | Price |
| 2024 | -81.2% | -81.8% | Price |
| 2025 | -88.4% | -88.8% | Price |
| 2026 to 13/11/2026 | -82.7% | -83.2% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 113.68% | -94.45% |
| 3 years | 104.11% | -99.87% |

## Largest fall

Volatility of Leverage Shares -3x Short Semiconductors ETP in pounds, annualised from weekly returns to 13/11/2026: 113.7% over 1 year, 104.1% over 3 years. Largest fall in the price of Leverage Shares -3x Short Semiconductors ETP since December 2021, in pounds: −100.0% from 14/10/2022 to 02/10/2026. The lowest 12-month return of Leverage Shares -3x Short Semiconductors ETP in pounds (price, with income reinvested in the fund) since December 2021 was −97.0% (12 months to 19/06/2026); the highest was +27.3% (12 months to 30/12/2022). On 13/11/2026 the price of Leverage Shares -3x Short Semiconductors ETP was 100.0% below its highest weekly close since December 2021 (14/10/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of Leverage Shares -3x Short Semiconductors 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 SSMH?**

The ongoing charge of SSMH 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 Semiconductors 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 SSMH track?**

SSMH tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index.

**Is SSMH accumulating or distributing?**

SSMH 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 SSMH?**

The ISIN of SSMH is XS3005160257. An ISIN identifies one exact share class of a fund; SSMH is its ticker on the London Stock Exchange. The same share class is also listed as SMHS (London Stock Exchange, US dollars).

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

Calendar-year returns of SSMH in pounds (price, with income reinvested in the fund): 2022 +27.3%, 2023 −88.1%, 2024 −81.2%, 2025 −88.4%; 2026 to 13/11/2026 −82.7%. Past performance is not a guide to future returns.

**How has SSMH done after inflation?**

Over the three years to 13/11/2026 SSMH’s total return was −99.8%, or −99.8% 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.