{
    "success": true,
    "data": {
        "leverage": false,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthethic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": "Synthetic replication using swaps and derivative contracts. The ETF uses swaps to achieve its objective of tracking the S&P 500 index, introducing counterparty risk and complexity in understanding the structure and risks involved for retail investors.",
        "classification": "complex",
        "supporting_data": "The Amundi S&P 500 II UCITS ETF EUR Dist is classified as complex under MiFID II primarily due to its reliance on synthetic replication, employing an over-the-counter swap contract (financial derivative instrument, the FDI) to track the S&P 500 index. This approach introduces counterparty risk (the risk of default by the swap provider) and increases the opacity of the fund's structure and risks, making it difficult for retail investors to understand, according to the MiFID II guidelines. The use of FDI for indirect replication is central to achieving the fund's investment objective, thus making it complex. The KID document highlights this by not giving a guarantee or protection to an initial investment. As per ESMA, the general use of derivatives will trigger the classification of complex."
    }
}