New Listings: The AI Data Centre Now Has a 3x Leveraged Fan Club, and It Speaks Dutch

Someone has decided that the best way to own the picks and shovels of the artificial intelligence boom is to own them three times over, on a daily reset, from Amsterdam.

LUM3, MAV3 and VTV3 (Euronext Amsterdam)

GraniteShares has listed a trio of 3x daily long ETPs on Euronext Amsterdam, and the underlyings tell a very coherent story. LUM3 tracks Lumentum, MAV3 tracks Marvell, and VTV3 tracks Vertiv. Optical components, custom silicon, and the power-and-cooling plumbing that stops a data centre from melting. This is the picks-and-shovels layer of the AI trade, the stuff that actually gets bolted into the buildings.

The problem is that these are not sleepy utilities. Vertiv has roughly doubled over the past year, before giving a chunk back in a single sharp month. Lumentum and Marvell have run just as hard on the same thesis. These are momentum stocks that already move like caffeinated squirrels, and the answer, apparently, was to multiply the daily move by three and reset it every night.

Threefold daily leverage on an asset that can fall a fifth in a month is not an investment. It is a sprint on a travelator that occasionally reverses. I admire the conviction. I would not want to hold it over a long weekend.

HHIF and HJZP (ASX)

Then, on the other side of the world and the other side of the temperament spectrum, Hejaz has listed two Sharia-compliant active ETFs on the ASX. HHIF is the Hejaz High Innovation Active ETF, and HJZP is the Hejaz Property Fund.

These funds are screened by an independent Sharia board. No interest-based finance, no gambling, no excessive leverage, with real limits on how much debt an underlying business can carry. In other words, an entire investment philosophy built on the principle that you should understand and constrain your risk rather than amplify it for sport.

It is a strange and pleasing thing to see a rules-based, ethically screened growth fund land in the same window as a 3x Vertiv product. One camp is bolting on leverage. The other is quietly ruling it out on principle. Both are called ETFs.

Corgi, again (NYSE)

Yes, Corgi has launched more single-stock 2x daily ETFs. I have written about Corgi before. I suspect I will write about Corgi again next week, and the week after, in the manner of a man describing the tide.

This batch alone gives you 2x daily exposure to roughly fifteen names, from Netflix (NFX) and UnitedHealth (UN) to a nuclear startup (OKLC) and a drone company (ONDC). My favourite, purely for the philosophical friction, is CORGI BRKB 2X (NYSE). That is a 2x daily leveraged bet on Berkshire Hathaway, which is to say a leveraged, hyperactive, reset-nightly wrapper around the one company whose entire identity is patience and a deep suspicion of leverage. Warren Buffett spent decades explaining why you should not do this. Now you can do it to him.

OBAA (Euronext Paris)

And then, as ever, the sensible product sitting quietly in the corner.

ODDO BHF has listed a Global Balanced Allocation UCITS ETF, OBAA, on Euronext Paris. Global equities, bonds, a diversified allocation in a single wrapper. No multiplier. No daily reset. No thesis more exotic than “own a sensible spread of things and rebalance occasionally."