{
    "name": "Amundi EURO STOXX 50 Daily (-2x) Inverse UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": true,
    "inverse": true,
    "derivatives": true,
    "swaps": true,
    "replication_method": "synthetic",
    "complex_factors": [
        "Leverage",
        "Inverse Exposure",
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex due to its use of synthetic replication via total return swaps, daily -2x inverse leverage, and significant counterparty risk exposure. The KIID explicitly states the use of over-the-counter total return swaps (financial derivative instruments) to achieve its investment objective, which introduces complexity through counterparty risk and potential tracking error. The inverse leverage and daily rebalancing further complicate the product, making it unsuitable for retail investors without specialized knowledge. The factsheet confirms the use of OTC swaps with counterparties like Morgan Stanley and Societe Generale, reinforcing the complexity classification under MiFID II.",
    "confidence": 95,
    "risk_level": 7,
    "counterparty_risk": true,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "benchmark_complexity": "The underlying EURO STOXX 50 Double Short Index involves a complex inverse leverage mechanism with daily rebalancing, which may not be easily understood by retail investors.",
    "additional_notes": "The ETF's use of derivatives is not limited to efficient portfolio management but is central to its strategy, involving significant leverage and inverse exposure. This, combined with the synthetic replication method and counterparty risk, clearly places it in the 'complex' category under MiFID II. The PRIIPs KID would likely include a comprehension warning due to these factors."
}