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When a single issuer simultaneously lists a 3X Long Copper ETC and a 3X Short Copper ETC, the market has not expressed a view on copper. The market has expressed a view on there being demand for views on copper. These are different things.
LS 5X LONG GOLD ETC (GLD5, Euronext Amsterdam)
Gold has been one of the more disorienting assets to watch over recent years. Setting dozens of new all-time highs over the course of a single year is not the usual tempo for something described as a store of value. The metal has broken through price levels that would have seemed extraordinary not long ago, driven by central bank buying, monetary policy uncertainty, and the widespread sense that something worth holding physically might also be worth holding in a portfolio.
Into this already-remarkable run, the Leverage Shares 5X Long Gold ETC (GLD5) has arrived on Euronext Amsterdam. The product uses swaps to deliver five times the daily return on gold, rebalancing daily. The mechanics are straightforward: a one percent rise in gold translates to approximately five percent in the ETC. A two percent fall in gold produces something considerably less pleasant, compounded.
The product is built for a specific kind of investor: one who has looked at gold's recent performance, concluded it is directionally correct, and decided that five times directionally correct is simply better. I understand the logic. I also note that gold has never needed help being interesting.
LS 3X LONG COPPER / LS -3X SHORT COPPER (and Natural Gas, WTI Oil, and Uranium) (Euronext Amsterdam)
Leverage Shares has resolved the directional question on four major commodities by filing products for both directions simultaneously.
The latest launches on Euronext Amsterdam include three times daily leveraged long and short pairs on copper (CUL3 and CPRS), natural gas (NGL3 and UNGS), WTI crude oil (WTI3 and WTOS), and uranium (URA3 and URAS). Each product uses swaps to deliver three times the daily move of its underlying commodity, either amplifying gains or amplifying losses depending on which direction you choose, which day you choose, and whether you checked the news before you opened the app.
Copper, to its credit, genuinely does have competing investment theses in play right now. The long-term case rests on electrification and AI infrastructure demand. The near-term case involves tariff policy, economic uncertainty, and enough daily price volatility to give a 3X product a rather eventful life. Launching both sides at once is not incoherence. It is product strategy. The issuer is covering the full range of investor conviction so that, whatever the market does, there is something on the shelf for it.
As a philosophy of product development, it is remarkably honest.
LS 3X LONG IONQ ETP (ION3, Euronext Amsterdam)
The IonQ 3X has been listed again.
For those who missed the previous instalment: a prior Leverage Shares 3X Long IonQ ETP was wound down after IonQ's share price fell more than 16.7% in a single session, triggering an intraday rebalance that concluded the product's existence. The underlying company makes quantum computing hardware and software, which is one of the more genuinely novel things anyone is building right now, and whose share price has been known to travel significant distances in short periods.
The LS 3X Long IonQ ETP (ION3) is now listed on Euronext Amsterdam. It delivers three times the daily return of IonQ's stock via swaps, rebalancing daily. The product thesis is that you believe quantum computing will matter, IonQ will benefit from that, and you would like to amplify your conviction by a factor of three.
I find myself genuinely admiring the persistence. Getting back on the horse after the horse has thrown you is one thing. Doing it in public, with a prospectus, is quite another.
LS 3X LONG BITMINE IMMERSION ETP and IS BITMINE OPTIONS ETP (BMN3 and BMNY, Euronext Amsterdam)
BitMine Immersion Technologies operates at the intersection of several things that tend to produce large daily percentage moves. It holds Ethereum as its primary treasury reserve asset, runs a validator network for ETH staking, and provides advisory services to clients in the Bitcoin ecosystem. It has recently moved from NYSE American to the main NYSE listing, which is one kind of milestone. It has also apparently attracted sufficient European investor interest to warrant two separate ETP structures launching simultaneously.
The Leverage Shares 3X Long BitMine Immersion ETP (BMN3), listed on Euronext Amsterdam, provides three times the daily return of BitMine's share price via swaps. The IS BitMine Options ETP (BMNY), also on Euronext Amsterdam, wraps the same underlying in an options-based structure, delivering a shaped exposure profile: participation in upside with a degree of downside buffering built into the construction through the options overlay.
The two products serve different risk appetites. BMN3 is for the investor who has a strong directional view and wants amplification. BMNY is for the investor who wants exposure to the moves without quite as much of the downside when things go wrong.
That these two distinct risk appetites both exist for a company whose primary business involves accumulating a cryptocurrency and staking it through a validator network is, in itself, a data point about where we are as an industry.
Fourteen Xtrackers Products Are Leaving the London Stock Exchange
On the same day as all of the above, fourteen DWS Xtrackers funds have been delisted from the London Stock Exchange.
The list covers a notable range of what the ESG product landscape looked like at its most optimistic. There are funds aligned to the Paris Agreement on climate change: net zero pathway ETFs for Europe, Japan, the US, the Nordic region, and emerging markets. There are SDG-themed products tracking sustainable development goals. There is an ESG high yield bond fund, an ESG EMU equity fund, a climate transition product, and a fund aligned to UN Sustainable Development Goal 7, clean and affordable energy.
Each was built during a period when ESG labelling was a commercial advantage, when Paris alignment was a phrase that made institutional investors take meetings, and when the sustainable investing category was growing rapidly enough to justify products whose names contained words like “Pathway” and “Transition” without any irony intended.
They are leaving the LSE citing low demand and trading volumes. The funds themselves continue to exist on other European exchanges. But their London listings are being withdrawn, quietly, on a day when a 5X gold ETC, opposing leveraged commodity bets, a phoenix quantum computing product, and a double-wrapped crypto staking company have all arrived for business.
The ESG wave is not finished. But some part of it is having a very measured exit from a room that has become considerably louder.
Bernie Thurston works in ETF data at Ultumus. He reads new listing files so you don't have to. These are observations, not investment advice.
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