# L&G DAX Daily 2x Long UCITS ETF (DL2P)

**Source:** https://fundology.uk/fund/dl2p · ISIN IE00B4QNHH68 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS

## 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 30/09/2026, DL2P (L&G DAX Daily 2x Long UCITS ETF, ISIN IE00B4QNHH68) closed at £589.80 on the London Stock Exchange. Its ongoing charge is 0.40% a year (about £40 on £10,000). Over the five years to 30/09/2026 its total return was +88.5%, or +47.3% after UK CPIH inflation.

## Summary

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: **£589.80** (30/09/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | DL2P |
| ISIN | IE00B4QNHH68 |
| 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 | £21.3m |
| Launched | 2009 |
| Domicile | Ireland |

## Past returns (periods to 30/09/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +3.54% | +0.29% | income reinvested |
| 3 years | +110.18% | +89.66% | income reinvested |
| 5 years | +88.49% | +47.34% | income reinvested |

Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of L&G DAX Daily 2x Long UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −23.6%, 2023 +31.8%, 2024 +25.0%, 2025 +44.0%; 2026 to 30/09/2026 −1.6%. Returns of 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: +2.1%; to 30/09/2025: +41.6%; to 30/09/2024: +42.6%; to 30/09/2023: +49.2%; to 30/09/2022: −41.5%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -23.6% | -30.1% | Price |
| 2023 | +31.8% | +26.6% | Price |
| 2024 | +25.0% | +20.7% | Price |
| 2025 | +44.0% | +39.1% | Price |
| 2026 to 30/09/2026 | -1.6% | -4.4% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 30.85% | -23.46% |
| 3 years | 29.21% | -23.46% |
| 5 years | 31.75% | -45.27% |

## Largest fall

Volatility of L&G DAX Daily 2x Long UCITS ETF in pounds, annualised from weekly returns to 30/09/2026: 30.8% over 1 year, 29.2% over 3 years, 31.7% over 5 years. Largest fall in the price of L&G DAX Daily 2x Long UCITS ETF since October 2021, in pounds: −45.3% from 12/11/2021 to 30/09/2022. The lowest 12-month return of 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 30/09/2026 the price of L&G DAX Daily 2x Long UCITS ETF was 10.4% below its highest weekly close since October 2021 (28/08/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of L&G DAX Daily 2x Long UCITS ETF 0.40% a year, as of 01/10/2026: 188 of the 280 other leveraged and inverse products charge more, 6 the same and 86 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.40%** per year
- ISA eligible: yes
- SIPP eligible: yes

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.