To a certain extent, it is following the upward trend of the Nasdaq100, but it is limited. I think it will only really crash if the Nasdaq goes down by 20-30%. It will go down 80% and then stay down because it cannot rise sharply due to its construction. However, I have a mini position that I always fill up with the roundup and saveback of the Trade Republic card.
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@Solitair this is factually wrong, he only invests 50% of his budget in call options, which means he will not stay at the bottom forever and never make it back to the top, this is a myth that is often told here, but realistically it is simply not true and is also not possible due to the design.
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Moreover, it cannot fall as much as the nasdaq 100, as it is also protected on the downside by the call options, which is why it is often said that this etf and similar ones always trend sideways... ;)
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I did not write that it will stay down forever, but that it will not rise sharply. This means that it will probably not reach its previous level after a crash, but will settle at a lower level.