{
    "name": "Amundi IBEX 35 Doble Inverso Diario (-2x) UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": true,
    "replication_method": "synthetic",
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex due to several key factors: 1) It employs synthetic replication via swaps, which introduces counterparty risk and requires understanding of derivative instruments. 2) The fund has a -2x daily inverse leverage on the IBEX 35 index, making its performance non-linear and potentially confusing for retail investors. 3) The KIID explicitly mentions risks associated with derivative instruments and counterparty exposure. 4) The daily rebalancing of leverage creates path-dependency in returns that may not be intuitive. While it is UCITS compliant, the combination of leverage, inverse exposure, and synthetic replication makes this a complex product under MiFID II regulations.",
    "confidence": 95,
    "risk_level": "high",
    "counterparty_risk": true,
    "benchmark_complexity": "moderate",
    "liquidity_risk": "moderate",
    "capital_protection": false,
    "gearing": true,
    "structured_features": false,
    "tracking_error_risk": true,
    "volatility_risk": true,
    "currency_risk": false,
    "emerging_market_risk": false,
    "commodity_risk": false,
    "credit_risk": false,
    "interest_rate_risk": false,
    "additional_notes": "The ETF's complexity is primarily driven by its leveraged inverse strategy and synthetic replication method. While the underlying IBEX 35 index is straightforward, the -2x daily inverse exposure and use of swaps create significant complexity in understanding potential returns and risks. The daily rebalancing effect means performance over periods longer than one day may not match investor expectations based on simple inverse performance."
}