{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi ShortDAX Daily (-2x) Inverse UCITS ETF Acc",
    "investment_objective": "To obtain an inverse exposure with a daily -2x leverage effect to the German equities market by replicating the ShortDAX x2 strategy index, which is a short selling strategy on the DAX Index with daily rebalancing.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Germany",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": true,
    "complex_factors": [
        "Synthetic replication via OTC swaps",
        "Daily -2x leverage and inverse exposure",
        "Counterparty risk from swap counterparties",
        "Complex benchmark index with leveraged inverse strategy",
        "High risk profile (SRRI 6/7)",
        "Potential tracking error due to daily rebalancing",
        "Use of derivatives inherent to strategy, not just risk management"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through OTC swap agreements with counterparties such as Morgan Stanley and Societe Generale, explicitly stated in the KIID and factsheet. The fund targets a daily -2x inverse exposure to the DAX index via a complex leveraged short selling strategy embedded in the ShortDAX x2 benchmark index. The use of leverage above 1:1 and inverse exposure are clear complexity triggers. The risk indicator rates the fund at 6 out of 7, indicating high risk. Counterparty risk is disclosed with limits but present, and derivative instruments are integral to the investment strategy rather than merely for hedging. The fund is UCITS compliant but the complexity arises from the synthetic replication, leverage, inverse strategy, and counterparty exposure. The PRIIPs KID confirms a high risk rating and warns about potential total loss of capital, recommended holding period of 1 day, and complexity of the product. The factsheet confirms synthetic replication, swap counterparties, and the leveraged inverse index exposure. These factors combined make the ETF complex under MiFID II rules."
}