{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi IBEX 35 Doble Inverso Diario (-2x) UCITS ETF Acc",
    "investment_objective": "To obtain an inverse exposure with a daily rebalancing to the Spanish equities market by replicating the Ibex 35\u00ae Doble Inverso Total Return strategy index (-2x daily leverage effect) with daily rebalancing.",
    "primary_asset_class": "Equity",
    "geographic_focus": "Spain",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": true,
    "complex_factors": [
        "Synthetic replication via OTC swaps",
        "Daily -2x leverage (inverse leveraged exposure)",
        "Counterparty risk from swap counterparties",
        "Complex index with daily rebalancing and leveraged inverse strategy"
    ],
    "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. It targets a -2x daily leveraged inverse exposure to the IBEX 35 index, which involves daily rebalancing and leverage above 1:1, both complexity triggers under MiFID II. The fund carries counterparty risk limited to 10% per counterparty but still significant. The risk indicator is high (6/7), reflecting the amplified risk profile. The PRIIPs KID confirms the high risk and complexity, recommending a very short holding period (1 day) due to the daily leverage reset and path dependency of returns. The fund invests indirectly in equities via swaps rather than physical replication, and the leveraged inverse strategy is inherently complex and not suitable for all retail investors. No capital protection or structured features are present, but the leverage, synthetic replication, and counterparty exposure drive the complexity classification. The factsheet confirms the synthetic replication method and counterparty risk exposure, as well as the leveraged inverse nature of the product. Overall, the combination of synthetic replication, leverage, inverse exposure, and counterparty risk leads to a 'complex' classification under MiFID II."
}