{
    "fund_name": "Amundi IBEX 35 Doble Inverso Diario (-2x) UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": true,
    "inverse": true,
    "derivatives": true,
    "swaps": true,
    "replication_method": "synthetic",
    "complex_factors": [
        "Inverse leverage (-2x daily rebalancing)",
        "Synthetic replication via OTC swaps",
        "Counterparty risk exposure",
        "Complex index tracking (IBEX 35 Doble Inverso)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex under MiFID II due to several key factors: 1) It uses inverse leverage (-2x daily rebalancing), which creates a non-linear relationship to the underlying index and introduces significant volatility. 2) The fund employs synthetic replication through OTC swaps with counterparties like Morgan Stanley and Societe Generale, exposing investors to counterparty risk. 3) The benchmark index itself is complex (IBEX 35 Doble Inverso), designed to provide inverse exposure with daily rebalancing. 4) The KIID explicitly warns about the fund's complexity, stating it may not be suitable for investors planning to withdraw within 1 day. 5) The fact sheet confirms the use of OTC swaps and highlights replication risk, counterparty risk, and the potential for significant tracking error. While the fund is UCITS-compliant and has a relatively low TER (0.60%), these factors collectively make it unsuitable for retail investors without specialized knowledge.",
    "confidence": 95
}