# L&G DAX Daily 2x Long UCITS ETF (DL2P) **Page:** https://fundology.uk/fund/dl2p · ISIN IE00B4QNHH68 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, DL2P (L&G DAX Daily 2x Long UCITS ETF, ISIN IE00B4QNHH68) closed at £640.95 on the London Stock Exchange. Its ongoing charge is 0.40% a year (about £40 on £10,000). Over the five years to 13/11/2026 its total return was +82.2%, or +42.2% after UK CPIH inflation. ## Summary Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF is an exchange-traded fund (ETF) from L&G, launched in 2009. It aims to deliver a multiple, or the opposite, of one day’s move in what it tracks. The multiple resets daily, so over longer periods its return can differ a lot from the multiple of the index return. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.4% a year — about £40 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. > **Leveraged & inverse:** Built for short-term trading. Because the multiple resets every day, losses can build up quickly when held for longer, even if the index ends up where it started. Latest close: **£640.95** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | DL2P | | ISIN | IE00B4QNHH68 | | Also listed as | DEL2 (London Stock Exchange, euros) | | Category | Leveraged & inverse | | Type | ETF | | Provider | L&G | | Tracks | LevDAX x2 Index - EUR | | Income | Accumulating | | Ongoing charge | 0.40% a year (£40 per £10,000) | | Fund size | £30.4m | | Launched | 2009 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/07/2010 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +6.91% | +3.13% | income reinvested | | 3 years | +125.37% | +103.61% | income reinvested | | 5 years | +82.21% | +42.22% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −23.6%, 2023 +31.8%, 2024 +24.6%, 2025 +45.9%; 2026 to 13/11/2026 +5.9%. Returns of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −3.2%; to 30/09/2025: +49.3%; to 30/09/2024: +42.6%; to 30/09/2023: +49.2%; to 30/09/2022: −38.3%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -23.6% | -30.1% | Price | | 2023 | +31.8% | +26.6% | Price | | 2024 | +24.6% | +20.3% | Price | | 2025 | +45.9% | +40.9% | Price | | 2026 to 13/11/2026 | +5.9% | +2.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 31.83% | -23.46% | | 3 years | 29.42% | -23.46% | | 5 years | 31.94% | -45.27% | ## Largest fall Volatility of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 31.8% over 1 year, 29.4% over 3 years, 31.9% over 5 years. Largest fall in the price of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF since November 2021, in pounds: −44.9% from 19/11/2021 to 30/09/2022. The lowest 12-month return of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −39.1% (12 months to 23/09/2022); the highest was +72.3% (12 months to 08/08/2025). On 13/11/2026 the price of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF was 2.7% below its highest weekly close since November 2021 (28/08/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF 0.40% a year. Compared on 14/11/2026, 192 of the 210 other leveraged and inverse products charge more, 7 the same and 11 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.40%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## Questions people ask **What is the ongoing charge of DL2P?** The ongoing charge of DL2P is 0.40% a year — about £40 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Legal & General UCITS ETF ICAV - L&G DAX Daily 2x Long UCITS ETF 0.40% a year. Compared on 14/11/2026, 192 of the 210 other leveraged and inverse products charge more, 7 the same and 11 less (share classes counted once). **What does DL2P track?** DL2P tracks the LevDAX x2 Index - EUR. **Is DL2P accumulating or distributing?** DL2P is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of DL2P?** The ISIN of DL2P is IE00B4QNHH68. An ISIN identifies one exact share class of a fund; DL2P is its ticker on the London Stock Exchange. The same share class is also listed as DEL2 (London Stock Exchange, euros). **What were DL2P’s returns in each of the last five years?** Calendar-year returns of DL2P in pounds (price, with income reinvested in the fund): 2022 −23.6%, 2023 +31.8%, 2024 +24.6%, 2025 +45.9%; 2026 to 13/11/2026 +5.9%. Past performance is not a guide to future returns. **How has DL2P done after inflation?** Over the five years to 13/11/2026 DL2P’s total return was +82.2%, or +42.2% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at L&G](https://fundcentres.landg.com/en/uk/private-investors/fund-centre/ETF/DAX-Daily-2x-Long/IE00B4QNHH68/) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.