Leverage Shares Public Limited Company (Leverage Shares PLC) issues exchange traded products (ETPs) that provide leveraged and inverse daily exposure to single equities and other assets, including the Leverage Shares 3x Short Tesla ETP (ticker: 1SHO.L; ISIN: XS3135031279), which tracks the iSTOXX Inverse Leveraged -3x TSLA Index to deliver -3 times the daily performance of Tesla, Inc. equity, net of fees; the ETP is an accumulating exchange-traded note (ETN) with physical replication through short positions in Tesla stock, a total expense ratio of 0.75%, and USD denomination. Founded in 2017 with headquarters in Greenwich, Connecticut, and issuer domicile in Ireland, Leverage Shares PLC operates primarily in Europe with listings on exchanges such as the London Stock Exchange, Euronext Amsterdam, Borsa Italiana, and Deutsche Boerse, targeting professional and institutional investors seeking short and leveraged strategies across sectors like technology and consumer discretionary. Recent developments include a consolidation of the Leverage Shares -3x Short Tesla ETP Securities in August 2025 to improve liquidity by issuing new securities with a target value of approximately US$10 per ETP; a temporary fee reduction to zero on Tesla short ETPs ahead of a Tesla stock split; and the launch of 19 new ETPs on the London Stock Exchange in September 2025, alongside expansion as a new crypto ETP issuer on SIX Swiss Exchange in November 2025, contributing to over $1.5 billion in assets under management.