Leverage Shares to swap QQQ for gold in ETP, adding short VIX, gas and oil positions

what happened

Issuer Leverage Shares plc has announced upcoming changes to the investment strategy of the LS Short Volatility Long Tech ETP (ISIN XS2595675641). The notice was published through the London Stock Exchange's RNS service and was distributed by Short Vol.

The long position, currently taken in the Invesco QQQ Trust, will be replaced by gold, held through SPDR Gold Trust, Invesco Physical Gold ETC, WisdomTree Physical Swiss Gold ETC or gold futures. The short side, which now covers only VIX products, will also include natural gas and crude oil, with long-term target allocations of 20% to 40% for each asset class.

The product will be renamed CoreShares Short Contango Long Gold ETP. The changes take effect on 2 November 2026.

why it matters

For markets, the notice is an example of how structured products increasingly target contango in commodity futures. Switching the long leg from equities to gold changes the product's sensitivity to precious metal prices, while the wider short book adds exposure to natural gas and crude oil. The change concerns a single product and has no broad market impact.

tags

instruments