Overview: This ETF seeks to provide daily inverse exposure to the S&P 500 index through synthetic replication (swap) and capitalises income (class 1C). The underlying index targets a short on the main US large-cap names and is expressed in gross total return. The vehicle is offered in a UCITS format, replicating inverse exposure with daily rebalancing.

Benefits: Allows taking a short position on a broad basket of US large-cap equities without directly short-selling. Swap-based replication enables precise exposure to the index even under market constraints. Dividend capitalisation simplifies tax and cash management for investors seeking an integrated short exposure.

Risks: Daily reset and compounding: multi-day performance can diverge significantly from the inverse of the index over the same period, especially in volatile markets. Counterparty risk associated with swaps, US equity market risk and high volatility of large-cap names. Risk of tracking error and reduced liquidity in stressed conditions.

Investor profile: Suitable for the informed investor seeking a tactical short-term short exposure, willing to monitor positions actively and accept risks related to derivatives and the daily reset. Not recommended as a passive long-term hedge.