{
    "name": "Amundi LevDax 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 exposure)",
        "Synthetic replication via OTC swaps",
        "Counterparty risk from swap agreements",
        "Complex benchmark tracking (LevDAX Index)"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via OTC swap contracts with counterparties (Morgan Stanley Bank AG, Societe Generale), which introduces counterparty risk and complexity. The 2x leverage amplifies market exposure, making the product inherently complex under MiFID II. The KIID explicitly mentions risks associated with financial derivative instruments, including leverage risk and high volatility. The fact sheet confirms the synthetic replication method and highlights counterparty risks, further supporting the complex classification.",
    "confidence": 95,
    "risk_level": 6,
    "counterparty_risk": true,
    "benchmark_complexity": true,
    "liquidity_risk": false,
    "capital_protection": false,
    "structured_features": false,
    "illiquid_assets": false,
    "controversial_elements": "While the ETF is UCITS-compliant and provides daily liquidity, the use of leverage and synthetic replication via swaps makes it complex under MiFID II. The counterparty risk and the potential for significant tracking error due to the leveraged structure further justify this classification. The fact that the ETF is PEA-eligible does not mitigate the complexity introduced by its leveraged and synthetic nature."
}