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Performance
Performance Chart
The chart shows the growth of an initial investment of £10,000 in Leverage Shares -3x Short MicroStrategy ETP, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Different Benchmark Currency
SMST.L is traded in GBP, while the ^GSPC benchmark is in USD. To make them comparable, the benchmark values have been converted to GBP using the latest available exchange rates.
Returns By Period
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has returned -25.49% so far this year and -32.42% over the past 12 months.
Leverage Shares -3x Short MicroStrategy ETP
- 1D
- 21.93%
- 1M
- 3.36%
- YTD
- -25.49%
- 6M
- 240.95%
- 1Y
- -32.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.61%
- 1M
- -3.22%
- YTD
- -2.82%
- 6M
- -0.72%
- 1Y
- 13.66%
- 3Y*
- 14.01%
- 5Y*
- 11.18%
- 10Y*
- 12.98%
Monthly Returns
Based on dividend-adjusted daily data since Sep 26, 2024, SMST.L's average daily return is +65.12%, while the average monthly return is +892.83%. At this rate, your investment would double in approximately 0.0 years.
Historically, 53% of months were positive and 47% were negative. The best month was Jan 2025 with a return of +16,966.5%, while the worst month was Nov 2024 at -92.3%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 5 months.
On a daily basis, SMST.L closed higher 50% of trading days. The best single day was Jan 17, 2025 with a return of +24,757.1%, while the worst single day was Nov 11, 2024 at -54.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.87% | -29.92% | 3.36% | -25.49% | |||||||||
| 2025 | 16,966.48% | 105.36% | -70.87% | -77.96% | -1.27% | -24.74% | -18.51% | 42.47% | 4.25% | 26.61% | 180.54% | 28.82% | 9,160.39% |
| 2024 | -20.63% | -78.78% | -92.26% | 17.97% | -98.46% |
Benchmark Metrics
Leverage Shares -3x Short MicroStrategy ETP has an annualized alpha of 12204839320586170992583971071450796896284002847601721344.00%, beta of 80.85, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 27, 2024.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (51.67%) than losses (37.51%) — typical of diversified or defensive assets.
- R² of 0.00 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 12,204,839,320,586,171,000,000,000,000,000,000,000,000,000,000,000,000,000.00%
- Beta
- 80.85
- R²
- 0.00
- Upside Capture
- 51.67%
- Downside Capture
- 37.51%
Expense Ratio
SMST.L has an expense ratio of 0.75%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SMST.L ranks 21 for risk / return — below 21% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and compare them to a chosen benchmark (S&P 500 Index).
| SMST.L | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.16 | 0.73 | -0.89 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.14 | +0.12 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.18 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.24 | -1.48 |
Martin ratioReturn relative to average drawdown | -0.31 | 4.87 | -5.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore SMST.L risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Leverage Shares -3x Short MicroStrategy ETP. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Leverage Shares -3x Short MicroStrategy ETP was 99.26%, occurring on Jan 16, 2025. Recovery took 1 trading session.
The current Leverage Shares -3x Short MicroStrategy ETP drawdown is 81.37%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -99.26% | Oct 2, 2024 | 71 | Jan 16, 2025 | 1 | Jan 17, 2025 | 72 |
| -97.36% | Feb 26, 2025 | 97 | Jul 16, 2025 | — | — | — |
| -24.37% | Sep 27, 2024 | 1 | Sep 27, 2024 | 2 | Oct 1, 2024 | 3 |
| -16.01% | Feb 13, 2025 | 4 | Feb 18, 2025 | 4 | Feb 24, 2025 | 8 |
| -13.04% | Feb 4, 2025 | 1 | Feb 4, 2025 | 2 | Feb 6, 2025 | 3 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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