ETF (UCITS compliant)

L&G DAX Daily 2x Long UCITS ETF

Fund facts

Fund size*
€26.6m
Base currency
EUR
Listing date
18 Aug 2009
Domicile
Ireland
Index ticker
D1AJ
Replication method
Synthetic - unfunded swap backed by collateral

Statistics

*As at 24 Jun 2022

Fund aim

The L&G DAX® Daily 2x Long UCITS ETF (the "ETF") is an exchange traded fund that aims to track the performance of the LevDAX® x2 Index (the "Index").

  • Potential for magnified losses

Potential losses in leveraged products (such as this ETF) are significantly magnified in comparison to investments that do not incorporate leverage.

  • Leveraged exposure

For periods of longer than one day, the return of the Index is not the same as the return of the Underlying Index multiplied by a factor of 2. This is because the x2 leverage factor is reset on a daily basis (i.e. the x2 leverage factor is applied to the performance of the Underlying Index on each day).
The daily reset has a “compounding effect” which means that, the more volatile the performance of the Underlying Index, the more the performance of the Index (and therefore the ETF) will deviate from the performance of the Underlying Index (multiplied by a leverage factor of 2) over a given period of time.
Accordingly, this ETF may not be a suitable investment for periods of longer than one day.

LevDAX® x2 Index

The LevDAX® x2 Index (the “Index”) is a leveraged index. The daily percentage change in the level of the Index is intended to reflect twice the daily percentage change in the level of the DAX® Index (the “Underlying Index”) less an implied amount reflecting the cost of borrowing additional capital to invest in the Underlying Index portfolio so as to create the leveraged exposure (the “Financing Cost”).

The Underlying Index is comprised of 30 of the largest and most liquid companies which are publically traded on the Frankfurt Stock Exchange. Size is determined by reference to the total market value of the proportion of a company’s shares that are freely tradable by the public (i.e. not subject to any restrictions or fixed ownership) and “liquidity” is determined by reference to how actively a company’s shares are traded). Each company is weighted according to its relative size.

In tracking the Index, the ETF is exposed on each day to a multiple (by a factor of 2) of that day’s movement in the value of the Underlying Index less the Financing Cost built into the Index and charges and expenses applied to the ETF. As the Index rebalances daily, the ETF may not be a suitable investment for periods of longer than one day.

Index data

Provider
Deutsche Börse
Bloomberg code
D1AJ
Reuters code
.LEVDAX
Type
Gross Total Return
Website
www.dax-indices.com

Fund updates

Performance

Source: Lipper.

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 May 2022

    CumulativeFundBenchmark
    1 month3.653.80
    6 months-12.59-11.93
    Year to date-20.70-20.21
    3 years22.6027.72
    5 years-0.436.48
    Since launch--
    AnnualisedFundBenchmark
    1 year-17.35-
    3 years7.028.49
    5 years-0.091.26
    Since launch--

    As at 31 Mar 2022

    CumulativeFundBenchmark
    Quarterly-19.76-19.48
    Year to date-19.76-19.48
    3 years27.7032.98
    5 years5.3512.63
    Since launch--
    AnnualisedFundBenchmark
    1 year-12.12-10.88
    3 years8.489.96
    5 years1.052.41
    Since launch--
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

    Rolling 12-month performance to last quarter end (%)

    12 months to 31 March 2018 2019 2020 2021 2022
    Fund-6.03-12.21-31.65112.61-12.12
    Benchmark-4.77-11.06-30.78115.57-10.88

    Calendar year performance (%)

    2017 2018 2019 2020 2021
    Fund23.67-35.4852.52-5.2430.13
    Benchmark25.39-34.6454.65-4.0431.94

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-17.357.02-0.09-
    Benchmark-8.491.26-

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund-12.128.481.05-
    Benchmark-10.889.962.41-

    Performance for the EUR Accumulating ETF class in EUR, listed on 18 August 2009. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.

    Past performance is not a guide to the future.

    Portfolio

    As at 31 May 2022. All data source LGIM unless otherwise stated. Totals may not sum to 100% due to rounding.

    The breakdowns below relate to the Underlying Index.

    Sector (%)

    Industrials18.2
    Materials17.2
    Consumer Discretionary15.2
    Financials14.0
    Health Care11.9
    Information Technology10.8
    Communication Services5.4
    Utilities3.9
    Real Estate2.1
    Consumer Staples1.4

    Currency (%)

    EUR100.0
    Top 10 constituents60.2
    Rest of Underlying Index39.9
    No. of constituents in Underlying Index40

    Top 10 constituents (%)

    Linde10.8
    SAP7.8
    Siemens7.3
    Allianz6.6
    Deutsche Telekom5.4
    Bayer5.3
    Airbus5.1
    Mercedes-Benz4.8
    BASF3.9
    Deutsche Post3.1

    Country (%)

    Germany83.4
    Ireland10.8
    Netherlands5.9

    Investment Manager

    Legal & General Investment Management Limited is the investment manager for this ETF and is responsible for its day-to-day investment management decisions. The team is highly experienced with respect to all aspects relating to the management of an ETF portfolio, including collateral management, OTC swap trading, adherence to UCITS regulations and counterparty exposure and monitoring.

    Literature

    Prices

    Name
    EUR Acc
    Currency
    EUR
    NAV
    252.11
    Price time
    17.30 CET (EU)

    Further details

    Charges

    TER
    0.40%

    Management / administration

    Issuer
    Legal & General UCITS ETF Plc
    Depositary and Trustee
    The Bank of New York Mellon SA/NV, Dublin Branch
    Securities regulator
    Central Bank of Ireland

    Country registration

    This share class is registered for sale in the following countries:

    Listings

    Details
    Codes
    ExchangeCurrencyTickerListing dateISINBloomberg codeReuters codeTrading hours (local)
    Borsa ItalianaEURDEL229/01/2010IE00B4QNHH68DEL2 IMDEL2.MI09:00 - 17:30
    London Stock ExchangeEURDEL215/06/2009IE00B4QNHH68DEL2 LNDEL2.L08:00 - 16:30
    London Stock ExchangeGBPDL2P22/06/2009IE00B4QNHH68DL2P LNDL2P.L08:00 - 16:30
    Deutsche Börse XetraEURDEL218/08/2009IE00B4QNHH68DEL2 GYXDEL2.DE09:00 - 17:30

    Key risks

    The value of an investment and any income taken from it is not guaranteed and can go down as well as up. You may not get back the amount you originally invested.

    Past performance is not a guide to the future.

    General investment risks: An investment in this ETF involves a significant degree of risk. Any decision to invest should be based on the information contained in the key investor information document and the prospectus. Prospective investors should obtain independent accounting, tax and legal advice and should consult their professional advisers to ascertain the suitability of this ETF as an investment to their own circumstances.

    Potential losses in leveraged products (such as this ETF) are significantly magnified in comparison to investments that do not incorporate leverage.

    For periods of longer than one day, the return of the Index is not the same as the return of the Underlying Index multiplied by a factor of 2. This is because the x2 leverage factor is reset on a daily basis (i.e. the x2 leverage factor is applied to the performance of the Underlying Index on each day). The daily reset has a “compounding effect” which means that, the more volatile the performance of the Underlying Index, the more the performance of the Index (and therefore the ETF) will deviate from the performance of the Underlying Index (multiplied by a leverage factor of 2) over a given period of time.

    If a swap counterparty is no longer willing or able to continue entering into swaps with the ETF, the ETF will not be able to continue tracking the Index.

    If a swap counterparty increases the cost of entering into swaps with the ETF, the ETF’s performance will be negatively impacted.

    Third party service providers (such as swap counterparties or the ETF’s depositary) may go bankrupt and fail to pay money due to the ETF or return property belonging to the ETF.

    If the Index provider stops calculating the Index or if the ETF’s license to track the Index is terminated, the ETF may have to be closed.

    It may not always be possible to buy and sell ETF shares on a stock exchange or at prices closely reflecting the NAV.

    There is no capital guarantee or protection on the value of the ETF. Investors can lose all the capital invested in the ETF.

    For more information, please refer to the key investor information document.

    Important information

    In the United Kingdom and outside the European Economic Area, it is issued by Legal & General Investment Management Limited, authorised and regulated by the Financial Conduct Authority, No. 119272. Registered in England and Wales No. 02091894 with registered office at One Coleman Street, London, EC2R 5AA.

    In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with “top up” permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677). Registered Office: 70 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).

    LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa (“CONSOB”) and is registered with Banca d’Italia (no. 23978.0) with registered office at Via Uberto Visconti di Modrone, 15, 20122 Milan, (Companies’ Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority (“BaFin”). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets (“AFM“) and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231. Details about the full extent of our relevant authorisations and permissions are available from us upon request.

    We are a member of the Irish Funds Association.

    All features described on this website are those current at the time of publication and may be changed in the future. Nothing on this website should be construed as advice and it is therefore not a recommendation to buy or sell securities. If in doubt about the suitability of this product, you should seek professional advice. Copies of the prospectus, key investor information document, annual and semi-annual reports & accounts are available free of charge on request or at www.lgimetf.com.

    This website is only directed at investors resident in jurisdictions where our funds are registered for sale. It is not an offer or invitation to persons outside of those jurisdictions. We reserve the right to reject any applications from outside of such jurisdictions.

    Source and third party data

    Source: Unless otherwise indicated all data contained on this website is sourced from Legal & General Investment Management Limited.

    Where this document contains third party data ('Third Party Data’), we cannot guarantee the accuracy, completeness or reliability of such Third Party Data and accept no responsibility or liability whatsoever in respect of such Third Party Data

    Index disclaimer

    The Fund is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG (the “Licensor”). The Licensor does not give any explicit or implicit warranty or representation, neither regarding the results deriving from the use of the LevDAX® x2 Index and/or the DAX® Index or the terms LevDAX® and DAX® (together, the “Index Trademarks”) nor regarding the index value of LevDAX® x2 Index and/or the DAX® Index at a certain point in time or on a certain date nor in any other respect. The LevDAX® x2 Index and the DAX® Index are calculated and published by the Licensor. Nevertheless, as far as admissible under statutory law, the Licensor will not be liable vis-à-vis third parties for potential errors in the LevDAX® x2 Index and/or the DAX® Index. Moreover, there is no obligation for the Licensor vis-à-vis third parties, including investors, to point out potential errors in the LevDAX® x2 Index and/or the DAX® Index.

    Neither the publication of the LevDAX® x2 Index and the DAX® Index by the Licensor nor the granting of a license to the Company’s Promoter regarding the LevDAX® x2 Index as well as the Index Trademarks for utilisation in connection with the Fund, which is derived from the LevDAX® x2 Index, represents a recommendation by the Licensor for a capital investment or contains in any manner a warranty or opinion by the Licensor with respect to the attractiveness on an investment in the Fund.

    In its capacity as sole owner of all rights to the LevDAX® x2 Index, the DAX® Index and the Index Trademarks, the Licensor has solely licensed to the Promoter of the Fund the utilisation of the LevDAX® x2 Index and the Index Trademarks as well as any reference to the LevDAX® x2 Index, the DAX® Index and the Index Trademarks in connection with the Fund.