{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi EURO STOXX 50 Daily (-2x) Inverse UCITS ETF Acc",
    "investment_objective": "To obtain an inverse exposure with a daily rebalancing to the European equities market by replicating the EURO STOXX 50 Daily Double Short strategy index (-2x leverage) through indirect replication using OTC total return swaps.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Eurozone (European equities)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": true,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Daily -2x leverage with inverse exposure",
        "Counterparty risk from swap counterparties",
        "Use of derivatives as inherent part of strategy",
        "High risk rating (6/7)",
        "Complex index (Daily Double Short leveraged index)",
        "Potential tracking error due to daily rebalancing and leverage"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through OTC total return swaps with counterparties such as Morgan Stanley and Societe Generale, exposing investors to counterparty risk limited to 10% per counterparty. The fund targets a daily -2x inverse exposure to the EURO STOXX 50 index, employing leverage and inverse strategies, which are complexity triggers under MiFID II. The use of derivatives is not for risk management but fundamental to the investment objective. The risk indicator rates the fund at 6 out of 7, indicating high risk. The fund's strategy involves daily rebalancing of leverage, which can cause performance deviations over periods longer than one day, adding to complexity. The factsheet confirms synthetic replication and swap usage. The PRIIPs KID highlights a recommended holding period of 1 day and warns of significant potential losses, reinforcing the complexity classification. No capital protection or structured features are present, but the leverage, synthetic replication, and inverse exposure clearly classify the ETF as complex under MiFID II."
}