U-Catalyst 200 Strategy Overview
| CAGR | 31.3% |
|---|---|
| Maximum drawdown | -17.9% |
| MAR ratio | 1.75 |
| History | 23 years (281 months) |
U-Catalyst 200 is U-Catalyst, the UCITS version of Catalyst, with Smart Leverage added in the same way as Catalyst 200. When the strategy holds technology and Smart Leverage is deployed, it holds a 2x Nasdaq 100 UCITS fund in place of the Nasdaq 100 fund. Every other rule is U-Catalyst's.
U-Catalyst's regimes and its UCITS funds are on the U-Catalyst page. How Smart Leverage arms, deploys and exits, with the Nasdaq 100 as its reference, is on the Catalyst 200 page; U-Catalyst 200 uses the same module with the same settings.
What the 200 means
U-Catalyst holds 100% technology in its Goldilocks regime, so substituting a 2x fund takes that to 200%. In the cooling regime it holds 50% energy and 50% technology, and only the technology leg is leveraged, for 150%. Leverage never applies to energy, real assets or Treasuries.
The UCITS Funds
| Role | Fund | Ticker (London, USD) | GBP line | ISIN |
|---|---|---|---|---|
| Energy | SPDR S&P U.S. Energy Select Sector UCITS ETF (Acc) | SXLE | GXLE | IE00BWBXM492 |
| Nasdaq 100 | iShares Nasdaq 100 UCITS ETF (Acc) | CNDX | CNX1 | IE00B53SZB19 |
| Gold | iShares Physical Gold ETC | IGLN | SGLN | IE00B4ND3602 |
| Commodities | Invesco Bloomberg Commodity UCITS ETF (Acc) | CMOD | CMOP | IE00BD6FTQ80 |
| Managed futures | iMGP DBi Managed Futures Fund R USD UCITS ETF | DBMF | DBMG | LU2951555585 |
| Intermediate Treasuries | iShares $ Treasury Bond 7-10yr UCITS ETF (Acc) | CBU0 | none | IE00B3VWN518 |
| 2x Nasdaq 100 (Smart Leverage) | Amundi Nasdaq-100 Daily (2x) Leveraged UCITS ETF | LQQ (EUR) | none | FR0010342592 |
Performance Highlights
May 2003 through September 2026, net of trading friction:
| CAGR | Max Drawdown | Ulcer Index | UPI | |
|---|---|---|---|---|
| U-Catalyst 200 | +31.3% | -17.9% | 4.30 | 6.90 |
| U-Catalyst | +23.1% | -13.1% | 3.91 | 5.50 |
| Catalyst 200 | +32.8% | -17.9% | 4.74 | 6.57 |
| S&P 500 | +11.3% | -51.0% | 11.72 | 0.82 |
The Ulcer Index measures how deep and how long drawdowns were, not just the single worst one: lower is better. UPI (Ulcer Performance Index) is return above T-bills per unit of Ulcer Index: higher is better.
Leverage was deployed in the same 71 of 281 months as Catalyst 200. U-Catalyst 200 gives up about 1.4% a year to Catalyst 200 with the same worst drawdown, and comes out ahead on risk-adjusted return over the full history. Since 2013 the two are level on UPI (5.90 against 5.93).
Notes for Investors Outside the US
- Results are in US dollars. The strategy is calculated on the history of the equivalent US funds, in US dollars. If you measure your portfolio in pounds, euros or another currency, your results will also move with the exchange rate.
- Why UCITS funds. Irish-domiciled UCITS funds are the standard way for non-US investors to hold US markets. They often receive US dividends at a lower withholding rate than a non-US investor holding US-listed ETFs directly would, and they are not US assets for US estate tax purposes. Rules vary by country, so check with a tax adviser where you live.
- Gold is held as an ETC. UCITS rules do not allow a fund that holds only gold, so gold is held through the iShares Physical Gold ETC, a security backed by physical gold. It is not a UCITS fund, but it is UCITS eligible and widely available to investors in the UK, Europe and elsewhere.
- Leveraged funds reset daily. The 2x UCITS funds target twice the daily return of their index. Over longer periods their returns can differ from twice the index return, especially in volatile markets, which is why Smart Leverage holds them only in defined recovery phases.
- The 2x Nasdaq 100 fund trades in euros. The Amundi Nasdaq-100 Daily (2x) Leveraged UCITS ETF has no London or USD listing. It trades as LQQ in Paris and Milan and as L8I7 on Xetra.
- Listings. The tickers above are the London Stock Exchange USD lines unless noted. Most of the funds also trade in London in pounds and on European exchanges in euros, under the same ISIN, which is the surest way to find the right fund at any broker.
Who It's For
U-Catalyst 200 is for investors outside the US who want U-Catalyst with optional leverage on its technology position during recoveries. Like U-Catalyst, it is a concentrated satellite allocation, and it is not a starting point for anyone who has not held a leveraged position through a drawdown before.
Past performance, including backtested results, is not indicative of future results. Backtested performance is hypothetical, does not reflect actual trading, and benefits from hindsight in the selection of strategy rules. U-Catalyst 200 is calculated on the history of the equivalent US-listed funds; the UCITS funds track the same or closely matching indexes but their returns will differ, including from fees, tax treatment and currency. Portions of the long-term history rely on reconstructed proxy data for funds that did not exist for the full period, including DBMF and the energy, commodity, Treasury and leveraged funds. Investors should carefully consider their risk tolerance and consult with a financial advisor.
For the latest details, visit www.DualMomentumSystems.com