{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi LevDax Daily (2x) leveraged UCITS ETF Acc",
    "investment_objective": "Track both upward and downward evolution of the LevDAX\u00ae index with 2x leverage via indirect replication using OTC swap contracts",
    "primary_asset_class": "Equity",
    "geographic_focus": "Germany / European Union equities (minimum 75% EU equities)",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via OTC swaps",
        "2x leverage exposure",
        "Counterparty risk from swap counterparties",
        "Use of financial derivative instruments (FDI)",
        "High risk rating (7/7)",
        "Complex leveraged index (LevDAX\u00ae 2x daily leveraged index)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through OTC swap contracts with counterparties such as Morgan Stanley and Societe Generale, exposing investors to counterparty risk. The fund targets a 2x leveraged exposure to the LevDAX\u00ae index, confirmed by the fund name and explicit references to leverage and amplified returns. The risk indicator rates the fund at the highest risk level (7/7), highlighting significant volatility and potential for large losses. The fund invests primarily in European equities but achieves its leveraged exposure via derivatives, not physical replication. The factsheet confirms the synthetic replication method and counterparty risk limits (max 10% exposure per counterparty). The PRIIPs KID also highlights the very high risk and lack of capital protection. No capital guarantee or structured capital protection features are present, but the leverage and swap usage alone classify the ETF as complex under MiFID II. The recommended holding period is very short (1 day), reflecting the complexity and risk profile. There is no inverse exposure, but the leverage and swap usage are sufficient to deem the product complex. No contingent bonds or structured products are held, but the leveraged synthetic structure and counterparty risk are key complexity drivers."
}