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Leveraged strategy (2x daily): amplifies the index's daily moves
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Amundi MSCI USA Daily (2x) Leveraged UCITS ETF AccIndex, costs, backtest, listings and taxation

ISIN: FR0010755611Ticker: CL2Issuer: AmundiClass: Acc
Issuer-declared data
Declared index
MSCI USA Leveraged 2X Index
TER
0.50%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
1.1 bn EUR
NAV
30.9 EUR (1 September 2026)
Domicile
France
Inception date
16 June 2009
Data as declared by Amundi in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Amundi MSCI USA Daily (2x) Leveraged UCITS ETF Acc tracks the issuer-declared index: MSCI USA Leveraged 2X Index. The declared annual cost (TER) is 0.50%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication (swap based); income is accumulated and reinvested in the fund. The fund has assets of about 1.1 billion euro, was launched on 16 June 2009 and is domiciled in France.

The fund’s objective — in the issuer’s words

By subscribing to Amundi MSCI USA Daily (2x) Leveraged UCITS ETF (the "Fund"), you are investing in a passive management UCITS whose objective is to replicate, as accurately as possible, the performance of the MSCI USA Leveraged 2x Daily strategy index (the "Strategy Index"), regardless of its performance, positive or negative. The maximum tracking error objective between the growth of the net asset value of the Fund and that of the Index is indicated in the Fund's prospectus. The Strategy Index, net dividends reinvested (dividends net of tax paid by the shares in the index are included in the index calculation), denominated in euro, is calculated and published by the index provider MSCI. You are exposed to the currency risk between the currencies of the equities comprising the Strategy Index and the Fund's currency. The MSCI USA Leveraged 2x Daily Strategy Index measures the performance of a strategy which consists of doubling exposure to the MSCI USA index. It therefore offers dual exposure – upward or downward – to changes in the MSCI USA index. Thus, if the MSCI USA index increases by 1%, the Fund's NAV will increase by 2%, less any borrowing costs, and conversely, if the index decreases by 1%, the Fund's NAV will decrease by 2%, less any borrowing costs. The equities included in the composition of the MSCI USA Index are derived from the universe of the most important securities in the US market. The leverage effect is daily. The performance of the leveraged index over a period greater than one day may therefore differ by 2 times the performance of the unleveraged index over the same period. More information on the composition and operating rules of the Strategy Index can be found in the prospectus and on msci.com. The Strategy Index is available via Reuters (.MIUS00000MEU) and Bloomberg (M00UUS02). In order to replicate the Index, the UCITS exchanges the performance of the assets held by the Fund for that of the Index by entering into forward foreign exchange contracts or total return swaps (a forward financial instrument, "TRS") (synthetic replication of the Index). You will have a permanent investment, via the Basket, of at least 75% in securities eligible for the French Equity Savings Plan (PEA, a savings plan reserved for French investors).

Keep reading the KID section ▾

Intended retail investors:This product is intended for investors with moderate knowledge and some experience of investing in funds, who are seeking to increase the value of their investment over the recommended holding period and who are able to bear a loss of up to the full amount invested. The product is not open to residents of the United States of America/"U.S. Person" (the definition of "U.S. Person" is available on the Management Company's website www.amundi.com and/or in the prospectus). Redemption and transaction: The Fund's units are listed and traded on one or more stock exchanges. Under normal circumstances, you can trade units during trading hours. Only authorised participants (e.g. selected financial institutions) can trade units directly with the Fund on the primary market. Further details are provided in the Fund's prospectus.

Distribution Policy:In accordance with the prospectus, income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company. More information: Further information regarding this product, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management, 91-93 boulevard Pasteur, 75015 Paris, France.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.50%: above the median of equity ETFs we track (0.22%).
  • Assets larger than 75% of equity ETFs we track.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Jul 2017 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+630.2%
Annualised
+24.2%
Volatility (ann.)
39.0%
Max drawdown
-59.40%
-12%+163%+339%+515%+690%Jul 2017Oct 2019Feb 2022May 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+630%Jul 2017Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-20%-40%-60%-80%20172019202120232025−59.40% · 23 Mar 2020
Max drawdown
-59.40%
peak → trough
Trough
23 Mar 2020
from the 19 Feb 2020 peak
Recovery time
318 days
recovery only: trough to break-even · ≈ 10 months
Underwater
351 days
decline + recovery: peak to break-even · ≈ 12 months · → recovered on 04 Feb 2021

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202023 Mar 2020-59.40%04 Feb 2021351
19 Feb 202508 Apr 2025-41.47%22 Apr 2026427
03 Jan 202220 Jun 2022-35.62%22 Jan 2024749
03 Oct 201824 Dec 2018-34.61%01 Apr 2019180
16 Jul 202405 Aug 2024-18.45%04 Oct 202480

Calendar-year returns

2017
9.9%
2018
-3.6%
2019
75.0%
2020
8.2%
2021
81.4%
2022
-31.4%
2023
41.0%
2024
65.6%
2025
-0.2%
2026
25.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.4-0.7-5.517.411.61.8-1.73.2-0.625.5
20254.8-3.6-18.5-12.812.83.09.7-1.06.38.1-1.5-2.7-0.2
20246.011.26.3-6.85.99.6-0.1-0.62.03.618.5-1.865.6
20239.2-0.61.4-1.18.08.14.3-0.9-5.0-4.911.76.441.0
2022-8.7-6.78.7-8.5-4.3-12.325.1-5.6-13.813.71.7-18.0-31.4
2021-0.75.114.45.8-2.312.14.66.8-6.014.63.35.581.4
20202.8-14.8-29.326.76.71.71.012.8-4.2-4.317.73.58.2
201915.88.36.58.5-11.59.57.7-1.95.6-0.510.12.175.0
20183.7-3.8-6.84.112.11.16.77.71.1-9.53.7-19.4-3.6
2017-1.35.27.61.10.69.9
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: Amundi. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Rejoined series: the issuer’s historical data contains a unit redenomination (10 October 2023), not retroactively adjusted; we rejoined the earlier history to make it comparable. Returns and risk are computed on the rejoined series.

Tracking difference — issuer-declared

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.79% /anno
Declared TER
0.50%
YearFundIndexDifference
2025-0.19%+0.42%-0.61%
2024+65.62%+66.73%-1.11%
2023+41.19%+41.83%-0.64%
2022-31.43%-31.11%-0.32%
2021+81.38%+82.21%-0.84%
2020+8.23%+8.62%-0.39%
2019+75.00%+75.19%-0.19%
2018-3.57%-3.24%-0.33%
2017+11.97%+12.38%-0.41%
2016+27.09%+27.56%-0.47%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 19 August 2026), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)25.14%31.57%34.87%38.32%
Max drawdown-15.54%-41.47%-41.47%-59.40%
Sharpe1.290.880.590.72
Sortino1.861.260.831.00
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
64
Top-10 weight
46.7%

Top 10 holdings

BAYER AG-REG · BAYN GY
5.80%
ASML HOLDING NV · ASML NA
5.53%
ARGENX SE · ARGX BB
5.05%
NORDEA BANK ABP · NDA FH
4.80%
SIEMENS ENERGY AG · ENR GY
4.74%
RWE AG · RWE GY
4.68%
INFINEON TECHNOLOGIES AG · IFX GY
4.30%
DEUTSCHE TELEKOM NAMEN (XETRA) · DTE GY
4.24%
SAMPO OYJ-A SHS · SAMPO FH
3.82%
SIEMENS AG-REG · SIE GY
3.73%
Download the full portfolio — Excel, 65 rows
Full portfolio declared by Amundi, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the list shows the substitute basket (securities held as swap collateral), which can differ substantially from the replicated index. The fund’s economic exposure is that of its declared index.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

FR0010755611
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)CL29 Mar 2010
Börse Düsseldorf17 Feb 2012
Börse Frankfurt23 May 2011
Börse Hamburg15 Jan 2014
Börse Hannover14 Dec 2022
Börse München / gettex22 Dec 2010
Börse Stuttgart8 Mar 2010
Euronext ParisCL226 Jun 2009
Tradegate Exchange4 Mar 2011
Xetra (Deutsche Börse)CL2GR23 Feb 2010
+ 24 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Amundi MSCI USA Daily (2x) Leveraged UCITS ETF Acc track?
The issuer Amundi declares the benchmark: MSCI USA Leveraged 2X Index.
How much does CL2 cost?
The issuer-declared TER is 0.50% per year; the transaction costs estimated in the KID are 0.00%.
What is the fund size of CL2?
The fund size declared by Amundi is about 1.1 billion euro.
When was CL2 launched?
The fund was launched on 16 June 2009: it has 17 years of history.
How does CL2 replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Indirect(Swap Based)”).
Does CL2 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Capitalisation and/or distribution”).
Where does CL2 trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (CL2), Euronext Paris (CL2), Xetra (Deutsche Börse) (CL2GR).
What was CL2's worst fall?
Over the available history (since 2017), the maximum drawdown was -59.40%, reached in March 2020. Past performance is not indicative of future results.
How many securities does CL2 hold?
The declared portfolio holds 64 securities; the top 10 positions weigh 46.7%.
Transparency note
The data in this sheet is declared by Amundi in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.