{
    "name": "Amundi CAC 40 Daily (2x) Leveraged UCITS ETF Acc",
    "type": "ETF",
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "ucits": true,
    "complex_factors": [
        "Leverage",
        "Swaps",
        "Counterparty Risk"
    ],
    "classification": "complex",
    "supporting_data": "The ETF is classified as complex due to its use of leverage (2x daily exposure) and synthetic replication via total return swaps, which introduces counterparty risk and requires understanding of derivative instruments. The KIID explicitly mentions the use of over-the-counter total return swaps and highlights risks associated with leverage and counterparty exposure. The factsheet confirms the synthetic replication method and the involvement of counterparties like Morgan Stanley and Societe Generale, further supporting the complexity classification.",
    "confidence": 95,
    "risk_level": "high",
    "counterparty_risk": true,
    "benchmark_complexity": "moderate",
    "liquidity_risk": "moderate",
    "capital_protection": false,
    "gearing": true,
    "tracking_error_risk": true,
    "volatility": "high",
    "additional_notes": "The ETF's leverage strategy and synthetic replication method are the primary drivers of its complexity. While it is UCITS compliant, the use of derivatives for leverage and the associated risks make it unsuitable for retail investors without specific knowledge. The high risk level (SRRI 7) and the explicit warnings about counterparty risk and leverage effects further justify the complex classification."
}