Does a capped LQQ sleeve improve robustness?
PUST · Amundi’s Nasdaq-100 fundLQQ · Amundi’s daily 2× leveraged Nasdaq-100 fund
Evidence dossier
1The result, and its trade-offs
Value at the end of the study
The two modeled portfolios at the same endpoint. These are euro amounts, not annual returns.
- PUST only
- 167,445.36 EUR
- Capped LQQ mix
- 178,940.17 EUR
Largest falls and recoveries
Falls are measured after adjusting for contributions, from each portfolio’s previous high. This is not a loss on the total amount contributed.
PUST only
- Largest fall-31.1%
- High point19 Nov 2021
- Low point28 Dec 2022
- Recovery10 Nov 2023
Capped LQQ mix
- Largest fall-34.2%
- High point19 Nov 2021
- Low point28 Dec 2022
- Recovery8 Dec 2023
What each check found
- History
- Supported
The comparison uses the exact shared PUST and LQQ product-history window.
What may affect this check: Choice of final date - Robustness
- Mixed
Robustness combines the endpoint, unitized drawdown, and completed three- and five-year windows.
What may affect this check: Choice of comparison periods · Timing of purchases - Costs and execution
- Mixed
Fortuneo order fees, whole shares, and residual cash are included in both paths.
What may affect this check: Order fees - Evidence status
- Supported
Actual official product net asset value history was used. Purchase prices are modeled same-date net asset value proxies, not observed exchange executions or investor performance, and the valuation calendar can affect results.
What may affect this check: How often source values are published
Comparing different starting dates
Comparison unavailable
The published data does not identify whether these periods start a new portfolio or continue an existing one. Those are different comparisons. Rolling-period counts and rates are not shown until that distinction is supplied.
- Already-running portfolio
- Keeps the holdings and cash accumulated before each period.
- Fresh-start portfolio
- Starts both portfolios from scratch at each historical start date.
2The exact mix that was tested
This report tests one contribution recipe, not a recommendation for an allocation.
- PUST core
- 90%
- LQQ sleeve
- 10%
- Maximum LQQ share of the portfolio
- 20%
- Trimming schedule
- Annual trim only
The contribution target and the portfolio cap are different limits. The report does not test other weights, caps, or schedules.
3What this does and does not prove
The published data does not identify whether these periods start a new portfolio or continue an existing one. Those are different comparisons. Rolling-period counts and rates are not shown until that distinction is supplied.
Supported by this evidence
- The displayed endpoint, fee, cash, cap, drawdown, and rolling-window facts reconcile within the registered tolerances.
- The tested result is bounded to the exact 90.00% core, 10.00% satellite, 20.00% cap, and annual trim only recipe.
- Official product net asset value observations are actual history; modeled purchases use only exact same-date common net asset value/Euronext Paris observations.
Not proven by this report
- The observed comparison does not establish the same result outside the tested history.
- The evidence does not determine a suitable allocation for an individual investor.
- No alternative weights, caps, or schedules were tested.
- The modeled net asset value purchase prices are not observed exchange executions or an investor-performance record.
A careful way to describe the result
Across the tested shared product history, the exact 90.00% core, 10.00% satellite, 20.00% cap, and annual trim only recipe finished above the PUST baseline. Unitized drawdown and completed rolling windows show how dependent that result was on the reviewed period. The published data does not identify whether these periods start a new portfolio or continue an existing one. Those are different comparisons. Rolling-period counts and rates are not shown until that distinction is supplied. Educational historical evidence only; no investment action follows.
4Where the data comes from
Evidence timing
Amundi Nasdaq-100 Daily 2x Leveraged (LQQ)
- Provider
- Amundi
- History used
- Published fund history
- Source coverage
- 2016-04-29 to 2026-04-29
- Reviewed
Amundi Nasdaq-100 fund (PUST)
- Provider
- Amundi
- History used
- Published fund history
- Source coverage
- 2016-04-29 to 2026-04-30
- Reviewed
- Report produced
5How we checked the claim
Dates and monthly orders
- Shared published fund dates
- 2,500
- Shared dates on the trading calendar
- 2,491
- Trading dates skipped without shared prices
- 70
- Monthly orders
- 120
- Months skipped
- 0
- Incomplete months excluded
- 1
- Missing values filled in
- 0
Historical stress behavior is bounded to observed unitized paths and registered windows; it does not establish an investment action or outcome outside those observations.
Results during each stress period
The return difference compares the capped LQQ mix with PUST only in percentage points. “No overlap” means this report has no shared fund history for that period.
On a small screen, scroll the table sideways for all results.
| Fund | Dates with data | Data points | Period return | Largest fall | Return difference | Recovery within period |
|---|---|---|---|---|---|---|
| Global Financial Crisis recession | ||||||
| PUST only | No overlap | 0 | Not supplied | Not supplied | Not supplied | Not applicable — no overlap |
| Capped LQQ mix | No overlap | 0 | Not supplied | Not supplied | Not supplied | Not applicable — no overlap |
| COVID-19 recession | ||||||
| PUST only | 3 Feb 2020 — 30 Apr 2020 | 62 | -0.3% | -30% | Not supplied | Not recovered by period end |
| Capped LQQ mix | 3 Feb 2020 — 30 Apr 2020 | 62 | -1.2% | -32.3% | -0.9 percentage points | Not recovered by period end |
| European Central Bank 2022-2023 tightening cycle | ||||||
| PUST only | 27 Jul 2022 — 20 Sept 2023 | 288 | 12.8% | -24.8% | Not supplied | 26 May 2023 |
| Capped LQQ mix | 27 Jul 2022 — 20 Sept 2023 | 288 | 13.3% | -26.4% | 0.5 percentage points | 1 Jun 2023 |
How long the largest fall lasted
| Fund | High point to low point | Low point to recovery | Calendar days below the previous high | Data points below the previous high |
|---|---|---|---|---|
| PUST only | 404 days | 317 days | 721 | 492 |
| Capped LQQ mix | 404 days | 345 days | 749 | 511 |
6What to keep in mind
Educational historical evidence only; no investment action follows.
- Capability
- Automated report
- What may affect the result
- Choice of final date · Choice of comparison periods · Order fees · Fund values used in place of trading prices · Which dates have published fund values
Published report summary
Mixed: the capped sleeve finished at 178940.17 EUR versus 167445.36 EUR, with rolling evidence meeting both sufficiency gates.
The published data does not identify whether these periods start a new portfolio or continue an existing one. Those are different comparisons. Rolling-period counts and rates are not shown until that distinction is supplied.
LensVest is an evidence check, not investment advice, transaction instruction, or suitability assessment. A failed claim does not prove the opposite recommendation. Past performance is not future performance, and ETF investing involves risk.