{
    "fund_name": "Amundi CAC 40 Daily (-1x) Inverse UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": true,
    "inverse": true,
    "derivatives": true,
    "swaps": true,
    "complex_factors": [
        "Inverse exposure (-1x daily leverage)",
        "Synthetic replication using total return swaps",
        "Counterparty risk from OTC swaps",
        "Complex index tracking (CAC 40 Short strategy index)",
        "Potential for performance divergence due to daily rebalancing"
    ],
    "classification": "complex",
    "supporting_data": "The fund uses synthetic replication with total return swaps to achieve inverse exposure to the CAC 40 index. The daily rebalancing of the -1x leverage creates complexity in performance tracking. The use of OTC swaps introduces counterparty risk, and the inverse strategy may not perform as expected over periods longer than one day due to the compounding effect. The fund's KIID explicitly mentions that it may not be suitable for investors planning to withdraw within one day, indicating complexity. The fact sheet confirms the use of swaps with specific counterparties (Morgan Stanley, Societe Generale) and highlights replication risk. The combination of these factors makes the fund complex under MiFID II.",
    "confidence": 95
}