Amundi IBEX 35 Doble Apalancado Diario (2x) UCITS ETF Acc (IBEXA.MC)
Amundi IBEX 35 Doble Apalancado Diario (2x) UCITS ETF Acc is an exchange-traded fund that tracks the daily movement of IBEX 35 at 2x leverage. If the index rises 1% on a given day, this ETF gains approximately 2%. This page summarizes historical returns, costs, and a comparison with a simple trend-following strategy.
Performance Comparison
How would this product have performed compared with an unlevered investment in the same market? The table shows the LETF (with leverage) alongside a 1x reference (no leverage), showing how much the leverage has added or cost over the long term.
| Metric | LETF Buy & Hold | 1x Proxy / Benchmark |
|---|---|---|
| Total Return | +339.0% | +127.9% |
| CAGR | +63.6% | +31.5% |
| Max Drawdown | -24.1% | -12.5% |
| Cur. Drawdown | -6.6% | -3.2% |
| Volatility | 30.5% | 15.2% |
| Worst Year | 14.3% | 7.7% |
Performance Drift
Why didn't this 2× ETF simply deliver 2× the return of the underlying index over the last 12 months? The chart compares the actual LETF return with the return you would expect from a perfect 2× exposure to the index. Financing costs, daily rebalancing, product fees and other effects cause these two values to diverge. The breakdown shows how much each factor contributed.
Comparison of the actual LETF return with the expected 2× return of the index.
Risk & Recovery
What would a lump-sum investment have gone through here? The chart shows the value of 10,000 from the start of the selected period, for the product and the unlevered 1x ETF on the same market. The table sums up what came out in the end and how deep and how long it dropped along the way. Hovering the charts rewinds the story to that date.
Over the last 5 years, €10,000 in this product became €52,370, versus €26,098 with the 1x. Along the way it dropped to just €6,930 (1x: €8,517).
What became of €10,000
| Metric | LETF | 1x ETF |
|---|---|---|
| Final amount from €10,000 | €52,370 | €26,098 |
| Lowest interim value | €6,930 (Oct 12, 2022) | €8,517 (Oct 12, 2022) |
| Deepest drawdown | -36.6% | -18.8% |
| Time under water | 457 days | 438 days |
| Rolling years won | 82% | 18% |
| Best rolling year | +138.7% | +58.5% |
| Worst rolling year | -33.0% | -16.4% |
How far back to the all-time high?
Past performance, not investment advice.
Break-even: when does the leverage pay off?
From which market return does the leverage pay off? The red line is the break-even: the index return above which the product beat the 1x, after all costs and path effects of that year. The money-market rate in the ETF's trading currency runs alongside as the risk-free alternative.
Strategy Check
Buy & Hold vs. SMA200
Buy & Hold means: buy once and hold long-term without trading. The SMA200 (200-day moving average) is a simple trend filter. When the market is above the average of the last 200 trading days, the strategy stays invested; when it is below, it exits. The table shows which strategy has historically delivered better risk-adjusted results.
| Metric | Buy & Hold | SMA200 |
|---|---|---|
| CAGR | +65.1% | +63.4% |
| Max Drawdown | -24.1% | -24.1% |
| Number of Trades | — | 4 |
| % Time Invested | 100.0% | 98.6% |