Leverage Shares 3x Long ARM ETP is an exchange-traded product (ETP) designed to deliver three times the daily return of Arm Holdings ADR stock. It tracks the iSTOXX Leveraged 3x ARM Index, achieving this leverage through physical replication by directly investing in the underlying Arm Holdings ADR shares and using margin borrowing to acquire additional shares. This structure magnifies both gains and losses on a daily basis—for instance, a 1% rise in Arm Holdings ADR aims for a 3% increase in the ETP, excluding fees, while a 1% decline targets a 3% drop. Key features include an intraday rebalance mechanism to cushion large falls, liquidity through equity-like trading with multiple market makers, and full ownership of assets to minimize credit risk. Domiciled in Ireland with a USD base currency and ISIN XS2691006303, it holds assets under management of approximately $3-5 million and targets sophisticated investors aware of risks like daily compounding effects, which can lead to returns diverging from simple multiples over longer periods. Launched in November 2023, it plays a niche role in providing amplified exposure to Arm Holdings, a key player in semiconductor intellectual property, within leveraged equity strategies across European markets.