{
    "name": "Amundi CAC 40 Daily (2x) Leveraged UCITS ETF Acc",
    "type": "ETF",
    "ucits": true,
    "leverage": true,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Leverage (2x)",
        "Synthetic replication via swaps",
        "Counterparty risk exposure",
        "Daily rebalancing complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps to achieve 2x daily leverage on the CAC 40 index. Key complexity indicators include: 1) The explicit mention of 'over-the-counter total return swaps' as the primary replication method, 2) The 2x daily leverage which creates path-dependency and potential for significant tracking error over longer periods, 3) Counterparty risk exposure from swap agreements (with specific mention of Morgan Stanley and Societe Generale as counterparties), and 4) The warning that performance may diverge significantly from 2x the underlying index over periods longer than one day. The factsheet confirms the synthetic replication method and highlights counterparty risks associated with the swap structure.",
    "confidence": 95,
    "risk_level": "high",
    "counterparty_risk": true,
    "benchmark_complexity": "moderate",
    "liquidity_risk": "moderate",
    "capital_protection": false,
    "structured_features": false,
    "additional_notes": "While the ETF is UCITS compliant and provides daily liquidity, the combination of leverage and synthetic replication through swaps makes it complex under MiFID II. The daily rebalancing requirement for leveraged products adds another layer of complexity that retail investors may struggle to fully comprehend. The presence of counterparty risk from swap agreements further supports the complex classification."
}