Amundi Italy BTP Daily (-2x) Inverse UCITS ETF Acc/  FR0011023621  /

The Fund is a passively managed index-based UCITS. The objective of the Fund's management is to be inversely exposed with x2 daily leverage to the daily performance of the Italian government bonds market with maturities of between 8.5 and 11 years, of which the "Long- Term Euro-BTP" futures contract is a representative indicator, by replicating, both upwards and downwards, the development of the Solactive BTP Daily (-2x) Inverse index (the "Benchmark Index"), denominated in euro (EUR), and representative of a sales strategy with a leverage of two on the Italian government bonds market while keeping the tracking error between the performances of the Fund and those of the Benchmark Index to a minimum. Over a period of one working day, any appreciation in the value of the Long-Term Euro-BTP futures contract shall lead to stronger depreciation of the net asset value of the Fund, meaning that investors will therefore not benefit from the appreciation in the value of the Long-Term Euro-BTP futures contract. However, for a period greater than one working day, due to the daily leverage reset conducted in the Benchmark Index, the performance of the Fund will not be equal to double the inverse of the performance of the Long-Term Euro-BTP futures contract and may even follow an identical (i.e. not inverse) development. The roll cost of forward contracts used in the Benchmark Index method may negatively and progressively affect the difference between the performance of the Fund and the gross performance of short positions on the aforementioned underlying futures contracts to a significant extent, in particular when making long-term investments in the Fund's shares. The Fund aims to achieve its objective by means of indirect replication, namely by entering into one or more OTC swaps (financial futures instruments, "FFIs"). The Fund may invest in a diversified portfolio of international debt securities whose performance will be exchanged against that of the Benchmark Index through FFIs.

The Fund is a passively managed index-based UCITS. The objective of the Fund's management is to be inversely exposed with x2 daily leverage to the daily performance of the Italian government bonds market with maturities of between 8.5 and 11 years, of which the "Long- Term Euro-BTP" futures contract is a representative indicator, by replicating, both upwards and downwards, the development of the Solactive BTP Daily (-2x) Inverse index (the "Benchmark Index"), denominated in euro (EUR), and representative of a sales strategy with a leverage of two on the Italian government bonds market while keeping the tracking error between the performances of the Fund and those of the Benchmark Index to a minimum.