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⚠ Inverse strategy (2x daily): gains when the index falls, on a daily basis

L&G DAX Daily 2x Short UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00B4QNHZ41Ticker: DES2Issuer: LGIMClass: EUR Acc.
Issuer-declared data
Declared index
ShortDAX® x2 Index
TER
0.50%
Transaction costs
0.00% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
22.2 mln EUR
Domicile
Ireland
Inception date
18 August 2009
Data as declared by LGIM in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

L&G DAX Daily 2x Short UCITS ETF tracks the issuer-declared index: ShortDAX® x2 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 via a swap contract, as the KID declares; income is accumulated and reinvested in the fund. The fund has assets of about 22 million euro, was launched on 18 August 2009 and is domiciled in Ireland.

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

The investment objective of the Fund is to track the performance of the ShortDAX® x2 Index. The Fund is passively managed and aims to track the performance of the ShortDAX® x2 Index (the “Index”), before the deduction of fees and expenses. The Index is designed to provide daily investment results that correspond to twice the inverse of the daily performance of the DAX® Index (the “Underlying Index”), adjusted to reflect financing and borrowing costs. Due to the daily rebalancing of the Index, the Fund’s performance over periods longer than one day may differ significantly from twice the inverse of the performance of the Underlying Index over the same period. As a result, the Fund may not be suitable for investors seeking exposure for periods longer than one day. The Fund achieves exposure to the performance of the Index primarily through the use of financial derivative instruments, in particular total return swap agreements. The Fund may also invest in a basket of securities and/or other assets for collateral and liquidity management purposes, and may use other financial derivative instruments for efficient portfolio management or to assist in tracking the performance of the Index. This Share Class does not intend to pay dividends. Any income which may result from the Fund's investments will be re-invested into the Fund. Shares in this Share Class (the "Shares") are denominated in EUR and can be bought and sold on stock exchanges by ordinary investors using an intermediary (e.g. a stockbroker). In normal circumstances, only Authorised Participants may buy and sell Shares directly with the Company. Authorised Participants may redeem their Shares on demand in accordance with the "Dealing Timetable" published on http://www.lgim.com.

Keep reading the KID section ▾

The depositary of the Fund is the Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund and the share class can be obtained from the Company's prospectus and the annual and semi-annual reports, which are available, in addition to the latest prices for the share class and details of any other share classes, free of charge at: www.lgim.com.

Intended Retail Investor:The Fund is designed for investors who: (1) understand the risks involved in investing in a product with leveraged exposure; (2) intend to invest on a short term basis; and (3) are able to bear the risk of losing their entire investment. The Fund is not designed for investors who cannot afford more than a minimal loss of their investment.

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%).
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 Italian, 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 Jun 2009 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-99.5%
Annualised
-26.3%
Volatility (ann.)
39.3%
Max drawdown
-99.60%
-100%-68%-37%-5%+26%Jun 2009Oct 2013Feb 2018May 2022Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)-99%Jun 2009Sept 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%200920122015201820212024−99.60% · 11 Aug 2026
Max drawdown
-99.60%
peak → trough
Trough
11 Aug 2026
from the 08 Jul 2009 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
6,271 days
decline + recovery: peak to break-even · ≈ 17 years and 2 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
08 Jul 200911 Aug 2026-99.60%ongoing6,271
22 Jun 200901 Jul 2009-9.07%06 Jul 200914
17 Jun 200919 Jun 2009-1.63%22 Jun 20095
15 Jun 200916 Jun 2009-0.03%17 Jun 20092

Calendar-year returns

2016
-25.2%
2017
-25.8%
2018
35.5%
2019
-41.7%
2020
-34.2%
2021
-31.8%
2022
8.8%
2023
-28.3%
2024
-25.0%
2025
-35.5%
2026
-13.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.0-6.723.2-13.0-6.70.0-5.4-3.82.0-13.3
2025-15.1-7.62.7-5.3-12.71.6-1.61.60.00.00.0-4.8-35.5
2024-1.6-7.4-8.06.7-5.42.9-1.9-3.8-3.93.1-5.9-2.1-25.0
2023-15.0-3.4-4.2-2.90.8-3.0-3.17.27.58.3-16.0-5.3-28.3
20224.412.0-4.33.9-5.424.6-11.59.310.4-17.2-15.56.18.8
20213.4-5.8-16.3-2.1-4.3-2.2-0.6-4.06.6-5.66.6-10.7-31.8
20203.416.924.5-19.9-14.5-14.2-1.3-10.41.118.9-25.5-6.0-34.2
2019-11.5-6.7-0.6-13.39.7-11.02.82.8-8.1-7.6-5.8-0.8-41.7
2018-4.711.24.6-8.7-0.74.0-8.36.51.513.12.912.235.5
2017-1.5-5.5-8.0-2.7-3.24.13.00.4-12.0-6.32.51.1-25.8
201617.73.9-10.4-2.7-5.28.9-13.2-5.60.7-3.4-0.1-14.7-25.2
2015-17.3-12.4-10.17.6-0.77.0-7.717.510.2-21.7-9.910.1-31.0
20144.6-8.31.4-1.9-7.11.98.2-2.4-0.71.5-13.42.1-15.1
2013-4.8-0.2-2.0-4.3-11.08.7-8.53.5-11.7-10.0-8.1-3.8-42.5
2012-17.6-12.0-3.93.615.2-6.4-11.6-6.8-7.6-2.1-4.7-5.8-47.9
2011-5.1-5.85.3-13.05.3-3.15.545.24.1-22.9-2.34.95.3
201011.7-0.5-17.8-0.43.2-1.9-6.76.6-10.2-11.4-3.5-7.1-34.7
2009-20.5-7.9-6.67.8-8.7-11.7-33.6
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: LGIM. 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.

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)33.11%31.39%34.53%36.44%38.90%
Max drawdown-29.58%-68.55%-79.08%-93.58%-99.60%
Sharpe-0.47-0.95-0.57-0.56-0.60
Sortino-0.64-1.31-0.79-0.79-0.85
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

Top-10 weight
64.4%

Top 10 holdings

Siemens
11.90%
Allianz
9.40%
SAP
9.10%
Siemens Energy
6.90%
Airbus
6.80%
Deutsche Telekom
5.30%
Infineon Technologies
4.60%
Muench. Rueckvers.
3.80%
Deutsche Bank
3.50%
Deutsche Post
3.10%

Sectors

Industriali
35.6%
Finanziari
21.3%
Informatica
13.7%
Assistenza sanitaria
6.5%
Beni di consumo voluttuari
6.4%
Servizi di comunicazione
5.6%
Servizi di pubblica utilità
4.5%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 100%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Germany100%
Top 10 holdings and breakdowns as declared by LGIM in the fund factsheet, data as of 30 June 2026. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the issuer factsheet reports the exposure of the replicated index (not the basket of securities held as swap collateral), which is what is shown here.
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:

IE00B4QNHZ41
  • 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)DES229 Jan 2010
Börse DüsseldorfDES22 Apr 2019
Börse FrankfurtDES220 Apr 2020
Börse HamburgDES217 Jun 2020
Börse HannoverDES29 Dec 2024
Börse München / gettexDES220 Apr 2020
Börse StuttgartDES220 Apr 2020
Tradegate ExchangeDES220 Apr 2020
Xetra (Deutsche Börse)DES220 Apr 2020
+ 16 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 L&G DAX Daily 2x Short UCITS ETF track?
The issuer LGIM declares the benchmark: ShortDAX® x2 Index.
How much does DES2 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 DES2?
The fund size declared by LGIM is about 22 million euro.
When was DES2 launched?
The fund was launched on 18 August 2009: it has 17 years of history.
How does DES2 replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Sintetica - swap (dal KID)”).
Does DES2 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does DES2 trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (DES2), Börse Düsseldorf (DES2), Börse Frankfurt (DES2), Börse Hamburg (DES2), Börse Hannover (DES2), Börse München / gettex (DES2).
What was DES2's worst fall?
Over the available history (since 2009), the maximum drawdown was -99.60%, reached in August 2026. Past performance is not indicative of future results.
Transparency note
The data in this sheet is declared by LGIM 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.