# L&G DAX Daily 2x Short UCITS ETF EUR (DS2P)

**Source:** https://fundology.uk/fund/ds2p · ISIN IE00B4QNHZ41 · 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, DS2P (L&G DAX Daily 2x Short UCITS ETF EUR, ISIN IE00B4QNHZ41) closed at £0.4733 on the London Stock Exchange. Its ongoing charge is 0.60% a year (about £60 on £10,000). Over the five years to 30/09/2026 its total return was −69.5%, or −76.1% after UK CPIH inflation.

## Summary

L&G DAX Daily 2x Short UCITS ETF EUR 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 0.6% a year — about £60 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: **£0.4733** (30/09/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | DS2P |
| ISIN | IE00B4QNHZ41 |
| Category | Leveraged & inverse |
| Type | ETF |
| Provider | L&G |
| Tracks | ShortDax x2 Index - EUR |
| Income | Accumulating |
| Ongoing charge | 0.60% a year (£60 per £10,000) |
| Fund size | £11.9m |
| 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 | -15.96% | -18.60% | income reinvested |
| 3 years | -62.62% | -66.27% | income reinvested |
| 5 years | -69.48% | -76.14% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of L&G DAX Daily 2x Short UCITS ETF EUR in pounds (price, with income reinvested in the fund): 2022 +13.7%, 2023 −29.7%, 2024 −28.6%, 2025 −31.3%; 2026 to 30/09/2026 −10.4%. Returns of L&G DAX Daily 2x Short UCITS ETF EUR in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −15.2%; to 30/09/2025: −30.2%; to 30/09/2024: −35.9%; to 30/09/2023: −38.9%; to 30/09/2022: +39.2%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +13.7% | +4.1% | Price |
| 2023 | -29.7% | -32.5% | Price |
| 2024 | -28.6% | -31.0% | Price |
| 2025 | -31.3% | -33.7% | Price |
| 2026 to 30/09/2026 | -10.4% | -12.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 30.02% | -29.89% |
| 3 years | 30.87% | -68.71% |
| 5 years | 33.14% | -78.86% |

## Largest fall

Volatility of L&G DAX Daily 2x Short UCITS ETF EUR in pounds, annualised from weekly returns to 30/09/2026: 30.0% over 1 year, 30.9% over 3 years, 33.1% over 5 years. Largest fall in the price of L&G DAX Daily 2x Short UCITS ETF EUR since October 2021, in pounds: −78.9% from 30/09/2022 to 13/08/2026. The lowest 12-month return of L&G DAX Daily 2x Short UCITS ETF EUR in pounds (price, with income reinvested in the fund) since January 2021 was −46.3% (12 months to 08/08/2025); the highest was +37.6% (12 months to 23/09/2022). On 30/09/2026 the price of L&G DAX Daily 2x Short UCITS ETF EUR was 76.9% below its highest weekly close since October 2021 (30/09/2022), in pounds.

## Charges compared with similar funds

Ongoing charge of L&G DAX Daily 2x Short UCITS ETF EUR 0.60% a year, as of 01/10/2026: 166 of the 280 other leveraged and inverse products charge more, 12 the same and 102 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.60%** 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.