{
    "success": true,
    "data": {
        "leverage": true,
        "derivates": true,
        "swaps": true,
        "inverse": false,
        "replication_method": "synthetic",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [
            "Synthetic Replication",
            "Swap Usage",
            "Counterparty Risk",
            "Derivative-induced Leverage Risk"
        ],
        "classification": "complex",
        "supporting_data": "The Amundi S&P 500 II UCITS ETF is classified as complex. While it is a UCITS ETF, which generally benefits from a presumption of non-complexity (MiFID II Rule 1), this presumption is overturned by several factors. The KII explicitly states the Fund achieves its objective via 'indirect replication by entering into an over-the-counter swap contract (financial derivative instrument, the FDI)'. This constitutes synthetic replication (MiFID II Rule 3), where derivatives are integral to the investment objective. The provided rules state: 'Complex: The ETF is complex if derivatives are integral to achieving its investment objective, such as using swaps or futures to replicate the index's performance.' Furthermore, the rules specify: 'If any element of Contingent Bonds or any Swap usage is identified then the 'classification' must be 'complex'.' The KII also highlights 'Counterparty risk' and 'Risk of Financial derivative Instruments' (including 'leverage risk') as materially relevant risks, which are difficult for retail investors to understand, supporting the 'Ease of Understanding' criterion (MiFID II Rule 4). ESMA guidance (CESR/09-295, ANNEX I) lists MiFID-scope derivatives, including swaps, as 'ALWAYS COMPLEX'."
    }
}