{
    "name": "Amundi MDAX UCITS ETF Dist",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Swaps",
        "Counterparty Risk",
        "Derivative Instruments"
    ],
    "classification": "complex",
    "supporting_data": "The Amundi MDAX UCITS ETF Dist uses synthetic replication via over-the-counter swaps (financial derivative instruments) to track the MDAX Index. This introduces counterparty risk and derivative-related risks, which are key indicators of complexity under MiFID II. The KIID explicitly mentions the use of swaps and the associated risks, including counterparty exposure and liquidity risks. The factsheet further confirms the synthetic replication method and highlights the risks associated with OTC swaps and derivative instruments. While the ETF does not use leverage or inverse strategies, the reliance on swaps and the potential for significant tracking error due to counterparty risk make it a complex instrument.",
    "confidence": 90,
    "risk_level": 5,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "capital_protection": false,
    "structured_features": false,
    "benchmark_complexity": false,
    "comprehension_warning": false,
    "additional_notes": "The ETF's use of synthetic replication via swaps and the associated risks, as detailed in the KIID and factsheet, are the primary factors driving the classification as complex. The absence of leverage or inverse strategies does not offset the complexity introduced by the derivative instruments and counterparty risks."
}