{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi FTSE MIB Daily (-2x) Inverse UCITS ETF Acc",
    "investment_objective": "To obtain an inverse exposure with a daily rebalancing to the Italian equities market by replicating the FTSE MIB Daily Super Short Strategy RT Gross TR strategy index with a -2x daily leverage effect.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Italy",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": true,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Daily -2x leverage and inverse exposure",
        "Counterparty risk from swap counterparties",
        "Complex benchmark index involving short selling and daily leverage rebalancing"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through OTC total return swaps with counterparties such as Morgan Stanley and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, confirmed by the factsheet. It aims for a -2x inverse daily leveraged exposure to the FTSE MIB index, which involves daily rebalancing and short selling strategies embedded in the benchmark index. The KIID and PRIIPs KID both highlight the use of derivatives and swaps as integral to the investment strategy, not merely for risk management. The fund carries significant counterparty risk limited to 10% per counterparty but still present. The risk indicator is high (6/7), reflecting leverage and derivative use. The PRIIPs document warns that the product is intended for investors with some experience and knowledge, and the recommended holding period is only 1 day due to the daily rebalancing and path dependency of returns. The factsheet confirms synthetic replication and swap usage, as well as the complex nature of the underlying benchmark index, which includes costs of borrowing stock and dividend adjustments. These factors combined make the ETF complex under MiFID II rules despite being UCITS compliant and physically investing in equities only indirectly via swaps.",
    "risk_level_assessment": "The fund's stated risk profile is high (6 out of 7), consistent with the presence of leverage, inverse exposure, and derivative counterparty risk. The complexity of the benchmark and the synthetic swap-based replication contribute to a risk profile that is not suitable for all retail investors and requires specific investment knowledge."
}