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⚠ Leveraged strategy (2x daily): amplifies the index's daily moves

L&G FTSE 100 Leveraged (Daily 2x) UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00B4QNJJ23Ticker: LUK2Issuer: LGIMClass: GBP Acc.
Issuer-declared data
Declared index
FTSE 100® Daily Leveraged Index Net TR GBP
TER
0.50%
Transaction costs
0.01% (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
24.2 mln EUR
Domicile
Ireland
Inception date
18 June 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 FTSE 100 Leveraged (Daily 2x) UCITS ETF tracks the issuer-declared index: FTSE 100® Daily Leveraged Index Net TR GBP. The declared annual cost (TER) is 0.50%, plus 0.01% 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 24 million euro, was launched on 18 June 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 FTSE 100® Daily Leveraged Index. The Fund is passively managed and aims to track the performance of the FTSE 100® Daily Leveraged Index (the “Index”), before the deduction of fees and expenses. The Index is designed to provide daily investment results that correspond to twice the daily performance of the FTSE 100® Net Dividend Total Return 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 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 GBP 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) · GBP · from Jul 2009 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+661.9%
Annualised
+12.5%
Volatility (ann.)
31.1%
Max drawdown
-58.44%
-8%+169%+347%+524%+701%Jul 2009Nov 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%)+662%Jul 2009Sept 2026
Note — currency risk: the fund is denominated (or hedged) in GBP and the chart is in GBP. For a euro investor, returns also depend on the EUR/GBP exchange rate, up or down.
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%200920122015201820212024−58.44% · 23 Mar 2020
Max drawdown
-58.44%
peak → trough
Trough
23 Mar 2020
from the 17 Jan 2020 peak
Recovery time
1,019 days
recovery only: trough to break-even · ≈ 2 years and 9 months
Underwater
1,085 days
decline + recovery: peak to break-even · ≈ 2 years and 12 months · → recovered on 06 Jan 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
17 Jan 202023 Mar 2020-58.44%06 Jan 20231,085
27 Apr 201511 Feb 2016-39.45%04 Oct 2016526
03 May 201104 Oct 2011-34.66%04 Jan 2013612
15 Apr 201001 Jul 2010-32.24%04 Nov 2010203
22 May 201827 Dec 2018-28.77%24 Dec 2019581

Calendar-year returns

2016
33.6%
2017
21.1%
2018
-20.3%
2019
31.7%
2020
-30.2%
2021
34.9%
2022
3.0%
2023
7.2%
2024
10.0%
2025
43.9%
2026
17.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20265.413.8-12.83.80.71.26.6-0.1-0.417.4
202511.83.3-4.7-2.97.0-0.68.01.82.97.60.13.843.9
2024-3.30.29.24.73.5-2.84.30.9-3.8-3.74.5-3.310.0
20238.33.0-5.86.4-8.40.04.0-5.74.1-7.93.97.27.2
20221.90.12.21.11.7-11.36.9-2.5-10.65.614.1-3.53.0
2021-2.02.88.18.01.80.5-0.33.9-0.64.2-4.79.334.9
2020-7.0-17.7-28.46.66.02.5-8.73.1-3.6-9.530.12.9-30.2
20196.94.36.34.4-6.07.84.1-8.45.7-4.13.35.231.7
2018-4.1-7.1-4.413.75.3-0.82.7-6.82.1-9.8-3.5-7.4-20.3
2017-1.46.01.9-3.09.8-5.11.43.0-1.63.4-3.810.021.1
2016-5.60.83.22.50.28.66.63.03.21.7-4.310.733.6
20155.36.5-4.36.01.1-12.85.1-12.4-6.510.10.3-3.9-8.3
2014-7.19.9-5.65.92.4-2.8-0.63.8-5.8-2.56.0-5.1-3.1
201313.03.12.30.65.3-10.713.1-5.21.48.5-1.92.834.2
20123.67.5-3.1-1.1-13.79.81.93.81.01.33.40.814.2
2011-1.64.9-2.45.5-2.4-1.3-4.6-14.1-10.416.0-1.12.0-12.1
2010-8.47.112.9-4.5-12.9-10.313.9-0.812.64.5-5.113.618.4
200914.59.2-4.06.38.363.6
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.)22.64%22.92%25.29%29.94%31.44%
Max drawdown-16.43%-28.65%-28.65%-61.95%-61.95%
Sharpe1.350.940.650.430.50
Sortino1.981.300.890.580.69
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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Top-10 weight
49.5%

Top 10 holdings

HSBC
10.50%
Shell
7.40%
AstraZeneca
7.30%
Rolls-Royce
4.80%
Unilever
3.90%
British American Tobacco
3.60%
BP
3.40%
GSK
3.00%
Rio Tinto
2.90%
Barclays
2.70%

Sectors

Finanziari
27.3%
Beni di consumo primari
14.0%
Industriali
13.7%
Assistenza sanitaria
12.1%
Energia
10.9%
Materiali di base
7.7%
Beni di consumo voluttuari
4.4%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited Kingdom: 100%GeorgiaGhanaGuineaGambiaGuinea 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
United Kingdom100%
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:

IE00B4QNJJ23
  • 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
Börse DüsseldorfETLD2 Apr 2019
+ 3 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 FTSE 100 Leveraged (Daily 2x) UCITS ETF track?
The issuer LGIM declares the benchmark: FTSE 100® Daily Leveraged Index Net TR GBP.
How much does LUK2 cost?
The issuer-declared TER is 0.50% per year; the transaction costs estimated in the KID are 0.01%.
What is the fund size of LUK2?
The fund size declared by LGIM is about 24 million euro.
When was LUK2 launched?
The fund was launched on 18 June 2009: it has 17 years of history.
How does LUK2 replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Sintetica - swap (dal KID)”).
Does LUK2 pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
What was LUK2's worst fall?
Over the available history (since 2009), the maximum drawdown was -58.44%, reached in March 2020. 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.