{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Amundi CAC 40 Daily (-1x) Inverse UCITS ETF Acc",
    "investment_objective": "To obtain an inverse exposure with daily rebalancing to the French equities market by replicating the CAC 40 Short strategy index (-1x daily leverage effect) through indirect replication using OTC total return swaps.",
    "primary_asset_class": "Equity",
    "geographic_focus": "France / European Union",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": true,
    "inverse": true,
    "complex_factors": [
        "Synthetic replication via OTC total return swaps",
        "Daily -1x inverse leverage",
        "Counterparty risk exposure",
        "Use of derivatives as inherent strategy element"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication through OTC total return swaps to achieve an inverse (-1x) daily leveraged exposure to the CAC 40 index. The KIID and PRIIPs KID explicitly mention the use of financial derivative instruments (FDI), including total return swaps, with counterparty exposure limited to 10% per counterparty. The fund aims to replicate an inverse short strategy index with daily rebalancing, which inherently involves leverage and inverse exposure. The risk indicator is high (6/7), reflecting the complexity and risk of the product. The factsheet confirms synthetic replication and counterparty risk with named counterparties (Morgan Stanley, Societe Generale). The product is UCITS compliant but the use of swaps and leverage classifies it as complex under MiFID II. The PRIIPs KID also highlights the product's high risk, potential for total loss, and the need for investors to have some experience and knowledge. There is no capital protection or structured features, but the leverage and synthetic swap usage are key complexity drivers. The product's risk profile and complexity warnings align with MiFID II complexity criteria.",
    "risk_level_assessment": "The fund's stated risk category is 6 out of 7, indicating a high risk profile consistent with the use of leverage, inverse exposure, and derivative instruments. This aligns with the MiFID II complexity classification, as the product carries significant market, counterparty, and liquidity risks."
}